Tronox's third quarter results showed sequential growth driven by improved market conditions. TiO2 volumes increased 16 percent quarter over quarter, while pricing remained level. The company delivered Adjusted EBITDA of $148 million and an Adjusted EBITDA margin of 22 percent.
Revenue of $675 million increased 17 percent sequentially on improved market demand
Net income of $902 million primarily due to the reversal of a portion of U.S. valuation allowance relating to net operating loss carryforwards resulting in a non-cash benefit of $895 million
Adjusted EBITDA of $148 million with Adjusted EBITDA margin of 22 percent
Total year-to-date acquisition synergies of $183 million, raising total synergy target for FY 2020 to $235 million
Tronox anticipates a favorable deviation from normal fourth quarter seasonality, resulting in strong fourth quarter TiO2 sales volumes at or above third quarter 2020 and fourth quarter 2019 levels. Adjusted EBITDA in the fourth quarter is expected to be in the range of $155 to $170 million with an Adjusted EBITDA margin improvement back to first half 2020 levels.
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