What is Tronox Holdings's latest dividend and current dividend yield?

What were the key takeaways from Tronox Holdings’s earnings call?

Did Tronox Holdings beat or miss consensus estimates last quarter?

What is Tronox Holdings's gross profit margin?

What does Tronox Holdings do and what are its main business segments?

What factors drove the changes in Tronox Holdings's revenue and profit?

What is the revenue and EPS growth rate for Tronox Holdings year over year?

What were the key takeaways from Tronox Holdings's earnings call?

- **Revenue decline**: Q3 revenue down 13% YoY to $699M due to destocking and pricing pressures.
- **Cost savings acceleration**: $60+M annualized savings vs. prior $10M, with $125-175M target by 2026.
- **Antidumping duty impact**: Brazil/Saudi Arabia duties offset India stay, China exports to India down 80%.
- **Rare earth growth**: Monazite mining expansion with Lion Rock, potential refining partnerships.
- **Free cash flow turnaround**: Q4 free cash flow positive after $25-30M benefits, 2026 free cash flow positive.

**【CEO Summary Section】**
- Q3 revenue decreased 13% YoY to $699 million due to lower TiO2 and zircon volumes, pricing pressures, and destocking in key markets. 
- Implemented $60+ million annualized cost savings under the Sustainable Cost Improvement Program, targeting $125-175 million by end-2026.
- Idled Fuzhou pigment plant and West mine to preserve cash, with Q4 free cash flow expected to turn positive.
- Antidumping duty reinstatement in India likely by year-end, supporting 3-5% Q4 TiO2 volume growth vs. Q3.
- Advanced rare earth strategy with 5% equity stake in Lion Rock Minerals for monazite processing.

**【CFO Financial Commentary】**
- Adjusted EBITDA of $74 million (-48% YoY) due to lower pricing, volumes, and production costs.
- Free cash flow use of $137 million in Q3, with Q4 expected to be positive after $25-30 million cash benefits from operational actions.
- Raised $400 million senior secured notes to bolster liquidity, ending Q3 with $664 million in liquidity.
- Capital expenditures reduced to $80 million in Q3 (vs. $130 million prior guidance), with 2026 CapEx < $275 million.
- Dividend cut 60% to $0.05/share, targeting mid-term net leverage <3x.

**【Q&A Key Highlights】**
- **Antidumping Duties**: Brazil and Saudi Arabia duties > offset India stay, with India reinstatement expected Q4. China exports to India fell 80% post-duties.
- **Rare Earths**: Monazite mining in Australia/South Africa with potential refining partnerships. Feasibility study underway for chemical conversion.
- **Cash Flow**: Q4 free cash flow +$25-30M from idling, with 2026 free cash flow positive. No risk of revolver covenant breach.
- **Competitive Dynamics**: Venator liquidation caused 10-15% TiO2 price decline, but destocking nears completion. Zircon pricing pressured by Chinese competition.
- **Capacity Rationalization**: 1.1M tons TiO2 capacity offline since 2023, with >50% permanent closures. China's 20 subscale plants (700k tpa) vulnerable to idling.

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