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Tronox(TROX) - 2025 Q1 - Quarterly Report
2025-05-01 15:48
Financial Performance - Net sales for the first quarter of 2025 were $738 million, a decrease of 5% compared to $774 million in the same period of 2024, primarily due to lower sales volumes and average selling prices of TiO2 and zircon[113]. - TiO2 revenue decreased by 3% or $21 million year-over-year, driven by a 1% decrease in sales volumes and a 1% decline in average selling prices, with foreign currency negatively impacting revenue by $7 million[114]. - Zircon revenue decreased by 22% from the first quarter of 2024 to the first quarter of 2025, primarily due to a 15% decrease in sales volumes and a 7% decline in average selling prices[110]. - Gross profit for the first quarter of 2025 was $99 million, representing a gross margin of 13.4%, down from 15.5% in the prior year, largely due to lower sales volumes and prices[113]. - The company reported a net loss of $111 million for the first quarter of 2025, compared to a net loss of $9 million in the prior year, with net loss as a percentage of net sales increasing to 15.0%[113][122]. - Adjusted EBITDA for the first quarter of 2025 was $112 million, down from $131 million in the same period of 2024, with adjusted EBITDA as a percentage of net sales at 15.2%[113][122]. - Adjusted net loss attributable to Tronox for Q1 2025 was $24 million, compared to an adjusted net loss of $7 million in Q1 2024[164]. - Diluted net loss per share for Q1 2025 was $(0.70), significantly higher than $(0.06) in Q1 2024[164]. - Net loss for Q1 2025 was $111 million, compared to a net loss of $9 million in Q1 2024, representing a net loss as a percentage of net sales of (15.0)%[154]. Liquidity and Debt - Total available liquidity as of March 31, 2025, was $443 million, including $138 million in cash and cash equivalents and $305 million available under revolving credit agreements[111]. - Total debt as of March 31, 2025, was $3.0 billion, with a net debt to trailing-twelve month adjusted EBITDA ratio of 5.2x[111]. - At March 31, 2025, the company's total debt was $3.0 billion, with net debt of $2.8 billion after accounting for cash and cash equivalents[135]. - The company's total outstanding principal balance on short-term debt facilities was approximately $212 million as of April 28, 2025[136]. - Working capital was $1.2 billion as of March 31, 2025, down from $1.3 billion at December 31, 2024[125]. Cash Flow - Cash used in operating activities increased to $32 million in Q1 2025 from $29 million in Q1 2024, primarily due to a decrease in income-related cash generation[144]. - Net cash used in investing activities was $95 million in Q1 2025, up from $76 million in Q1 2024, driven by higher capital expenditures of $110 million[145]. - Net cash provided by financing activities was $108 million in Q1 2025, compared to cash used of $12 million in Q1 2024, mainly from net proceeds of $115 million from short-term debt[146]. Restructuring and Charges - Restructuring and other charges for the first quarter of 2025 amounted to $86 million, primarily related to the idling of the Botlek plant[113]. - The company experienced restructuring and other charges of $86 million in Q1 2025, primarily related to the Botlek plant idling[164]. Customer Concentration - The company’s ten largest third-party customers represented 39% of consolidated net sales in Q1 2025, up from 37% in Q1 2024[170]. Interest Rate and Currency Management - A hypothetical 1% increase in interest rates would result in a net decrease to pre-tax income of approximately $9 million on an annualized basis[171]. - The company entered into two new interest-rate swap agreements for a total notional value of $250 million, effective September 30, 2024, to manage interest rate volatility[173]. - As of March 31, 2025, the Company has $950 million in interest rate swaps, with $450 million maturing in March 2028 and $500 million maturing in September 2031, aimed at stabilizing interest expenses and managing interest rate exposure[175]. - For the three months ended March 31, 2025, the interest expense related to interest-rate swap agreements was $2 million, a decrease from $8 million for the same period