Q: What is Chemours (CC) Q4 2023 Earnings Call Transcript Summary?
Here are the specific viewpoints from earnings call
Bullish Points:
1. TT segment sales increased 7% driven by improved titanium dioxide demand outside of North America.
2. TSS segment sales increased 17% due to increased demand for Opteon low global warming potential refrigerants.
3. APM segment's Performance Solutions portfolio experienced double-digit growth.
4. Adjusted EBITDA in the fourth quarter increased to $176 million, compared to $120 million in the prior-year quarter.
5. Approximately $50 million in cost savings achieved in 2023 with a track to take at least another $125 million out of the business in 2024.
6. Expansion at Corpus Christi and investment in next-generation refrigerants and immersion cooling underway.
7. Launch of a joint venture, THE Mobility F.C Membranes Company, to accelerate the capacity to manufacture fuel cell and humidifier membranes for mobility applications.
8. Fourth-quarter adjusted EBITDA for TT was $64 million, up 52% versus the prior-year quarter.
9. TSS delivered a 17% year-over-year increase in net sales to $374 million.
10. Fourth-quarter adjusted EBITDA for TSS reached $124 million, up from $54 million in the prior-year quarter.
Bearish Points:
1. APM segment sales declined 15% driven by softness in economically sensitive Advanced Materials portfolio.
2. Consolidated net sales for the full-year 2023 were down 11% from the prior year.
3. GAAP net loss for the full year was $238 million, or $1.60 per diluted share.
4. Full-year 2023 adjusted EBITDA was $1.0 billion, down 25% from 2022, attributable to weaker results in TT and APM.
5. Non-cash inventory write-offs associated with the Kuan Yin facility closure were $40 million.
6. Net sales for APM were $325 million, 15% lower versus the prior year.
7. Adjusted EBITDA for APM was $40 million, down compared to $61 million in the prior-year quarter.
8. Full-year GAAP operating cash flow was $556 million, compared to $755 million in the prior year.
9. Capex was $370 million, compared to $307 million in the prior year.
10. Expect unrestricted cash and cash equivalents balance to decrease by approximately $600 million in the first half of 2024.
For more information about Chemours(CC)'s earnings call, you can read the relevant news: Chemours (CC) Q4 2023 Earnings Call Transcript.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
