Tronox Limited (NYSE:TROX) Q1 2020 Earnings Conference Call - Final Transcript

May 07, 2020 • 08:30 am ET

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Tronox Limited (NYSE:TROX) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Tronox Holdings PLC First Quarter Earnings Call. [Operator instructions] After the speakers' presentation, there will be a question-and-answer session. [Operator instructions]

I would now like to hand the conference over to your speaker today, Jennifer Guenther. Please go ahead.

Executive
Jennifer Guenther

Thank you and welcome to our first quarter 2020 conference call and webcast. On our call today are Jeff Quinn, Chairman and Chief Executive Officer; Jean-Francois Turgeon, Chief Operating Officer; John Romano, Chief Commercial and Strategy Officer; and Tim Carlson, Chief Financial Officer. We will be using slides as we move through today's call. Those of you listening by Internet broadcast through our website should already have them. For those listening by telephone, if you haven't done so already, you can access them on our website at tronox.com.

Moving to Slide 2, a 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 by not limited to, the specific factors summarized in our SEC filings. This information represents our best judgment based on today's information. 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-US GAAP financial terms that we will use in the management of our business and believe are useful to investors in evaluating the company's performance. Reconciliations to their nearest US GAAP terms are provided in our earnings release and in the appendix of the accompanying presentation. As you saw in our earnings release, we provided our results on both a reported basis and a pro forma basis to assist in our discussion of first quarter 2020 performance compared to the first quarter of 2019 performance.

Our primary focus on this call will be on the comparison of pro forma results to enhance your understanding of the underlying trends in our business performance and our markets. In the appendix of our earnings release and the accompanying presentation are a statement of operations and adjusted EPS and adjusted EBITDA reconciliations, including on a pro forma basis for the first quarter of 2019.

Moving to Slide 3, it is now my pleasure to turn the call over to Jeff Quinn. Jeff?

Executive
Jeffry N. Quinn

Thank you, Jennifer and good afternoon to everyone, and thank you for joining us today. I hope everyone remains healthy and safe. At this point, our strong first quarter earnings may be a bit of old news with the issuance of our guidance late in the quarter and our prerelease in mid-April. But turning to Slide 3, I do want to walk you through the highlights of the quarter before reviewing our response to the ongoing COVID-19 pandemic and our current perspective on the markets. Our first quarter revenue was consistent with our preliminary results, while adjusted EBITDA and adjusted EPS actually came