in 2024[176]. - The Company aims to manage currency risk arising from fluctuations in foreign exchange rates, particularly in markets like South Africa and Australia, where revenues are primarily in U.S. dollars[178]. - The Company uses forward contracts and zero-cost collars as economic hedges for foreign currency transactions, particularly for its South African and Australian subsidiaries[179]. - As of March 31, 2025, the Company had notional amounts of 404 million Australian dollars (approximately $252 million) in foreign currency contracts to hedge against fluctuations in currency rates for its Australian subsidiaries' cost of sales[179]. - The Company has outstanding foreign currency contracts totaling approximately $71 million in South African Rand, $86 million in Australian dollars, $34 million in Pound Sterling, $60 million in Euro, and $39 million in Saudi Riyal as of March 31, 2025[180]. - The amounts recorded in interest expense related to interest-rate swap agreements included less than $1 million reclassified from "Accumulated other comprehensive loss" for the three months ended March 31, 2025[176]. - The Company recorded a net unrealized gain of $10 million in "Accumulated other comprehensive loss" as of March 31, 2025, expected to be recognized in earnings over the next twelve months[179]. - The net unrealized gain recorded in "Accumulated other comprehensive loss" was $11 million as of March 31, 2025, compared to a net unrealized gain of $26 million as of December 31, 2024[176]. - The Company had no outstanding amounts to reduce the exposure of its South African subsidiaries' third-party sales to fluctuations in currency rates as of March 31, 2025[179]. Credit Rating - The company's credit rating with Moody's changed to a negative outlook as of March 31, 2025, while S&P maintained a B positive rating[129]. Contractual Obligations - Contractual obligations as of March 31, 2025, totaled $8.02 billion, including long-term debt and lease financing of $3.78 billion[147].
Tronox(TROX) - 2025 Q1 - Quarterly Results
2025-05-01 14:12
Exhibit 99.1 Tronox Reports First Quarter 2025 Financial Results STAMFORD, Conn., April 30, 2025/PRNewswire/ — Tronox Holdings plc (NYSE:TROX) ("Tronox" or the "Company"), the world's leading integrated manufacturer of titanium dioxide ("TiO2") pigment, today reported its financial results for the quarter ending March 31, 2025, as follows: First Quarter 2025 Financial Highlights: Outlook: This outlook is based on Tronox's views on current global economic activity and is subject to changes and impacts associ ...
Tronox(TROX) - 2025 Q1 - Earnings Call Transcript
2025-05-01 13:00
Tronox (TROX) Q1 2025 Earnings Call May 01, 2025 09:00 AM ET Speaker0 Good morning. Welcome to the Tronox Holdings plc Q1 twenty twenty five Earnings Conference Call. All participants will be in a listen only mode until the question and answer session begins. Following the presentation, we will conduct a question and answer session. This call is being recorded. If you have any objections, please disconnect at this time. I would now like to turn the call over to Jennifer Gunther, Chief Sustainability Officer ...
Tronox(TROX) - 2025 Q1 - Earnings Call Presentation
2025-05-01 10:27
First Quarter 2025 Conference Call Tronox Holdings plc May 1, 2025 Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2025 1 Presenters John Romano John Srivisal Chief Executive Officer Senior Vice President, Chief Financial Officer Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2025 2 Safe Harbor Statement and Non-U.S. GAAP Financial Terms Cautionary Statement about Forward-Looking Statements Statements in this presentation that are not historical are forward-looking state ...
Tronox (TROX) Reports Q1 Loss, Misses Revenue Estimates
ZACKS· 2025-04-30 23:20
Tronox (TROX) came out with a quarterly loss of $0.15 per share versus the Zacks Consensus Estimate of $0.02. This compares to loss of $0.05 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -850%. A quarter ago, it was expected that this producer of titanium ore and titanium dioxide would post earnings of $0.05 per share when it actually produced earnings of $0.03, delivering a surprise of -40%.Over the last four quarters, the ...
