Tronox Holdings plc (NYSE:TROX) Q2 2024 Earnings Conference Call August 2, 2024 10:00 AM ET

Company Participants

Jennifer Guenther - Investor Relations
John Romano - Chief Executive Officer
John Srivisal - Senior Vice President and Chief Financial Officer

Conference Call Participants

John McNulty - BMO Capital Markets
Frank Mitsch - Fermium Research
David Begleiter - Deutsche Bank
James Cannon - UBS
Mike Leithead - Barclays
John Roberts - Mizuho
Turner Hinrichs - Morgan Stanley
Hassan Ahmed - Alembic Global

Operator

Good morning, ladies and gentlemen, and welcome to the Tronox Holdings' Second Quarter 2024 Earnings Conference Call. [Operator Instructions] This call is being recorded on Friday, August 2nd, 2024. I would like to turn the conference over to Jennifer Guenther. Please go ahead.

Jennifer Guenther

Thank you, and welcome to our second quarter 2024 conference call and webcast. Turning to Slide 2, on our call today are John Romano, Chief Executive Officer, and John Srivisal, Senior Vice President, Chief Financial Officer. We will be using slides as we move through today's call. You can access the presentation on our website at investor.tronox.com.

Moving to Slide 3, a friendly reminder that comments made on this call and the information provided in our presentation and on our website include certain statements that are forward-looking and subject to various risks and uncertainties including but not limited to the specific factors summarized in our SEC filing. This information represents our best judgment based on what we know today. However, actual results may vary based on these risks and uncertainties. The company undertakes no obligation to update or revise any forward-looking statements.

During the conference call we will refer to certain non-U.S. GAAP financial terms that we use in the management of our business and believe are useful to investors in evaluating the company's performance. Reconciliations to their nearest U.S. GAAP terms are provided in our earnings release and in the appendix of the accompanying presentation. Additionally, please note that all financial comparisons made during the call are on a year-over-year basis unless otherwise noted. It is now my pleasure to turn the call over to John Romano. John?

John Romano

Thanks Jennifer, and good morning, everyone. We will begin this morning on slide 5 with some key messages from the quarter. We delivered the second quarter performance within our previously guided ranges. TiO₂ volumes improved sequentially 8% over a strong Q1 performance, and this represented a 16% increase over the prior year as volumes continue to recover from the low levels realized in 2023. This sequential growth reflects an increase in demand that is consistent with our seasonal trends. Zircon demand was relatively stable compared to the first quarter, which factored into a shipment at the end of the quarter that rolled into Q3. Our pricing for both TiO₂ and Zircon increased sequentially, but we're both partially offset by unfavorable mix.