Q3 2024 Tronox Holdings PLC Earnings Call Transcript
Key Points
- Tronox Holdings PLC (TROX) reported a 21% increase in revenue compared to the prior year, driven by higher sales volumes of Tio2, Zircon, and other products.
- The company achieved a targeted average pig utilization rate of approximately 80% during the quarter.
- Zircon volumes increased by 42% on a year-to-date basis, indicating a strong recovery from 2023 levels.
- Tronox Holdings PLC (TROX) successfully refinanced its existing term loan, extending its debt maturity profile and optimizing its capital structure.
- The company is investing in strategic growth projects, particularly in mining, to sustain its vertical integration advantage and maintain a cost advantage for feedstock.
- Tronox Holdings PLC (TROX) reported a net loss attributable to the company of $25 million for the quarter.
- The company's Tio2 volumes declined 7% sequentially, outside the guidance range, due to softer demand in Europe and Asia Pacific.
- Zircon volumes declined 12% sequentially, below guidance, due to weaker demand in China and orders rolling into Q4.
- Adjusted EBITDA of $143 million was slightly below the guided range, with a margin of approximately 18%.
- The company expects a decline in Tio2 volumes by 10% to 15% in Q4 due to higher seasonal demand declines in North America, Europe, and China.
One. Good morning, ladies and gentlemen and welcome to the Tronox Holdings PLCQ 3 2024 earnings call at this time. This call is being recorded on Friday, October 25th, 2024. (Operator Instruction)
I would now like to turn the conference over to Jennifer Gunther, Chief Sustainability Officer, Head of Investor Relations and external Communications. Please go ahead.
Thank you and welcome to our third quarter, 2024 conference call and webcast. Turning to slide 2 on our call today are John Romano, Chief Executive Officer and John Serva, 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 @ investor.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
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