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Mar 31, 2022
Tronox Q1 2022 Earnings Report
Tronox reported solid first quarter results driven by higher revenue from TiO2 and pig iron, while overcoming higher costs and logistics constraints.
Key Takeaways
Tronox's first quarter 2022 results showed an 8% increase in revenue to $965 million compared to the prior year, driven by higher revenue from TiO2 and pig iron. The company's adjusted diluted EPS was $0.60, and it generated $86 million in free cash flow. The company is reaffirming its 2022 Adjusted EBITDA and adjusted diluted EPS guidance, but adjusting 2022 free cash flow lower to reflect the settlement.
Revenue increased by 8% year-over-year to $965 million, driven by higher TiO2 and pig iron revenue.
GAAP diluted EPS was $0.10, and adjusted diluted EPS was $0.60.
Adjusted EBITDA was $240 million with a margin of 24.9%.
Free cash flow was $86 million after capital expenditures of $103 million.
Revenue by Segment
Forward Guidance
The 2022 outlook reflects continued solid demand as well as persistent macro challenges including inflation and supply chain disruptions.
Positive Outlook
- Reaffirming Adjusted EBITDA guided range at $1.025-$1.125 billion
- Reaffirming Adjusted diluted EPS guided range at $3.08 to $3.59
Challenges Ahead
- Adjusting free cash flow expectation lower to at least $265 million, reflecting the settlement ($85 million), increased 2022 capital expenditures ($25 million) and increased working capital requirements ($25 million)
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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