Tronox Reports Fourth Quarter and Full Year 2024 Financial Results: A Tale of Resilience and Recovery

As the calendar turned to 2025, Tronox Holdings plc (NYSE: TROX) took a moment to reflect on its financial performance for the fourth quarter and full year of 2024. The global leader in integrated titanium dioxide pigment manufacturing has weathered the storms of the past year, demonstrating remarkable resilience and a commitment to recovery. Let's dive into the key highlights and trends that shaped Tronox's financial journey in 2024.



Fourth Quarter 2024: A Story of Recovery

Tronox reported revenue of $686 million for the fourth quarter of 2024, a 6% increase compared to the prior year. This growth was driven by a 38% increase in other products, including additional sales of pig iron, opportunistic sales of ilmenite, and a portion of a rare earths tailings deposit in South Africa. Despite the challenges faced in the quarter, Tronox delivered an Adjusted EBITDA of $94 million, an Adjusted EBITDA margin of 13.7%, and Free Cash Flow of $51 million.



Full Year 2024: Navigating Market Challenges

For the full year 2024, Tronox's total revenue was $2,850 million, a decrease of 18% compared to 2023. This decline can be attributed to lower market demand and the company's strategic decision to run at lower utilization rates to manage inventories and free cash flow. Despite these challenges, Tronox generated an Adjusted EBITDA of $524 million, an Adjusted EBITDA margin of 18.4%, and Free Cash Flow of $51 million.



Looking Ahead: A Bright Outlook for 2025

As Tronox looks ahead to 2025, it expects TiO2 volumes to increase by 12-16% and zircon volumes to increase by 15-30% compared to the fourth quarter of 2024. The company anticipates TiO2 pricing to remain relatively flat compared to the prior quarter. Tronox is also addressing operational challenges and positioning itself for a market recovery, setting the stage for a step change in its earnings power after working through the remaining higher cost inventory on the balance sheet.



In conclusion, Tronox's financial performance in 2024 reflects a story of resilience and recovery, as the company navigated market challenges and positioned itself for growth in 2025. With a strong outlook for increased volumes and stable pricing, Tronox is well-positioned to capitalize on the market recovery and deliver value to its shareholders. As we move forward into 2025, Tronox's commitment to debt reduction, operational excellence, and strategic investments will continue to drive its success in the global titanium dioxide pigment market.