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.
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.
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