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 story : Tronox stock extends selloff after earnings warning on soft titanium demand #FinanceUSA #StockMarketNEWS Shares of Tronox Holdings PLC slumped 2.6% in premarket trading Monday toward a seventh-straight

@stockMarketNEWS Mon 26 Sep, 2022

Posted in: #FinanceUSA #StockMarketNEWS

Tronox stock extends selloff after earnings warning on soft titanium demand #FinanceUSA #StockMarketNEWS
Shares of Tronox Holdings PLC slumped 2.6% in premarket trading Monday toward a seventh-straight loss, after the maker of titanium products warned about a third-quarter earnings shortfall, citing "softer than anticipated" titanium dioxide (TiO2) sales. The company said it now expects adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) of 0 million to 5 million, below previous guidance of 5 million to 5 million. "While orders in North America and Latin America have remained relatively in line with expectations, demand in Europe, Middle East, Africa and Asia Pacific is significantly softer than anticipated in the two months since our second quarter earnings call due to the challenging macroeconomic conditions within those regions," said co-Chief Executive John Romano. "Additionally, natural gas prices have continued to rise throughout Europe, resulting in increased energy costs at our plant in the UK and energy surcharges on process chemicals at our European sites." The company is scheduled to report third-quarter results on Oct. 26. The stock has tumbled 16.3% over the past six sessions to close Friday at the lowest price since November 2020. It has plunged 31.7% over the past three months, while the S&P 500 has lost 5.6%.


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