NYSE$TROX
Tronox Holdings PLC · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Tronox's second quarter performance was consistent with previous guidance and demonstrated continued recovery across both TiO2 and zircon.
Tronox reported Q2 2024 financial results with revenue of $820 million, a 3% increase compared to the prior year. Income from operations was $76 million and net income was $10 million. GAAP diluted earnings per share was $0.10, and adjusted diluted earnings per share was $0.07. The company delivered Adjusted EBITDA of $161 million and generated $84 million in free cash flow.
- Revenue increased by 3% year-over-year to $820 million, driven by higher TiO2 volumes.
- Net income attributable to Tronox was $16 million, or $0.10 per diluted share, compared to a net loss of $269 million in the year-ago period.
- Adjusted EBITDA was $161 million, a 4% decrease year-over-year, with an Adjusted EBITDA margin of 19.6%.
- Free cash flow for the quarter was $84 million.
Headline financials
Revenue & EPS history
Tronox · Revenue · Quarterly
$820M
Revenue by segment
Tronox · $662M total across 3 segments · Q3 2023
- TiO2$558M-17.1%84.3%
- Other products$71M—10.7%
- Zircon$33M-74.2%5.0%
Forward guidance
For Q3 2024, Tronox expects TiO2 volumes to decline approximately 2-4% compared to Q2 2024, and zircon volumes to be relatively flat compared to Q2 2024. Adjusted EBITDA is expected to be $145-165 million and Adjusted EBITDA margin to be in the high-teens.
Tailwinds
- TiO2 volumes expected to increase in the high-teens range compared to Q3 2023
- Zircon volumes expected to increase ~160% compared to Q3 2023
- Pigment plant utilization rate for July was in the range of 80%
- Second half Adjusted EBITDA will be stronger than the first half
- Improved utilization rates
Headwinds
- TiO2 volumes expected to decline approximately 2-4% compared to Q2 2024
- Macro backdrop for the second half of 2024 is expected to be less robust than previously anticipated
- Higher cost pigment tons manufactured in the second quarter will result in lower profitability as they are sold in the third quarter
- Third quarter Adjusted EBITDA to be between $145-165 million and Adjusted EBITDA margin to be in the high-teens
- Guidance is subject to changes and impacts associated with macroeconomic conditions, global supply chain, and inflation-related challenges
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
-0.8%
Avg return
Earnings day
+0.3%
Avg return
5 days after
+2.3%
Avg return
30 days after
49%
30 / 61 earnings
Positive
+33.8%
Q4 2016
Best reaction
-20.8%
Q3 2015
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +3.3% | +4.3% | -13.2% | |
| Q4 2025 | -10.5% | +3.6% | +0.9% | |
| Q3 2025 | -0.6% | +9.1% | +20.4% | |
| Q1 2025 | +1.5% | -1.8% | +5.0% | |
| Q4 2024 | -11.0% | -18.4% | -28.0% | |
| Q3 2024 | -7.5% | -9.9% | -8.4% | |
| Q2 2024 | -17.6% | -16.8% | -13.8% | |
| Q1 2024 | +12.9% | +10.2% | +16.6% | |
| Q4 2023 | +9.8% | +12.7% | +25.0% | |
| Q3 2023 | +2.7% | +0.5% | +20.1% | |
| Q2 2023 | -4.3% | -10.0% | -15.6% | |
| Q1 2023 | -0.4% | +7.1% | -9.7% | |
| Q4 2022 | -3.2% | -2.9% | -19.9% | |
| Q3 2022 | -6.8% | -11.0% | +5.4% | |
| Q2 2022 | -0.6% | -4.3% | -5.8% | |
| Q1 2022 | -1.6% | -4.6% | +1.3% | |
| Q4 2021 | -6.7% | -9.9% | -13.1% | |
| Q3 2021 | -9.1% | -5.6% | -8.6% | |
| Q2 2021 | +1.9% | -3.0% | +19.2% | |
| Q1 2021 | +0.3% | +1.0% | +7.0% | |
| Q4 2020 | -2.9% | +7.0% | -4.1% | |
| Q3 2020 | +5.8% | +17.1% | +37.8% | |
| Q2 2020 | -2.4% | -1.0% | +18.5% | |
| Q1 2020 | -8.4% | +3.5% | +24.2% | |
| Q4 2019 | -12.0% | -16.7% | -30.2% | |
| Q3 2019 | +2.9% | +6.4% | +5.3% | |
| Q2 2019 | -2.3% | -6.4% | -12.1% | |
| Q1 2019 | -6.1% | -9.3% | -8.4% | |
| Q4 2018 | +2.2% | +1.4% | +13.7% | |
| Q3 2018 | +5.2% | +3.4% | -17.5% | |
| Q2 2018 | -8.9% | -7.7% | -12.2% | |
| Q1 2018 | +1.4% | +0.1% | +9.1% | |
| Q4 2017 | +8.3% | +9.4% | +0.9% | |
| Q3 2017 | +1.9% | +3.5% | -24.6% | |
| Q2 2017 | -1.8% | -1.5% | +9.9% | |
| Q1 2017 | -6.2% | -4.3% | -8.0% | |
| Q4 2016 | +33.8% | +20.7% | +15.5% | |
| Q3 2016 | +3.1% | +17.2% | +36.0% | |
| Q2 2016 | +6.9% | +19.1% | +50.4% | |
| Q1 2016 | -5.4% | — | — | |
| Q4 2015 | +8.3% | — | — | |
| Q3 2015 | -20.8% | — | — | |
| Q2 2015 | +2.2% | — | — | |
| Q1 2015 | -6.0% | — | — | |
| Q4 2014 | -3.7% | — | — | |
| Q3 2014 | +4.1% | — | — | |
| Q2 2014 | +6.5% | — | — | |
| Q1 2014 | -5.9% | — | — | |
| Q4 2013 | +14.3% | — | — | |
| Q3 2013 | +0.6% | — | — | |
| Q2 2013 | +2.9% | — | — | |
| Q1 2012 | +0.5% | — | — | |
| Q1 2013 | +1.5% | — | — | |
| Q4 2012 | +2.5% | — | — | |
| Q3 2012 | -18.6% | — | — | |
| Q2 2012 | -2.4% | — | — | |
| Q4 2011 | +2.5% | — | — | |
| Q3 2011 | -8.2% | — | — | |
| Q2 2011 | +5.2% | — | — | |
| Q1 2011 | +0.7% | — | — | |
| Q4 2010 | +0.0% | — | — | |
| Q3 2010 | — | — | — | |
| Q2 2010 | — | — | — |
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