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/

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