Tronox Reports Second Quarter 2023 Financial Results

Tronox Holdings plc (NYSE:TROX) (“Tronox” or the “Company”), the world’s leading integrated manufacturer of titanium dioxide (“TiO2“) pigment, today reported its financial results for the quarter ending June 30, 2023, as follows:

Second Quarter 2023 Financial Highlights:
*Produced revenue of $794 million, a 12% increase compared to the prior quarter, or a 16% decrease compared to the prior year
*Generated income from operations of $84 million, and a net loss of $269 million, inclusive of a valuation allowance of $293 million established against the deferred tax assets within our Australia jurisdiction; adjusted net income was $24 million (non-GAAP)
*GAAP diluted EPS was $(1.72); achieved adjusted diluted EPS of $0.16 (non-GAAP)
*Delivered Adjusted EBITDA of $168 million, at the high end of the guided range, and an Adjusted EBITDA margin of 21.2%
*Invested $55 million in capital expenditures in the quarter
*Generated $81 million in free cash flow in the quarter

Co-CEOs’ Remarks and Outlook: “Our solid second quarter performance was a result of continued market recovery from the first quarter and our ongoing discipline around costs,” commented Jean-François Turgeon, co-chief executive officer. “The Company achieved an Adjusted EBITDA of $168 million, at the high end of our previously guided range of $160 to $170 million and an Adjusted EBITDA margin of 21.2%, above our expectations. We continue to deliver against our commercial strategy and realize relatively stable pricing trends despite volumes remaining well below seasonally normal levels – a reflection of Tronox’s differentiated offering. Tronox’s results continue to demonstrate the strength and advantage of vertical integration. These results would not be possible without the hard work and dedication of our global employees, and we thank the team for their commitment to Tronox.”

Mr. Turgeon added, “We are continuing to run our operating sites at reduced rates as a result of lower demand levels in order to manage inventory and cash. We generated $81 million in free cash flow, greater than previously anticipated, as a result of the team’s proactive approach to aligning the business with current market conditions. We remain very focused on managing working capital. We will continue to balance the medium- and long-term strategic needs of the business to position Tronox for future success while ensuring we are taking the right decisions to manage what is within our control in the short term against the current macroeconomic landscape.”
more at: https://www.tronox.com/tronox-reports-second-quarter-2023-financial-results/

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