Tronox Reports First Quarter 2020 Financial Results

STAMFORD, Conn., May 6, 2020

First Quarter 2020 Financial Highlights: 

• Revenue of $722 million
• Income from operations of $79 million; Net income of $40 million
• Adjusted EBITDA of $174 million; Adjusted EBITDA margin of 24 percent (Non-GAAP)
• Total acquisition synergies of $45 million, with $38 million reflected within EBITDA (Non-GAAP) and $7 million within taxes and other synergies
• GAAP diluted EPS of $0.22; Adjusted diluted EPS of $0.29 (Non-GAAP)
• TiO₂ sales volumes up 7 percent and selling prices level sequentially
• Zircon sales volumes remained level sequentially, offset by 8 percent lower selling prices which were partially influenced by a continued shift to standard grade from premium grade
• All sites remain operational and have been designated as essential given the applications of TiO₂, Zircon, and other co-products in critical products

Strong Financial Position and Cash Flow:

• Over $1 billion of available liquidity following our recent debt offering, including over $700 million in pro forma cash and cash equivalents as of March 31, 2020⁽¹⁾
• No near-term maturities on our term loan or notes until 2024
• Reducing expected full year 2020 capital expenditures by at least $50 million to $225 million and working capital to $40-50 million from $75-100 million

Tronox Holdings plc (NYSE:TROX) ("Tronox" or the "Company"), the world's leading integrated manufacturer of titanium dioxide pigment, today reported its financial results for the quarter ending March 31, 2020, as follows:

Summary of Financial Results for the Quarter Ending March 31, 2020