Shares of U.K. based speciality chemical maker Tronox Holdings (NYSE: TROX) rose as much as 15% in the first two hours of trading on Jan. 19. The driving force behind the move was a mixture of good, bad, and good news. Here are the highlights.
On Jan. 18, while the U.S. markets were closed for a holiday, Tronox reported preliminary results for the fourth quarter. Going into the quarter, management expected to see good numbers, but they turned out to be even better than originally hoped. It preannounced revenue of $783 million and adjusted EBITDA of roughly $200 million, materially above the guidance range of $155 to $170 million. That's the good news.
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Why Tronox Holdings Stock Jumped 10% Today