Tronox Holdings plc announced it has completed the sale of the North American titanium dioxide (“TiO2“) business of The National Titanium Dioxide Company Limited to INEOS Enterprises for the purchase price of approximately $700 million. The sale was required by the Federal Trade Commission’s decision and order issued on April 10, 2019, which permitted Tronox’s acquisition of Cristal’s global TiO2 business. “We are pleased to have completed the last of the two remedy transactions we agreed to with antitrust authorities in the U.S. and Europe that enabled us to close our acquisition of Cristal’s TiO2 business,” said Jeffry N. Quinn, chairman and chief executive officer of Tronox. “We remain focused on unlocking the substantial value created by our transformative acquisition of Cristal for the benefit of our shareholders, customers and employees.”
Domtar Corporation (NYSE: UFS) (TSX: UFS) today reported a net loss of $34 million ($0.59 per share) for the fourth quarter of 2019 compared to net earnings of $20 million ($0.32 per share) for the third quarter of 2019 and net earnings of $87 million ($1.38 per share) for the fourth quarter of 2018. Sales for the fourth quarter of 2019 were $1.2 billion.
Excluding items listed below, the Company had earnings before items1 of $2 million ($0.03 per share) for the fourth quarter of 2019 compared to earnings before items1 of $55 million ($0.89 per share) for the third quarter of 2019 and earnings before items1 of $103 million ($1.63 per share) for the fourth quarter of 2018.
FISCAL YEAR 2019 HIGHLIGHTS
For fiscal year 2019, net earnings amounted to $84 million ($1.37 per share) compared to net earnings of $283 million ($4.48 per share) for fiscal year 2018. The Company had earnings before items1 of $184 million ($3.00 per share) for fiscal year 2019 compared to earnings before items1 of $291 million ($4.61 per share) for fiscal year 2018. Sales amounted to $5.2 billion for fiscal year 2019.
Commenting on the full-year results, John D. Williams, President and Chief Executive Officer said, “Our teams were agile in adjusting to market changes and executed well on things under our control in a challenging market environment. We had strong cash flow generation and our solid financial position allowed us to continue to reward shareholders with a high free cash flow payout ratio, while strategically investing in our assets.”
“Our results in the paper business fell short of our expectations. Shipments remained weak in the quarter due to seasonally slower demand and some customer destocking. As a result, we increased market-related downtime to better balance our supply with our customer demand and reduce our inventory to more optimal levels,” said John D. Williams, President and Chief Executive Officer.
Commenting on Personal Care, Mr. Williams added, “We had a strong finish to a good year. EBITDA1 significantly improved when compared to last year and we reached 12% EBITDA1 margins, which is the highest level since 2017. We expect to build on the momentum from this past year by continuing to focus on the execution of our margin improvement plan and restore and grow the profitability of the business.”
Operating loss was $15 million in the fourth quarter of 2019 compared to operating income of $29 million in the third quarter of 2019. Depreciation and amortization totaled $74 million in the fourth quarter of 2019.
Operating income before items1 was $4 million in the fourth quarter of 2019 compared to an operating income before items1 of $73 million in the third quarter of 2019.
The operating loss in the fourth quarter of 2019 was the result of lower average selling prices and unfavorable productivity in pulp and paper, higher selling, general and administrative expenses, and higher maintenance, freight and raw material costs.
When compared to the third quarter of 2019, manufactured paper shipments were down 2% and pulp shipments decreased 3%. The shipment-to-production ratio for paper was 106% in the fourth quarter of 2019, compared to 103% in the third quarter of 2019. Paper inventories decreased by 36,000 tons, and pulp inventories decreased by 15,000 metric tons when compared to the third quarter of 2019.
more detail at: https://newsroom.domtar.com/press-release/domtar-corporation-reports-preliminary-fourth-quarter-and-fiscal-year-2019-financial-results/