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TRONOXX Tronox Reports First Quarter 2021 Financial Results Achieved Record TiO2 and Zircon Sales Volumes Driven by Robust Market Strength Adjusted EBITDA Ahead of Management's Guidance Due to Stronger Zircon Sales Volumes and Higher TiO2 Pricing Than Expected STAMFORD , Conn . , Apr. 28 , 2021 / PRNewswire / -- • • • • • • • First Quarter 2021 Financial Highlights : Record revenue of $ 891 million increased 14 percent sequentially , driven primarily by double - digit growth in both TiO2 and zircon volumes and 3 percent higher TiO2 average selling prices Income from operations of $ 125 million ; Net income of $ 26 million GAAP diluted income per share of $ 0.12 ; Adjusted diluted EPS of $ 0.43 ( Non - GAAP ) ; the difference is primarily due to costs associated with the Q1 debt refinancing transactions and the break fee associated with the TiZir Titanium and Iron ( " TTI " ) transaction Adjusted EBITDA of $ 225 million , ahead of guidance ; Adjusted EBITDA margin of 25 percent ( Non- GAAP ) ; sequential improvement driven by TiO2 and zircon sales volumes , and TiO2 selling prices , offset by unfavorable exchange rates and increased pigment costs , as projected TiO2 sales volumes increased 15 percent sequentially , at the top end of the guided range , driven by global demand strength led by growth in Europe and Asia Pacific ; TiO2 average selling prices increased 3 percent sequentially , with price increases implemented in all regions Zircon sales volumes increased 30 percent sequentially as a result of stronger than expected market growth , particularly in China , while selling prices remained level Feedstock and other products sales decreased 29 percent sequentially , primarily due to the conclusion in the fourth quarter of 2020 of the mandated chloride slag sales per the Federal Trade Commission ( " FTC " ) consent order relating to the Cristal acquisition Strong Financial Position and Cash Flow : • • $ 400 million debt repayments made by the end of April , $ 100 million higher than previously announced Tronox refinanced its term loan and issued new unsecured notes to fully refinance the existing unsecured notes both lowering coupons and extending maturities