According to the March 2019 Printing-Writing Monthly report from AF&PA, total printing-writing paper shipments decreased 10 percent in March compared to March 2018. U.S. purchases of total printing-writing papers declined five percent in March compared to the same month last year. Total printing-writing paper inventory levels increased 1 percent from February 2019. U.S. shipments of uncoated free sheet (UFS) paper decreased 10 percent in March from the same month one year ago. The inventory level of UFS papers increased one percent in March compared to February. UFS imports in February 2019 increased 33 percent year-over-year while exports decreased 13 percent. Click Read More bellow for additional information.
First Quarter 2021 Financial Highlights:
*Record revenue of $891 million increased 14 percent sequentially, driven primarily by double-digit growth in both TiO2 and zircon volumes and 3 percent higher TiO2 average selling prices
*Income from operations of $125 million; Net income of $26 million
*GAAP diluted income per share of $0.12; Adjusted diluted EPS of $0.43 (Non-GAAP); the difference is primarily due to costs associated with the Q1 debt refinancing transactions and the break fee associated with the TiZir Titanium and Iron (“TTI”) transaction
*Adjusted EBITDA of $225 million, ahead of guidance; Adjusted EBITDA margin of 25 percent (Non-GAAP); sequential improvement driven by TiO2 and zircon sales volumes, and TiO2 selling prices, offset by unfavorable exchange rates and increased pigment costs, as projected
*TiO2 sales volumes increased 15 percent sequentially, at the top end of the guided range, driven by global demand strength led by growth in Europe and Asia Pacific; TiO2 average selling prices increased 3 percent sequentially, with price increases implemented in all regions
*Zircon sales volumes increased 30 percent sequentially as a result of stronger than expected market growth, particularly in China, while selling prices remained level
*Feedstock and other products sales decreased 29 percent sequentially, primarily due to the conclusion in the fourth quarter of 2020 of the mandated chloride slag sales per the Federal Trade Commission (“FTC”) consent order relating to the Cristal acquisition
Tronox’s first quarter results saw a continuation of the market recovery which began late in the third quarter of 2020. This resulted in a record quarter for TiO2 and zircon sales volumes. First quarter revenue increased 14 percent sequentially, driven primarily by double-digit growth in both TiO2 and zircon volumes and higher TiO2 average selling prices. TiO2 sales volume grew 15 percent quarter over quarter led by growth in Europe and Asia Pacific. South America and Asia Pacific growth led volume growth year over year. North America also grew sequentially and year over year, but at comparatively lower growth levels given the overall resiliency of the region throughout 2020. Increases in TiO2 selling prices in all regions resulted in a 3 percent sequential improvement globally. Revenue from zircon sales increased 31 percent sequentially, as global economic recovery took hold and China architectural completions rose. This resulted in a 30 percent increase in sequential zircon sales volumes, while pricing remained level. Revenue from feedstock and other products declined 29 percent sequentially, primarily due to the conclusion in the fourth quarter of 2020 of the mandated chloride slag sales per the FTC consent order, allowing Tronox to utilize more of its feedstock produced internally. Tronox delivered Adjusted EBITDA of $225 million, another record achievement for the Company. Adjusted EBITDA margin was 25 percent.
Commenting on these results, John D. Romano, co-chief executive officer, stated, “Our first quarter performance outpaced our expectations, driven by exceptional demand across all regions and end markets, resulting in a record quarter across a number of metrics. Achieving our highest TiO2 sales volume quarter in our Company’s history is an incredible accomplishment and is evidence of continuation of the recovery of the TiO2 cycle. Zircon sales volumes also broke Company records and outpaced our expectations driven by global economic recovery and robust demand in China that Tronox was prepared to meet with both production and inventory on hand. We were able to partially offset top-line headwinds from the loss of external chloride slag sales, which had been mandated by the FTC consent order, through increased pig iron revenues due largely to rising prices. Our performance this quarter would not have been possible without the dedication of the Tronox team, and in particular, our global supply chain and order-to-delivery employees who navigated numerous challenges and disruptions to meet our commitments and serve our customers, so thank you to our employees around the world.”
further details at: https://www.tronox.com/tronox-reports-first-quarter-2021-financial-results/