Tronox reported a 6% increase in revenue to $686 million for the fourth quarter of 2023, driven by higher sales volumes of TiO2 and other products. However, the company experienced a net loss of $56 million, or $0.36 per diluted share, compared to a net loss of $15 million in the year-ago period. Adjusted EBITDA decreased by 17% to $94 million due to lower average selling prices and higher operating costs.
Revenue increased by 6% year-over-year to $686 million, driven by higher sales volumes.
Net loss attributable to Tronox was $56 million, or $0.36 per diluted share.
Adjusted EBITDA decreased by 17% to $94 million with a margin of 13.7%.
Free cash flow was $51 million, an improvement over the third quarter of 2023.
For the first quarter of 2024, Tronox expects TiO2 volumes to increase 12-16% and zircon volumes to increase 15-30% compared to the fourth quarter of 2023. TiO2 pricing is expected to remain relatively flat, with adjusted EBITDA between $100-120 million and adjusted EBITDA margins in the mid-teens.
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