Tronox Holdings plc reported its financial results for the third quarter ending September 30, 2024, with revenue reaching $804 million, a 21% increase compared to the prior year's quarter. However, this represented a 2% sequential decrease from the second quarter of 2024, indicating a slowdown in demand late in the quarter.
The company posted a net loss of $25 million, or $0.16 per diluted share, compared to a net loss of $14 million in the year-ago period. Adjusted EBITDA for the quarter was $143 million, a 23% increase year-over-year but an 11% decrease sequentially, with an Adjusted EBITDA margin of 17.8%.
CEO John D. Romano noted that TiO2 volumes declined 7% sequentially, falling outside the company's guidance, and zircon volumes decreased 12% sequentially due to weaker demand, particularly in China. For the fourth quarter of 2024, Tronox anticipates Adjusted EBITDA to be between $120 million and $135 million, reflecting expected seasonal demand declines and moderated pricing improvements.
In a financial move, Tronox refinanced its existing term loan due March 2029 with a new 7-year term loan due September 2031, extending its debt maturity profile. The company also reported a use of $14 million in free cash flow for the quarter and capital expenditures of $101 million, primarily for mining project investments.
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