Q2 2024 Solvay SA Earnings Call Transcript
Key Points
- Solvay SA (SLVYY) achieved EUR46 million in cost savings in the first half of 2024, with a target of EUR80 million for the full year.
- The company has seen stabilization in volumes across its markets, indicating a recovery from the trough experienced in Q4 2023.
- Solvay's Star Factory program has been implemented in 90% of its plants, focusing on safety, productivity, and sustainability.
- The company has a resilient portfolio serving multiple end markets, which helps navigate challenging conditions.
- Solvay has upgraded its free cash flow guidance from more than EUR260 million to more than EUR300 million for 2024.
- Sales in Q2 2024 were down by 7% compared to Q2 2023, mainly due to lower prices in soda ash and lower energy and input costs.
- EBITDA for Q2 2024 was EUR272 million, a 17% decrease from Q2 2023.
- The company faces ongoing challenges in the container glass market in Europe, which remains soft.
- Solvay has provisioned EUR78 million for its coal phase-out project in Dombasle, France, due to various headwinds, impacting overall financial performance.
- Visibility of the order book remains relatively short, adding a level of uncertainty to future demand projections.
Hello and welcome to the Solvay Q2 H1 results call. My name is Laura, and I will be your coordinator for today's event. Please note this call is being recorded. (Operator Instructions)
I will now hand you over to your host, Geoffroy, Head of Investor Relations, to begin today's conference. Thank you.
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Good afternoon. Thank you, Laura. Good afternoon, everyone, and welcome to Solvay second quarter 2024 earnings call. My name is Geoffroy d'Oultremont, Head of Investor Relations. And I'm joined here today on the call by our CEO, Philippe Kehren; our CFO, Alexandre Blum; and our COO, Lanny Duvall. The call is being recorded and will be accessible for replay on the Investor Relations section of Solvay's website later today.
I would like to remind you that the presentation includes forward-looking statements that are subject to risks and uncertainties. The slides presented in today's call are also available to view on our website.
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