The following is a summary of the Tronox Holdings Plc (TROX) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Tronox Holdings reported a Q3 2024 revenue of $804 million, representing a 21% increase compared to the previous year, driven by higher sales volumes across TiO2, zircon, and other products.

• The company experienced an adjusted EBITDA of $143 million, below the guided range of $145 million to $165 million, with a margin of approximately 18%.

• Net loss for the quarter was reported at $25 million, with an adjusted diluted loss per share of $0.13.

Business Progress:

• Tronox continued recovery from the 2023 trough, although demand recovery has slowed. Key operational highlights include achieving a targeted average pigment utilization rate of about 80% for Q3 2024.

• The company announced the refinancing of their existing term loan, extending the debt maturity profile and optimizing the capital structure.

• Heavy investment in mining side of the business, particularly with strategic growth projects, was noted as a significant part of the quarter's capital expenditure.

• Tronox is focusing heavily on maintaining operational efficiency and reliability to segue into lower production costs and improve earnings momentum into 2025.

Opportunities:

• Tronox has identified mid to long-term market demand improvements due to factors like US interest rate cuts, stimulus measures in China, and ongoing antidumping investigations affecting various regions including the EU, Brazil, India, and Saudi Arabia.

• The company sees further opportunities in sustaining their vertical integration advantage, which secures a cost benefit in feedstock.

Risks:

• There was mention of challenges related to global economic conditions affecting customer sentiment and market demand, notably leading to a slower than anticipated recovery in key markets.

• The ongoing antidumping investigations, while generally positive, could involve short-term market disruptions and require careful navigation to maintain competitive positioning.

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