Q: What is Chemours (CC) Q2 2024 Earnings Call Transcript Summary?
**Chemours (CC) Q2 2024 Earnings Call Summary**
**Bullish Points:**
1. Introduction of Shane Hostetter as the new CFO, bringing over 20 years of experience and already having a positive impact.
2. Successful handling of the titanium dioxide production disruption at the Altamira site, resulting in a 16% volume increase from the first quarter.
3. Achievement of approximately $100 million in cost savings by the end of the second quarter, targeting $125 million in cost savings for 2024.
4. Strong adoption of Opteon refrigerants with double-digit quarterly sales growth both sequentially and year over year, approaching 60% of total refrigerant sales.
5. Permit received to expand production of Teflon PFA resin at the Washington Works manufacturing site, critical for semiconductor chip fabrication.
6. Release of the seventh annual sustainability report, highlighting significant progress toward 2030 corporate responsibility commitment goals.
7. Approval by SBTi of near-term target to cut Scope 1 and 2 greenhouse gas emissions by 60% and a new Scope 3 emissions target to reduce emissions by 25% per ton of production by 2030.
8. TT's volumes grew ahead of expectations despite unplanned downtime at the Altamira, Mexico manufacturing site.
9. TT's net sales increased by 14% sequentially, driven by a 16% rise in volumes.
10. The company has approximately $1.5 billion in liquidity and did not draw on its revolver during the quarter.
**Bearish Points:**
1. Consolidated net sales for the second quarter were down 6% year over year.
2. Consolidated adjusted EBITDA decreased from $324 million in the prior year to $206 million for the current quarter.
3. Consolidated adjusted net income was $57 million in the current quarter compared to $167 million in the prior year.
4. Adjusted net income per diluted share was $0.38 in the current quarter compared to $1.10 in the prior year.
5. Corporate expenses increased by $14 million compared to the prior year, primarily due to costs associated with addressing material weaknesses in internal controls over financial reporting.
6. TT's net sales decreased 5% year over year, primarily driven by a 7% decrease in price and a 1% impact from foreign exchange.
7. TT's second-quarter adjusted EBITDA decreased 8% to $80 million.
8. TSS' net sales decreased 2% from the prior year, driven by lower pricing of 4%.
9. TSS' adjusted EBITDA decreased 25% year over year to $161 million.
10. APM's net sales were down 12% compared to the prior year, due to decreases in price, volume, and currency.
For more information about Chemours' earnings call, you can read the relevant news: Chemours (CC) Q2 2024 Earnings Call Transcript
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