Shares of Tronox (TROX), a leading producer of titanium dioxide, plummeted 9.40% in trading on Wednesday following the release of its disappointing third-quarter 2025 financial results. The company's earnings fell significantly short of analyst expectations, reflecting ongoing challenges in the market.

Tronox reported an adjusted earnings per share (EPS) loss of $0.46, which was considerably worse than the expected loss of $0.14 per share. Revenue for the quarter came in at $699 million, missing the analyst consensus estimate of $768.8 million by a wide margin. The company's adjusted EBITDA also disappointed, reaching only $74 million compared to the expected $93.4 million, with an adjusted EBITDA margin of 10.6%.

CEO John Romano attributed the weak performance to "weaker than expected demand and aggressive inventory liquidation by competitors." These factors have significantly impacted Tronox's sales volumes and pricing power in the titanium dioxide market. Looking ahead, the company expects fourth-quarter revenue and adjusted EBITDA to remain relatively flat compared to the third quarter, suggesting that the challenging market conditions may persist in the near term. Despite these headwinds, Tronox remains focused on its cost improvement program, which aims to achieve $60 million in savings by the end of 2025, and anticipates positive free cash flow in Q4 2025 and throughout 2026.