Tronox (TROX) Misses Q3 EPS by 25c; offers outlook

Tronox (NYSE: TROX) reported Q3 EPS of ($0.46), $0.25 worse than the analyst estimate of ($0.21). Revenue for the quarter came in at $699 million versus the consensus estimate of $740.4 million.

Outlook
Tronox expects Q4 2025 revenue and Adjusted EBITDA to be relatively flat to Q3 2025. This is primarily driven by weaker than anticipated pricing on TiO2 and zircon (~2% and 6%, respectively), as a result of more aggressive competitive activity in the market including the aforementioned liquidation of inventory, partially offset by higher sequential volumes. Although lower than previously anticipated, the Q4 2025 guide assumes TiO2 volume growth of 3-5% and zircon volume growth of 15-20% compared to Q3 2025. Additionally, revenue from other products will be lower in the fourth quarter. Included in the revised Adjusted EBITDA outlook is an estimated headwind of approximately $11 million related to the temporary idling of one furnace at Namakwa, temporary idling of Fuzhou, reduced operating rates at Stallingborough and other cash-focused actions. As a result of the actions the Company is taking, Tronox expects to generate positive free cash flow in Q4 2025 and in 2026.

For earnings history and earnings-related data on Tronox (TROX) click here.

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