Tronox Releases Selected Preliminary First Quarter 2024 Financial Results
Revenue Above Expectations; Adjusted EBITDA to Exceed Previously Issued Guidance
For Q1 2024,
Chief Executive Officer
First Quarter 2024 Preliminary Results
Revenue from TiO2 is expected to be
Zircon revenue is expected to be
Revenue from other products is expected to be
The selected preliminary unaudited financial results for the quarter ending
Note: Refer to the tables at the end of this press release for a reconciliation of Adjusted EBITDA to net income. Investors are cautioned that net income is not finalized and is subject to change, primarily due to the finalization of the income tax provision which would not impact Adjusted EBITDA. For this reason, earnings per share and adjusted earnings per share are not available at this time.
Webcast Conference Call
Internet Broadcast:
investor.tronox.com
Dial-in Telephone Numbers:
US Toll Free: +1 (800) 549-8228
International: +44 80 0279 7040
Conference ID: 98071
Conference Call Presentation Slides will be used during the conference call and will be available on our website: investor.tronox.com
Conference Call Replay: Available via the internet and telephone beginning on
Internet Replay:investor.tronox.com
US Toll Free: +1 (888) 660-6264
International: +44 20 8609 4320
Replay Access Code: 98071 #
About
Cautionary Statement about Forward-Looking Statements
Statements in this release that are not historical are forward-looking statements within the meaning of the
Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, synergies or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Unless otherwise required by applicable laws, we undertake no obligation to update or revise any forward-looking statements, whether because of new information or future developments.
Use of Non-GAAP Information
To provide investors and others with additional information regarding the financial results of
Media Contact:
+1.636.751.4057
Investor Contact:
+1.646.960.6598
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RECONCILIATION OF NET (LOSS) INCOME TO EBITDA AND ADJUSTED EBITDA, AND ADJUSTED |
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(UNAUDITED) |
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(Millions of |
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|
|
|
|
|
Three Months Ended |
|
|
|
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Net (loss) income ( |
$ (9) |
Interest expense |
42 |
Interest income |
(4) |
Income tax provision (benefit) |
11 |
Depreciation, depletion and amortization expense |
72 |
EBITDA (non- |
112 |
Share-based compensation (a) |
6 |
Accretion expense and other adjustments to asset retirement and |
7 |
Accounts receivable securitization program (c) |
3 |
Foreign currency remeasurement (d) |
(2) |
Other items (e) |
5 |
Adjusted EBITDA (non- |
$ 131 |
|
|
|
Three Months Ended |
|
|
Net sales |
$ 774 |
Net (loss) income ( |
$ (9) |
Net (loss) income ( |
(1.2) % |
Adjusted EBITDA (non- |
16.9 % |
|
|
(a) Represents non-cash share-based compensation. |
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(b) Primarily represents accretion expense and other noncash adjustments to asset retirement obligations and environmental liabilities. |
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(c) Primarily represents expenses associated with the Company's accounts receivable securitization program which is used as a source of liquidity in the Company's overall capital structure. |
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(d) Represents realized and unrealized gains and losses associated with foreign currency remeasurement related to third-party and intercompany receivables and liabilities denominated in a currency other than the functional currency of the entity holding them. |
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(e) Includes noncash pension and postretirement costs, asset retirement obligation remeasurements, asset write-offs, accretion expense and other items. |
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