Tronox backs FY25 revenue view $3B-$3.4B, consensus $3.17B

Tronox (TROX) is maintaining its previous guidance for 2025. While volatility and uncertainty have increased, the Company has not seen significant enough impacts to its business to adjust its outlook. For the full year 2025, the Company is expecting revenue to be $3.0-3.4 billion driven by improving TiO2 and zircon volumes, partially offset by lower sales from other products. Adjusted EBITDA is expected to be $525-625 million, due to improved pigment production costs, partially offset by higher mining production costs. The Company expects the second half of 2025 to be stronger than the first, building on the momentum from the anti-dumping measures being realized in Europe and the additional benefits expected in India and Brazil if anti-dumping measures are finalized. The Company reduced its expected capital expenditures to be less than $365 million. Free cash flow is expected to be greater than $50 million. The Company identified $125-175 million of sustainable, run-rate cost improvements deliverable by the end of 2026. The Company expects the majority of these savings to be realized in 2026.