Tronox Incorporated Reports Record First Quarter Results
www.cnchemicals.com Time：2013-05-14 Sources of information：www.cnchemicals.com
Tronox Incorporated, one of the world＇s leading producers and marketers of titanium dioxide pigment, achieved Adjusted EBITDA in the first quarter of $151.4 million, excluding transaction-related costs and other non-recurring costs. The record number marked a 64% increase from $92.4 million in the prior year＇s first quarter; and a 9% increase from $138.7 million in the fourth quarter of 2011.
Gains in the first quarter of 2012 in part reflect strong sales in the North American market and a deceleration in "destocking," the process by which manufacturers and other end users pare down their inventories. Gradually improving volume combined with higher prices boosted first-quarter revenue by 13% quarter-over-quarter to $433.6 million, which also represents a 16% year-over-year improvement from $374.7 million in the first quarter 2011.
As a result, gross margin increased to a record 36.3% for the period. Net income for the first quarter was $86.3 million.
"Our results reflect excellent performance in a TiO2 market that had not yet fully recovered," said Tom Casey, chairman and CEO of Tronox. "Even in the face of widespread destocking and headwinds in Europe and China that subsided more slowly than we expected, Tronox has been able to maintain increased pricing for our products and produce another quarter of record results."
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