Q1 2024 Tronox Holdings PLC Earnings Call Transcript
Key Points
- Tronox Holdings PLC reported a 13% increase in revenue compared to the previous quarter, driven by higher revenue from both TiO2 and zircon.
- The company saw an 18% increase in TiO2 volumes from the fourth quarter, exceeding both the guidance and typical growth for this time of year.
- Adjusted EBITDA for the quarter totaled $131 million, which was above the guided range, with an EBITDA margin of almost 17%.
- Tronox Holdings PLC has begun receiving power from a 200 megawatt solar project in South Africa, contributing to a 13% CO2 emissions reduction.
- The company successfully consolidated and repriced two tranches of its term loan, resulting in an estimated annual savings of approximately $5 million.
- Tronox Holdings PLC reported a net loss of $9 million for the quarter.
- Income from operations was relatively low at $41 million for the quarter.
- The company experienced a free cash flow use of $105 million for the quarter, although it expects to generate positive free cash flow for the full year.
- Revenue from other products decreased by 26% compared to the prior quarter, primarily due to nonrepeating sales of ilmenite and a portion of rare earth tailings.
- Despite improvements, the company still faces challenges with high-cost inventory and the need to improve operating rates to reduce fixed cost absorption.
Thank you, and welcome to our first quarter 2024 Conference Call and Webcast. Turning to Slide 2. On our call today are John Romano, Chief Executive Officer, and John service, our Senior Vice President, Chief Financial Officer. We will be using slides as we move through today's call. You can access the presentation on our website at investor dot Tronox.com Moving to slide 3, a friendly reminder that comments made on this call and the information provided in our presentation and on our website include certain statements that are forward-looking and subject to various risks and uncertainties, including but not limited to specific factors summarized in our SEC filings. This information represents our best judgment based on what we know today. However, actual results may vary. Based on these risks and uncertainties, the Company undertakes no obligation to update or revise any forward-looking statements.
During the conference call, we will refer to certain non-US GAAP financial
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