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Jun 30, 2024
Chemours Q2 2024 Earnings Report
Chemours' financial performance was reported for Q2 2024, with net sales of $1.5 billion and net income of $70 million.
Key Takeaways
Chemours reported Q2 2024 financial results with net sales of $1.5 billion, a 6% decrease year-over-year. Net income attributable to Chemours was $70 million, or $0.46 per diluted share, compared to a net loss of $376 million in the prior-year quarter. Adjusted EBITDA was $206 million, down from $324 million in the corresponding prior-year quarter.
Net Sales of $1.5 billion, down 6% year-over-year.
Net Income attributable to Chemours of $70 million, or $0.46 per diluted share, compared with a Net Loss attributable to Chemours of $376 million, or $2.52 per diluted share, in the corresponding prior-year quarter
Adjusted Net Income of $57 million, or $0.38 per diluted share, compared with $167 million, or $1.10 per diluted share, in the corresponding prior-year quarter
Received permit to expand Teflon™ PFA resin production under APM Performance Solutions; a critical material for semiconductor manufacturing
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
The Company anticipates a low to mid-single digit sequential decline in Net Sales for the third quarter.
Positive Outlook
- Continued strong adoption of Opteon™ Refrigerants, with anticipated double-digit year-over-year growth
- APM’s Performance Solutions portfolio showing strong year-over-year growth
Challenges Ahead
- Residual impacts from Q2 unplanned downtime at our Altamira, Mexico manufacturing site in TT
- Refrigerant seasonality paired with weaker Freon™ Refrigerants pricing in TSS
- A continued modest recovery in APM
- Anticipates a high-single digit sequential decline in Adjusted EBITDA for the third quarter, reflecting approximately $15 to $20 million of costs related to the unplanned shutdown at Altamira
Revenue & Expenses
Visualization of income flow from segment revenue to net income