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Dec 31, 2019
Tronox Q4 2019 Earnings Report
Tronox's adjusted EPS, free cash flow, and synergies exceeded guidance, driven by operating and commercial initiatives and margin benefits from vertical integration. The company increased its quarterly dividend by 56% and raised acquisition synergy targets.
Key Takeaways
Tronox reported Q4 2019 revenue of $693 million and income from operations of $44 million. GAAP diluted EPS was $0.00, with adjusted diluted EPS at $0.14. The company's performance was bolstered by strong execution on operating and commercial initiatives and margin benefits from vertical integration.
Revenue of $693 million
Income from operations of $44 million; Adjusted EBITDA of $156 million; Adjusted EBITDA margin of 23 percent
GAAP diluted EPS of $0.00; Adjusted diluted EPS of $0.14
Zircon continues to deliver strong profitability and margin enhancement despite softer market conditions as revenue up 4 percent versus third quarter 2019 driven by 7 percent sales volume increase partially offset by 3 percent lower selling prices
Revenue by Segment
Forward Guidance
Balancing global macro-economic uncertainty and near-term softness in zircon demand with the beginning of an uptick in the TiO2 sector and our confidence in our ability to deliver our increased synergy target, we are issuing the following outlook for 2020:
Positive Outlook
- Revenue of $3.0 – $3.3 billion
- Adjusted EBITDA of $700 – $800 million (Non-GAAP)
- Adjusted diluted EPS of $0.55 – $1.10 (Non-GAAP)
- Capex of $260 – $290 million
- Free Cash Flow over $200 million (Non-GAAP)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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