Tronox (TROX) Earnings Call Presentation

Financial Performance & Projections - 2023 Revenue was $2.9 billion[9], with Adjusted EBITDA of $524 million[9] and an Adjusted EBITDA margin of 18.4%[29] - Q1 2024 revenue is expected to be $774 million[22], a 9% increase year-over-year[22], with TiO2 revenue at $605 million[22] and Zircon revenue at $88 million[22] - Q1 2024 Adjusted EBITDA is expected to be $131 million[22], a 10% decrease year-over-year[22], but a 39% increase quarter-over-quarter[22], with an Adjusted EBITDA margin of approximately 17%[25] - Full year 2023 saw a net loss of $316 million[29] and a free cash flow use of $77 million[29] Sales & Market Dynamics - In FY2023, TiO2 sales accounted for 79% of total sales, Zircon for 9%, and other products for 12%[9] - In FY2023, EMEA accounted for 40% of sales, Asia Pacific for 28%, North America for 26%, and Latin America for 6%[9] - Q1 2024 saw an 18% increase in TiO2 volumes quarter-over-quarter[25] and a 54% increase in zircon volumes quarter-over-quarter[25] Capital Projects & Investments - The company is investing in key projects to sustain vertical integration, with total estimated capital expenditures of approximately $130 million in 2024 for the Fairbreeze Expansion Project and Namakwa East OFS Project[18] - These projects are expected to generate Internal Rates of Return (IRRs) in excess of 30%[18] Sustainability Goals - The company aims for a 35% reduction in Scope 1 and 2 GHG emissions intensity by 2030 and net zero emissions by 2050[12] - The company aims for a 9% reduction in Scope 3 emissions in the supply chain by 2025[12]