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Mar 31, 2024
Kronos Q1 2024 Earnings Report
Kronos Worldwide's net income increased due to higher income from operations, driven by increased sales and production volumes, lower production costs, and lower average TiO2 selling prices.
Key Takeaways
Kronos Worldwide reported a net income of $8.1 million, or $0.07 per share, for the first quarter of 2024, compared to a net loss of $15.2 million, or $0.13 per share, for the first quarter of 2023. Net sales for the first quarter of 2024 were $478.8 million, an increase of 12% compared to the first quarter of 2023.
Net income increased due to higher income from operations.
Net sales increased by 12% due to higher sales volumes.
TiO2 sales volumes increased by 28%.
Production rates increased to 87% of practical capacity utilization.
Kronos
Kronos
Forward Guidance
The statements relating to matters that are not historical facts are forward-looking statements that represent management's beliefs and assumptions based on currently available information.
Positive Outlook
- Future supply and demand for our products
- Our ability to realize expected cost savings from strategic and operational initiatives
- The extent of the dependence of certain of our businesses on certain market sectors
- The cyclicality of our business
- Customer and producer inventory levels
Challenges Ahead
- Unexpected or earlier-than-expected industry capacity expansion
- Changes in raw material and other operating costs (such as energy and ore costs)
- Changes in the availability of raw materials (such as ore)
- General global economic and political conditions that harm the worldwide economy, disrupt our supply chain, increase material and energy costs or reduce demand or perceived demand for our TiO2 products or impair our ability to operate our facilities (including changes in the level of gross domestic product in various regions of the world, natural disasters, terrorist acts, global conflicts and public health crises)
- Operating interruptions (including, but not limited to, labor disputes, leaks, natural disasters, fires, explosions, unscheduled or unplanned downtime, transportation interruptions, certain regional and world events or economic conditions and public health crises)