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Tronox Reports Third Quarter 2022 Financial Results

Tronox Holdings plc (NYSE:TROX) (“Tronox” or the “Company”), the world’s leading integrated manufacturer of titanium dioxide (“TiO2“) pigment, reported its financial results for the quarter ending September 30, 2022, as follows:

Third Quarter 2022 Financial Highlights:

  • Produced revenue of $895 million, an increase of 3% compared to the prior year, driven by higher TiO2, zircon and pig iron prices and higher pig iron volumes
  • Generated income from operations of $163 million and net income of $123 million
  • Achieved GAAP diluted EPS of $0.77; adjusted diluted EPS of $0.69 (non-GAAP) primarily due to an Australian valuation allowance adjustment of $0.10
  • Delivered Adjusted EBITDA of $247 million and an Adjusted EBITDA margin of 27.6%
  • Invested $112 million in capital expenditures, primarily in our vertical integration and newTRON initiatives
  • Generated free cash flow of $25 million in the quarter
  • Returned $110 million to shareholders in the nine months ending September 30, 2022 in the form of share repurchases and dividends

Outlook

  • Q4 2022 Adjusted EBITDA expected to be $140-$170 million, assuming TiO2 volumes decline 25-30% sequentially driven by customer destocking in the fourth quarter and one-time cost impacts due to reduced production as a result of lower customer demand
  • Full year 2022 free cash flow expected to be greater than $150 million

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