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Tronox(TROX) - 2024 Q4 - Annual Results
TROXTronox(TROX)2025-02-13 13:30

Revenue Performance - Fourth quarter 2024 revenue was 676million,adecreaseof1676 million, a decrease of 1% year-over-year, with TiO2 sales contributing 533 million and zircon sales increasing by 32% to 75million[3][9][11].−Fullyear2024totalrevenuereached75 million [3][9][11]. - Full year 2024 total revenue reached 3,074 million, an 8% increase compared to the previous year, with adjusted EBITDA of 564millionandanadjustedEBITDAmarginof18.3564 million and an adjusted EBITDA margin of 18.3% [3][16]. - Net sales for Q4 2024 were 676 million, a decrease of 1.5% from 686millioninQ42023,whiletotalnetsalesfortheyearincreasedby7.9686 million in Q4 2023, while total net sales for the year increased by 7.9% to 3,074 million from 2,850millionin2023[28].−NetsalesfortheyearendedDecember31,2024,were2,850 million in 2023 [28]. - Net sales for the year ended December 31, 2024, were 3,074 million, an increase from 2,850millionin2023,representinga7.92,850 million in 2023, representing a 7.9% growth [38]. Profitability and Earnings - The company reported a net loss of 30 million for Q4 2024, improving from a net loss of 56millioninQ42023,withadjusteddilutedearningspershareof56 million in Q4 2023, with adjusted diluted earnings per share of 0.03 [3][13]. - Adjusted EBITDA for Q4 2024 was 129million,a37129 million, a 37% increase year-over-year, with a margin of 19.1% [3][14]. - Gross profit for Q4 2024 was 117 million, up 50% from 78millioninQ42023,contributingtoatotalgrossprofitof78 million in Q4 2023, contributing to a total gross profit of 515 million for the year, compared to 462millionin2023[28].−AdjustednetincomeattributabletoTronoxHoldingsplcforQ42024was462 million in 2023 [28]. - Adjusted net income attributable to Tronox Holdings plc for Q4 2024 was 4 million, contrasting with an adjusted net loss of 60millioninQ42023[29].−AdjustedEBITDAfortheyearendedDecember31,2024,was60 million in Q4 2023 [29]. - Adjusted EBITDA for the year ended December 31, 2024, was 564 million, compared to 524millionin2023,reflectinga7.6524 million in 2023, reflecting a 7.6% increase [38]. - Net loss for the year ended December 31, 2024, was 54 million, improving from a net loss of 314millionin2023,areductionof82.8314 million in 2023, a reduction of 82.8% [38]. - Net loss as a percentage of net sales for the year ended December 31, 2024, was (1.8)%, improving from (11.0)% in 2023 [38]. Future Projections - For 2025, the company expects revenue between 3.0 billion and 3.4billionandadjustedEBITDAbetween3.4 billion and adjusted EBITDA between 525 million and 625million[6][19].−Capitalexpendituresfor2025areprojectedtobebetween625 million [6][19]. - Capital expenditures for 2025 are projected to be between 375 million and 395million,withfreecashflowexpectedtoremainrelativelyflat[6][19].−Thecompanyhasidentified395 million, with free cash flow expected to remain relatively flat [6][19]. - The company has identified 125 million to 175millioninsustainablecostimprovementsachievablebytheendof2026[6][19].CashFlowandCapitalExpenditures−Cashprovidedbyoperatingactivitiesfortheyearwas175 million in sustainable cost improvements achievable by the end of 2026 [6][19]. Cash Flow and Capital Expenditures - Cash provided by operating activities for the year was 300 million, compared to 184millionin2023,reflectingimprovedoperationalefficiency[36].−Capitalexpendituresfortheyeartotaled184 million in 2023, reflecting improved operational efficiency [36]. - Capital expenditures for the year totaled 370 million, significantly higher than 261millionin2023,indicatingincreasedinvestmentingrowthinitiatives[28].DebtandLiquidity−Totaldebtattheendof2024was261 million in 2023, indicating increased investment in growth initiatives [28]. Debt and Liquidity - Total debt at the end of 2024 was 2.9 billion, with available liquidity of 578million[3][17].−Long−termdebtremainedrelativelystableat578 million [3][17]. - Long-term debt remained relatively stable at 2,759 million as of December 31, 2024, compared to 2,786millionin2023[34].−NetdebtasofDecember31,2024,was2,786 million in 2023 [34]. - Net debt as of December 31, 2024, was 2,708 million, an increase from 2,551millionin2023[38].−Netdebttotrailing−twelvemonthAdjustedEBITDAratioimprovedto4.8xfrom4.9x[38].−InterestexpensefortheyearendedDecember31,2024,was2,551 million in 2023 [38]. - Net debt to trailing-twelve month Adjusted EBITDA ratio improved to 4.8x from 4.9x [38]. - Interest expense for the year ended December 31, 2024, was 167 million, compared to 158millionin2023,anincreaseof5.7158 million in 2023, an increase of 5.7% [38]. Shareholder Returns - The company returned 80 million to shareholders in the form of dividends during 2024 [3][18]. Operational Efficiency - The company achieved 75millioninproductioncostimprovementscomparedtoQ42023,reflectingoperationalefficiencies[7][14].−Totalassetsdecreasedto75 million in production cost improvements compared to Q4 2023, reflecting operational efficiencies [7][14]. - Total assets decreased to 6,038 million as of December 31, 2024, down from 6,134millionin2023,primarilyduetoareductionincashandcashequivalents[34].−Thecompany’sweightedaveragesharesoutstandingincreasedto158,262thousandinQ42024from156,818thousandinQ42023[29].−Long−termdebt,net,asofDecember31,2024,was6,134 million in 2023, primarily due to a reduction in cash and cash equivalents [34]. - The company’s weighted average shares outstanding increased to 158,262 thousand in Q4 2024 from 156,818 thousand in Q4 2023 [29]. - Long-term debt, net, as of December 31, 2024, was 2,759 million, slightly down from $2,786 million in 2023 [38].