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Sep 30, 2022
Kronos Q3 2022 Earnings Report
Kronos Worldwide's net income decreased due to lower income from operations, which was impacted by higher production costs, lower sales volumes, and higher average TiO2 selling prices.
Key Takeaways
Kronos Worldwide reported a decrease in net income for the third quarter of 2022 compared to the same period in 2021, primarily due to lower income from operations. This was a result of higher production costs, lower sales volumes, and higher average TiO2 selling prices. Net sales also decreased due to lower sales volumes in European, export, and North American markets, despite higher average TiO2 selling prices.
Net income was $21.0 million, or $0.18 per share, compared to $36.0 million, or $0.31 per share, in Q3 2021.
Net sales were $459.6 million, a decrease of 8% compared to Q3 2021.
TiO2 sales volumes decreased by 20% compared to Q3 2021.
Average TiO2 selling prices increased by 21% compared to Q3 2021.
Kronos
Kronos
Forward Guidance
This release contains forward-looking statements based on management's beliefs and assumptions, which involve risks and uncertainties that could cause actual results to differ materially. The company disclaims any obligation to update these statements.
Challenges Ahead
- Future supply and demand for our products
- The extent of the dependence of certain of our businesses on certain market sectors
- The cyclicality of our business
- Customer and producer inventory levels
- Unexpected or earlier-than-expected industry capacity expansion