Tronox Reports First Quarter 2025 Financial Results
Prnewswire· 2025-04-30 20:15
STAMFORD, Conn., April 30, 2025 /PRNewswire/ -- Tronox Holdings plc (NYSE:TROX) ("Tronox" or the "Company"), the world's leading integrated manufacturer of titanium dioxide ("TiO2") pigment, today reported its financial results for the quarter ending March 31, 2025, as follows:First Quarter 2025 Financial Highlights: Revenue of $738 million, a 9% increase compared to the prior quarter and a 5% decrease compared to the prior year Loss from operations of $61 million; Net loss of $111 million including $87 mil ...
Tronox (TROX) Soars 19.5%: Is Further Upside Left in the Stock?
ZACKS· 2025-04-10 13:25
Tronox (TROX) shares soared 19.5% in the last trading session to close at $5.39. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 34.5% loss over the past four weeks.TROX’s rally is driven by a surge in material stocks after President Trump announced he would pause reciprocal tariffs for 90 days for most countries.This producer of titanium ore and titanium dioxide is expected to post quarterly earnings of $0.03 per share in its up ...
Tronox Announces Time Change for First Quarter 2025 Webcast Conference Call
Prnewswire· 2025-04-02 20:15
Company Overview - Tronox Holdings plc is a leading global producer of high-quality titanium products, including titanium dioxide pigment, specialty-grade titanium dioxide products, high-purity titanium chemicals, and zircon [3] - The company mines titanium-bearing mineral sands and operates upgrading facilities to produce high-grade titanium feedstock materials, pig iron, and other minerals, including the rare earth-bearing mineral, monazite [3] - Tronox employs approximately 6,500 people across six continents, showcasing a rich diversity and unmatched vertical integration model [3] Earnings Release and Conference Call - The first quarter 2025 earnings release is scheduled for Wednesday, April 30, 2025, after the market close [2] - The webcast conference call will take place on Thursday, May 1, 2025, at 9:00 AM ET, which is one hour later than previously scheduled [1][2] - The live call will be accessible to the public via webcast and teleconference, with a replay available on the investor relations website following the call [2]
Tronox Announces Dates for First Quarter 2025 Earnings Release & Webcast Conference Call
Prnewswire· 2025-04-01 12:00
STAMFORD, Conn., April 1, 2025 /PRNewswire/ -- Tronox Holdings plc (NYSE: TROX) announced today the following schedule for its first quarter 2025 earnings release and webcast conference call: Earnings Release: Wednesday, April 30, 2025, after the market close via PR Newswire and the Tronox Holdings plc website: tronox.com About Tronox Tronox Holdings plc is one of the world's leading producers of high-quality titanium products, including titanium dioxide pigment, specialty-grade titanium dioxide products an ...
Tronox Announces Intent to Idle its Pigment Plant in the Netherlands
Prnewswire· 2025-03-17 13:00
Core Viewpoint - Tronox Holdings plc has announced the idling of its 90,000 metric ton per year titanium dioxide (TiO2) plant in Botlek, Netherlands, as part of a strategic review to optimize its asset footprint and improve manufacturing costs due to global supply imbalances and competitive pressures from China [1][2]. Financial Impact - The company estimates restructuring and related charges of approximately $130-160 million over the next 18 months, including $55-65 million in non-cash write-downs related to the idling of the facility [2]. - Cost savings from this action are projected to exceed $30 million annually starting in 2026, in addition to previously identified sustainable cost improvements of $125-175 million by the end of 2026 [2]. - Free cash flow for the full year 2025 is expected to be greater than $50 million [2]. Operational Context - The Botlek facility is currently shut down due to a chlorine supplier outage since March 6, 2025, and is not expected to resume operations after consultations with the works council [1]. - Tronox emphasizes that this decision will not affect its ability to serve customers, as it will utilize its diverse operational footprint to maintain supply [1]. Company Overview - Tronox Holdings plc is a leading producer of titanium products, including titanium dioxide pigment and high-purity titanium chemicals, with operations across six continents and approximately 6,500 employees [3].