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Sep 30, 2024
Kronos Q3 2024 Earnings Report
Kronos Worldwide reported a net income for Q3 2024, driven by increased sales and production volumes, and lower production costs, despite lower average selling prices.
Key Takeaways
Kronos Worldwide, Inc. reported a net income of $71.8 million, or $.62 per share, in the third quarter of 2024, a significant improvement compared to a net loss of $20.4 million, or $.18 per share, in the third quarter of 2023. The increase was primarily due to higher income from operations, resulting from increased sales and production volumes, and lower production costs, partially offset by lower average TiO2 selling prices. Net sales increased by 22% compared to the same period in 2023, driven by higher sales volumes due to strengthening demand for TiO2.
Net income was $71.8 million, or $.62 per share, compared to a net loss of $20.4 million, or $.18 per share, in Q3 2023.
Net sales increased by 22% to $484.7 million, driven by higher sales volumes.
TiO2 sales volumes were 21% higher compared to Q3 2023.
A non-cash gain of $64.5 million was recognized from the remeasurement of investment in LPC.
Forward Guidance
The statements in this release 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
- Our ability to integrate acquisitions, including LPC, into our operations and realize expected synergies and innovations
- The extent of the dependence of certain of our businesses on certain market sectors
- The cyclicality of our business
Challenges Ahead
- Customer and producer inventory levels
- 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)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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