The following is a summary of the Chemours Co (CC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Chemours reported Q1 2024 net sales of $1.4 billion, a fall from $1.5 billion in Q1 2023 due to a 6% decrease in APM and TSS and a 5% price drop across all businesses.

• The company saw a significant drop in its consolidated adjusted EBITDA by 37% YoY from $304 million to $193 million, and the Net income was reported at $52 million compared to $145 million in Q1 2023.

• Chemours' APM segment saw a 23% decrease in net sales, driven by an 18% decline in volume and a 5% decrease in pricing.

• Chemours is on track to meet its FY 2024 cost target of $125 million. The company expects a 15% increase sequentially in net sales and adjusted EBITDA in Q2 2024.

Business Progress:

• The TT division met top-line expectations with better-than-expected Adjusted EBITDA, driven by allocating TiO2 volumes to higher yield regions, and more favorable timing of lower-cost ore consumption.

• Chemours continued to leverage its Opteon stationary blend in the TSS segment to support the transition to low Global Warming Potential (GWP) solutions in the US and Europe.

• TT reported increased sales in Asia and successful operational cost savings due to its transformation plan.

• Chemours is sampling a groundbreaking 2 phase immersion cooling technology with key partners, expected to significantly reduce water usage and footprint for data center facilities.

• The company plans to continue its focus on reducing costs in APM building and investing in businesses where there are significant growth opportunities.

• Chemours has not made a decision on future additional capacity apart from the projected 40% expansion and is committed to the long-term growth trajectory, foreseeing mid to high single-digit growth through the end of the decade with margins greater than 30%.

More details: The Chemours IR

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