This intriguing technology lets you call up information on your smartphone by touching an object with your finger, turning your body into a kind of capacitive power line network. Imagine simply touching a piece of paper, whether it be a business card or a label on an object, and relevant information almost instantly being displayed on your smartphone. That's Ericsson's Connected Paper tech, a working prototype of which I saw. And what's really cool about it? The information is literally flowing through your body. Connected Paper uses "capacitive coupling" technology, which transfers electrical signals through the human body, using the same principle as your phone's touchscreen responding to your finger's proximity rather than the physical pressure you exert. click Read More below to get to the rest of the story
Third Quarter 2019 Highlights:
•Revenue of $768 million
•Net loss from continuing operations of ($12) million including purchase accounting and transaction-related costs
•Adjusted EBITDA of $184 million; Adjusted EBITDA margin of 24 percent equal to second quarter 2019 on pro forma basis (Non-GAAP)
•GAAP diluted loss per share from continuing operations of ($0.13)
•Adjusted diluted EPS of $0.21 (Non-GAAP)
•TiO2 selling prices less than 1 percent lower on local currency basis and volumes down sequentially within seasonally typical range, 7 percent, versus second quarter 2019 on pro forma basis
•Synergies of $45 million delivered since Cristal TiO2 acquisition closing in April 2019
•Raising target for acquisition synergies for 2019 to $65 million from $45 million
•Returned approximately $309 million to shareholders year-to-date through repurchase of approximately 21.5 million shares and regular dividend payments
Tronox Holdings plc (NYSE:TROX) (“Tronox” or the “Company”), the world’s leading integrated manufacturer of titanium dioxide pigment, today reported its financial results for the quarter ending September 30, 2019.
Commenting on the third quarter results, Jeffry Quinn, chairman and chief executive officer of Tronox said, “Our third quarter performance clearly demonstrated the inherent stability and resilience of our vertically integrated global footprint in a challenging global macro-economic environment. Since the close of the Cristal transaction, our performance has shown that we are well-positioned to deliver superior value across wide-ranging economic conditions. Our performance was driven by strong execution on the many operating and commercial initiatives that are within our control, such as delivering the synergies, optimizing our global operating footprint, taking advantage of our vertical integration, managing overhead and wisely allocating capital.
“Through the end of the third quarter, we have delivered total synergies of $45 million since closing the Cristal TiO2 acquisition, of which $21 million have been reflected in our EBITDA, $13 million will be reflected in EBITDA in future quarters, and $11 million are cash synergies not reflected in EBITDA. We are raising our target for total synergies in 2019 to $65 million. Our Adjusted EBITDA margin of 24 percent equaled that of the second quarter on a pro forma basis, despite sales volume declines in zircon and pigment, reflecting the margin benefits from our vertical integration and our successful operational excellence program.
“We benefit from alignment with TiO2 customers that are growing faster than the overall market and our sales are well balanced across the world’s regions. The success of our bespoke win-win margin stability initiative is enhancing the stability of our top line relative to historical industry patterns. This stability is reflected in our global average TiO2 selling price, which has remained essentially level on a sequential basis across 2019. Though we are experiencing some softness in zircon demand in the near-term, primarily in China, this high-value co-product continues to deliver strong profitability and margin enhancement. We see the medium-term outlook for zircon as good, with steady GDP-level demand growth and increasing supply tightness globally.
Financial Summary for the Quarter Ending September 30, 2019
Tronox reported revenue of $768 million for the third quarter 2019, an increase of 68 percent from $456 million in the third quarter 2018. Excluding revenue of $10 million in the year-ago quarter from the Electrolytic business sold in September 2018, revenue increased 72 percent versus the prior-year quarter. Income from operations of $48 million compared to $53 million in the year-ago quarter. Net loss from continuing operations attributable to Tronox of $19 million, or ($0.13) per diluted share, compared to net income from continuing operations attributable to Tronox of $6 million, or $0.05 per diluted share, in the year-ago quarter. Net loss from continuing operations attributable to Tronox in the third quarter 2019 included amortization of inventory step-up, restructuring and integration costs, and a charge for a potential capital gains tax payment that, combined, totaled $49 million or $0.34 per diluted share. Excluding these items, adjusted net income attributable to Tronox (Non-GAAP) was $30 million, or $0.21 per diluted share. Adjusted EBITDA of $184 million increased 44 percent compared to $128 million in the prior-year quarter.
more detail at: https://www.tronox.com/tronox-reports-third-quarter-2019-financial-results/