Tronox's Q4 revenue exceeded expectations, stock price soared

Investing.com – Tronox Holdings plc (NYSE:TROX) stock surged 8.3% in after-hours trading on Wednesday after the titanium dioxide manufacturer announced quarterly revenue that exceeded analyst expectations, despite recording a loss during the period.

The global leading integrated titanium dioxide pigment producer reported fourth-quarter revenue of $730 million, surpassing the market consensus of $684.28 million. The company posted an adjusted loss of $0.60 per share, better than the expected loss of $0.30 per share.

Revenue increased 8% year-over-year, driven by a 13% rise in titanium dioxide sales and a 27% surge in zircon sales, despite prices for both products declining by 8% and 23%, respectively. The company’s reported adjusted EBITDA was $57 million, with a profit margin of 7.8%.

CEO John D. Romano stated, “Titanium dioxide sales in the fourth quarter reached the highest level of the year. This significant trend highlights how anti-dumping tariffs in India, Europe, Brazil, and Saudi Arabia are positively impacting related markets and indicates a structural shift in global titanium dioxide trade flows.”

Looking ahead, Tronox expects first-quarter 2026 adjusted EBITDA to be between $55 million and $65 million, with titanium dioxide and zircon sales expected to remain consistent with Q4 2025 levels. The company anticipates titanium dioxide prices will improve in the first quarter of 2026, while zircon prices are expected to strengthen in the second quarter of 2026.

Tronox also reaffirmed its outlook for positive free cash flow in 2026, driven by improved prices and sales, reduced capital expenditures, and targeted working capital measures. As of the end of 2025, the company’s total debt stood at $3.2 billion, with available liquidity of $674 million.

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