Second Quarter 2013 Highlights:
- Revenue of $525 million, up 12 percent versus $470 million in first quarter 2013
- Adjusted EBITDA of $101 million, up 38 percent versus $73 million in first quarter 2013
- Adjusted EBITDA margin of 19 percent improves from 15 percent in first quarter 2013
- Mineral Sands segment revenue of $312 million and adjusted EBITDA of $129 million
- Pigment segment revenue of $304 million and adjusted EBITDA of ($26) million
- Pigment revenue up 6 percent versus first quarter 2013, driven by 7 percent volume increase to reach highest level since third quarter 2011; selling prices declined 1 percent
- Board declared regular quarterly dividend of $0.25 per share payable on September 4, 2013 to shareholders of record of company's Class A and Class B ordinary shares at close of business on August 19, 2013
Tom Casey, chairman and CEO of Tronox, said: "Our second quarter financial results reflect continued growth in pigment and zircon sales volumes, as well as the increasingly apparent benefits of our vertical integration. Our Pigment segment delivered its third consecutive quarter of sequential volume increase and second consecutive quarter of revenue increase while selling prices are showing signs of stabilizing.
The average cost of feedstock in Pigment continued to decline relative to prior quarters and our finished pigment inventory is approaching near normal levels. In Mineral Sands, we saw our third consecutive quarter of robust sequential zircon volume and revenue gains while selling prices improved. Our vertical integration continues on plan with 80 percent of Mineral Sands' second quarter feedstock revenue derived from intercompany sales, up from 70 percent in the first quarter 2013."
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