Kronos Worldwide Reports Strong Third Quarter 2024 Results

Dallas, Texas – Kronos Worldwide, Inc. (NYSE: KRO) recently disclosed its financial performance for the third quarter of 2024, showcasing significant improvement over the previous year. The company reported a net income of $71.8 million, equivalent to $0.62 per share, in the third quarter of 2024, a drastic upturn from a net loss of $20.4 million, or $0.18 per share, in the same period in 2023. For the first nine months of 2024, Kronos Worldwide recorded net income of $99.4 million, or $0.86 per share, compared to a net loss of $43.8 million, or $0.38 per share, in the corresponding period of 2023.

This notable increase in net income for the third quarter and the first nine months of 2024 was primarily attributed to enhanced income from operations resulting from higher sales and production volumes. The company also experienced lower production costs, particularly regarding energy and raw materials. However, the rise in net income was partially offset by decreased average TiO2 selling prices and the impact of currency exchange rate fluctuations.

Additionally, Kronos Worldwide highlighted that the acquisition of the 50% joint venture interest in Louisiana Pigment Company, L.P. significantly impacted its financial results. The acquisition has led to a non-cash gain of $64.5 million, thereby positively affecting the company’s overall performance.

In terms of sales, the company revealed a notable growth trajectory, with net sales reaching $484.7 million in the third quarter of 2024, representing a 22% increase from the same period in 2023. The first nine months of 2024 also saw a substantial rise in net sales, reaching $1.5 billion, a 16% increase from the first nine months of 2023. These improvements were fueled by higher sales volumes driven by increased demand for TiO2 in major markets, although average TiO2 selling prices experienced a slight decrease.

Kronos Worldwide’s TiO2 segment profit saw a significant turnaround, reporting a profit of $43.4 million in the third quarter of 2024 compared to a segment loss of $21.4 million in the same period in 2023. The company’s segment profit for the first nine months of 2024 surged to $107.9 million from a segment loss of $38.5 million in the corresponding period of 2023. This improvement was primarily due to increased income from operations, higher production volumes, and cost efficiencies.

The company provided a detailed breakdown of various financial elements, including segment profit and EBITDA, demonstrating a strong performance across key metrics. Kronos Worldwide remains optimistic about its future outlook, citing improved market conditions and strategic initiatives supporting its growth trajectory.

Investors interested in further details regarding Kronos Worldwide’s financial performance can access the complete report on the company’s official website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Kronos Worldwide’s 8K filing here.

Kronos Worldwide Company Profile

Kronos Worldwide, Inc produces and markets titanium dioxide pigments (TiO2) in Europe, North America, the Asia Pacific, and internationally. The company produces TiO2 in two crystalline forms, rutile and anatase to impart whiteness, brightness, opacity, and durability for various products, including paints, coatings, plastics, paper, fibers, and ceramics, as well as for various specialty products, such as inks, foods, and cosmetics.