Tronox Reports Second Quarter 2024 Financial Results

Second Quarter 2024 Financial Highlights:
*Produced revenue of $820 million, a 6% increase compared to the prior quarter, or a 3% increase compared to the prior year
*Generated income from operations of $76 million, and net income of $10 million; adjusted net income was $12 million (non-GAAP)
*GAAP diluted earnings per share of $0.10; Adjusted diluted earnings per share was $0.07 (non-GAAP)
*Delivered Adjusted EBITDA of $161 million, within previously issued guidance of $160-180 million, and an Adjusted EBITDA margin of 19.6% (non-GAAP)
*Invested $76 million in capital expenditures in the quarter
*Generated $84 million in free cash flow in the quarter (non-GAAP)

Chief Executive Officer John D. Romano commented, “Tronox’s second quarter performance was consistent with our previous guidance and demonstrated the continued recovery across both TiO2 and zircon. Our TiO2 volumes increased 8% compared to the first quarter, or 16% compared to the prior year quarter, as we continued to see demand increase across all regions, consistent with seasonal trends. Zircon demand remained relatively stable compared to the first quarter. Pricing for both TiO2 and zircon increased from the first quarter into the second, as expected, partially offset by unfavorable mix. We generated $84 million in free cash flow in the quarter and returned $41 million to shareholders in the form of dividends.

“On the operations side, our average pigment plant utilization rate in the second quarter was lower than targeted, driven by short-term challenges relating to ramping up our assets. As a result, we incurred higher costs in the second quarter than anticipated and delivered Adjusted EBITDA at the lower end of our guided range. While this will impact the margins of pigment sold in the third quarter, the operating challenges we experienced during the ramp up in the second quarter are resolved, and our average pigment plant utilization rate for July was in the range of 80%.”
more at: https://www.tronox.com/tronox-reports-second-quarter-2024-financial-results/

Related Posts

Crown Van Gelder increases prices by 6 to 8%

As a consequence of the fast and significant increases in the market price of pulp, Crown Van Gelder will be increasing prices by 6 to 8% per ton on its High Speed Inkjet, Graphical, Label & Packaging grades, in reels & sheets, for deliveries from 1st April 2021.

Investigators look for the cause of fire a Wisconsin Rapids paper mill (wsaw.com)

Wisconsin Rapids fire officials say there’s an ongoing investigation into cause of a fire at the Verso Paper Mill on West Riverview Expressway. Multiple fire departments were called to help fight the fire Tuesday evening. It was mostly contained by 10:15pm. Witnesses say black smoke was seen rising from the part of the complex. A former employee of the mill says the fire was in the Kraft Mill where wood chips were cooked into pulp. The paper mill was opened in 1904. It was Rapids’ largest employer until it was shut down in the summer of 2020.

Canfor Announces Reduced Operating Schedules at Western Canada Sawmills Due to Global Supply Chain Crisis

Canfor Corporation announced that it will implement reduced operating schedules at its Western Canadian sawmills effective April 4, 2022 due to the cumulative effects of the unprecedented global supply chain crisis that has been ongoing for several months. The reduced operating schedules will remain in effect for a minimum of four weeks and the Company will continue to assess and make adjustments to operating schedules as supply chain conditions evolve. “We are experiencing extreme supply chain challenges that are significantly impacting our operations and it has become imperative to reduce operating schedules to address our unsustainable inventory levels. We regret the impact that the reduced operating schedules will have on our employees, contractors and communities and we will make efforts to mitigate the negative effects,” said Don Kayne, President and CEO, Canfor. “We will continue to leverage our global operating platform to minimize disruptions in supply to our customers.” It is anticipated that the reduced operating schedules will impact production capacity by a minimum of 100 million board feet.
Back To Top
×Close search
Search