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Mar 31, 2024
Chemours Q1 2024 Earnings Report
The Chemours Company reported first quarter 2024 results with net sales of $1.4 billion and net income of $52 million.
Key Takeaways
Chemours reported Q1 2024 results with net sales of $1.4 billion, a 12% decrease year-over-year. Net income attributable to Chemours was $52 million, or $0.34 per diluted share, compared to $145 million in the prior-year quarter. Adjusted EBITDA was $193 million, down from $304 million in the corresponding prior-year quarter.
Net Sales of $1.4 billion, down 12% year-over-year.
Net Income attributable to Chemours of $52 million, or $0.34 per diluted share, compared with $145 million, or $0.96 per diluted share, in the corresponding prior-year quarter.
Adjusted EBITDA was $193 million, compared to $304 million in the corresponding prior-year quarter.
Cash flows used in operations were $290 million, and capital expenditures were $102 million.
Chemours
Chemours
Chemours Revenue by Segment
Revenue by Segment
Thermal & Specialized Solutions Revenue
CapyFin.comTitanium Technologies Revenue
CapyFin.comAdvanced Performance Materials Revenue
CapyFin.comOther Non-Reportable Segment Revenue
CapyFin.com Forward Guidance
For the second quarter of 2024, Chemours expects consolidated Net Sales to increase approximately 15% sequentially, with consolidated Adjusted EBITDA also up approximately 15% compared with first quarter 2024 results.
Positive Outlook
- TT expects sequential Net Sales growth of approximately 15%.
- TT Adjusted EBITDA growth is expected to be generally in-line with the growth in Net Sales.
- TSS expects mid-teens sequential growth for both Net Sales and Adjusted EBITDA.
- APM expects sequential Net Sales growth in the low-teens, driven by growth in the Performance Solutions product portfolio.
- APM Adjusted EBITDA for the second quarter of 2024 is expected to approach a 30% sequential increase.
Challenges Ahead
- TT shift in timing of higher-cost ore consumption, much of which is anticipated for the second quarter.
- TSS projected sequential growth for Adjusted EBITDA incorporates a modest offset from higher input costs from non-Corpus Christi sourced materials to support the transition to Opteon™.
- TSS lower fixed cost absorption on the Company’s legacy refrigerant production.
- TSS ongoing investments in next generation refrigerants and immersion cooling.
- Corporate Expenses, as an offset to Adjusted EBITDA, for the second quarter of 2024 are expected to be higher by approximately $15 million to $20 million sequentially.
Revenue & Expenses
Visualization of income flow from segment revenue to net income