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Jun 30, 2020
Tronox Q2 2020 Earnings Report
Tronox reported financial results impacted by COVID-19 and maintained strong margins.
Key Takeaways
Tronox reported revenue of $578 million for the second quarter 2020, a decrease of 30 percent compared to second quarter 2019 revenues of $827 million on a pro forma basis. Net loss attributable to Tronox was $4 million, or $0.03 per diluted share. Adjusted EBITDA of $142 million decreased 29 percent compared to $200 million on a pro forma basis in the prior-year quarter.
Revenue of $578 million.
Income from operations of $49 million; Net loss of $4 million.
Adjusted EBITDA of $142 million; Adjusted EBITDA margin of 25 percent.
GAAP diluted loss per share of $0.03; Adjusted diluted EPS of $0.03.
Revenue by Segment
Forward Guidance
Tronox anticipates TiO2 volumes to continue to improve in the third quarter relative to the second quarter and for the zircon market to remain relatively stable as compared to the last several quarters.
Positive Outlook
- TiO2 volumes to continue to improve in the third quarter relative to the second quarter
- Zircon market to remain relatively stable as compared to the last several quarters
- Confident in ability to generate strong free cash flow for the year
- Available liquidity of over $1.1 billion is more than sufficient to fund the TTI acquisition and support our business
- Amendment of the Jazan TSA will allow Tronox to increase technical and managerial resources devoted to the project as it continues to advance towards sustainable operations late in 2021.
Challenges Ahead
- The timing of re-opening of economies across the globe remains uncertain and subject to week-by-week developments
- TiO2 sales volumes declined 19 percent, consistent with previously issued Q2 outlook
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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