NYSE$TROX
Tronox Holdings PLC · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Reported adjusted EBITDA within the guided range despite softer market conditions and proactively strengthened balance sheet with incremental term loan.
Tronox Holdings reported Q3 2023 financial results with revenue of $662 million, a net loss of $14 million, and adjusted EBITDA of $116 million. The company proactively reinforced its balance sheet by raising a $350 million incremental term loan.
- Revenue was $662 million, a 17% decrease compared to the prior quarter, and a 26% decrease compared to the prior year.
- Income from operations was $32 million, with a net loss of $14 million; adjusted net loss was $12 million (non-GAAP).
- GAAP diluted EPS was $(0.09); adjusted diluted EPS was $(0.08) (non-GAAP).
- Adjusted EBITDA was $116 million with an Adjusted EBITDA margin of 17.5%, both within the guided range.
Headline financials
Revenue & EPS history
Tronox · Revenue · Quarterly
$662M
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
The company expects pigment volumes to be relatively flat compared to the third quarter and zircon volumes to continue to recover substantially from third quarter 2023 levels. Adjusted EBITDA for the fourth quarter 2023 is anticipated to be $105-125 million.
Tailwinds
- Pigment volumes expected to be relatively flat compared to the third quarter.
- Anticipate little to no seasonality in the fourth quarter as customers have largely completed destocking.
- Represents an approximate 20% increase compared to trough levels realized in fourth quarter 2022.
- Expect more stable pricing trends over the last year to continue.
- Zircon volumes expected to continue to recover substantially from third quarter 2023 levels.
Headwinds
- Outlook is subject to changes and impacts associated with the macroeconomic conditions.
- Global supply chain challenges.
- Inflation-related challenges.
- Potential disruptions in production at mining and manufacturing facilities.
- Market conditions and price volatility for titanium dioxide, zircon and other feedstock materials.
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 Q3 2023
-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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