Half Year 2024 Imerys SA Earnings Call Transcript
Key Points
- Imerys (IMYSF) reported a strong performance in H1 2024, with an adjusted EBITDA of EUR384 million, up 11% from the previous year, maintaining a solid 20% margin.
- The company experienced a positive volume effect in Q2 2024, driven by improvements in European end markets and market share gains in the US.
- Imerys (IMYSF) successfully completed the disposal of assets serving the vapor market, aligning with its strategic roadmap.
- The company disclosed its climate transition plan and renewed its partnership with the National Museum of Natural History, demonstrating a commitment to sustainability and biodiversity protection.
- Operational cash flow before strategic CapEx was EUR120 million, with net debt remaining stable at approximately EUR1.2 billion, reflecting a strong financial structure.
- H1 2024 prices were slightly down by approximately 1.2%, with a continued decline in Q2, impacting revenue growth.
- The automotive sector remains soft, particularly in Europe, with a negative outlook for the rest of the year.
- The Graphite and carbon business posted a 13% revenue decrease in H1 2024, impacted by declining volumes and price concessions.
- Imerys (IMYSF) anticipates a significantly lower contribution from joint ventures in H2 2024, particularly from the high-purity quartz business due to high inventories.
- The company faces challenges in the photovoltaic sector, with overproduction leading to high inventory levels and a temporary slowdown in demand.
Good morning to all of you. Thank you for joining us today to review Imerys H1 2024 results. With me this morning, Sébastien Rouge, our CFO, as usual. This year, let me start by giving you some highlights for the semester we have just closed and in particular on the second quarter. And I have to say, it was a good one, very solid performance. Demand was strong for Imerys specialty minerals resulting in volume and revenue growth compared to last year. It's now the third quarter in a row of continuous growth.
The good performance is mainly coming from the US market holding up well. And also finally, our European activities recovering gradually, particularly in consumer goods and which is good news, industrial and end markets as well.
Asia performing also Okay. H1 prices were slightly down approximately 1.2% on the first six months with the high comparable basis, I like to remember from last year, but stabilizing in Q2, we're just minus 0.6% difference to last year. Second important highlights. Imerys
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