Tronox(US:TROX)2023-10-26 18:09Financial Performance - Revenue declined by 17% from Q2 2023, reaching $662 million, driven by lower TiO2, zircon, and pig iron sales volumes and average sales prices[17] - Adjusted EBITDA was $116 million, within the guided range, with an Adjusted EBITDA margin of 175%[17, 33] - The company reported a net loss of $14 million, and an adjusted diluted loss per share of $008[17] - Capital expenditures were $54 million, resulting in a free cash flow use of $37 million[17] Sales and Volume - TiO2 revenue was $558 million, a decrease of 17% year-over-year[34] - Zircon revenue was $33 million, a significant decrease of 74% year-over-year[34] - Rare earths element sales improved by 27% year-over-year[34] Liquidity and Debt - Total debt at the end of Q3 2023 was $28 billion[25] - The company maintains interest rate swaps such that approximately 73% of interest rates are fixed through 2024 and approximately 64% are fixed from 2024 through 2028[25] - Total available liquidity as of September 30, 2023, was $726 million, including $246 million in cash and cash equivalents[25, 42] Outlook and Strategy - Capital expenditures are expected to be approximately $270 million for 2023[24, 27] - The company expects zircon volumes to continue to recover substantially from the third quarter 2023 trough levels[27] - A $350 million incremental term loan was secured in Q3 to reinforce balance sheet strength and ensure ample liquidity for 2024 CapEx[7, 24]