Revenue during the quarter grew 19.54 percent to $569 million from $476 million in the previous year period. Gross margin for the quarter expanded 1141 basis points over the previous year period to 15.82 percent. Operating margin for the quarter period stood at positive 2.81 percent as compared to a negative 6.51 percent for the previous year period.

Operating income for the quarter was $16 million, compared with an operating loss of $31 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $101 million compared with $40 million in the prior year period. At the same time, adjusted EBITDA margin improved 935 basis points in the quarter to 17.75 percent from 8.40 percent in the last year period.

Tom Casey, chairman and chief executive officer of Tronox, said: “Our first quarter performance provided a very strong start to 2017 as our TiO2 and Alkali businesses combined to deliver $123 million of adjusted EBITDA and $132 million of free cash flow. Our TiO2 business exceeded the aggressive goals we set for first quarter performance with revenue growth of 33 percent and adjusted EBITDA growth of 286 percent compared to the year-ago quarter. Driving this strong performance in TiO2 were higher pigment selling prices, up 4 percent sequentially and 16 percent above prior year, higher sales volumes, including the highest single-month pigment sales volumes since June 2009 achieved in March, significantly higher titanium feedstock and zircon sales and continued cost savings from our Operational Excellence program. Alkali delivered adjusted EBITDA of $38 million and free cash flow of $41 million despite record severe winter weather conditions at our Wyoming production facility which impacted adjusted EBITDA by $4 million in the quarter. Our cash generation performance further strengthened our balance sheet, as we closed the quarter with $265 million of cash on hand and liquidity of $560 million.

Cash flow from investing activities was unchanged at negative $32 million for the quarter, when compared with the last year period.

The company has spent $12 million cash to carry out financing activities during the quarter as against cash outgo of $49 million in the last year period.

Cash and cash equivalents stood at $265 million as on Mar. 31, 2017, up 74.34 percent or $113 million from $152 million on Mar. 31, 2016.

Working capital increases
Tronox Limited has recorded an increase in the working capital over the last year. It stood at $735 million as at Mar. 31, 2017, up 8.57 percent or $58 million from $677 million on Mar. 31, 2016. Current ratio was at 2.44 as on Mar. 31, 2017, up from 2.36 on Mar. 31, 2016.

Cash conversion cycle (CCC) has decreased to 79 days for the quarter from 166 days for the last year period. Days sales outstanding went down to 65 days for the quarter compared with 72 days for the same period last year.

Days inventory outstanding has decreased to 48 days for the quarter compared with 125 days for the previous year period. At the same time, days payable outstanding went up to 34 days for the quarter from 31 for the same period last year.