18 October 2000 15:48 [Source: ICIS news]
HOUSTON (CNI)--Third quarter profits at NL Industries jumped 77% with the company Wednesday citing the impact from higher average selling prices and higher production volume for titanium dioxide (TiO2).
For the quarter ended 30 September, the Houston-based TiO2 producer posted net income of $30.2m (Euro35.5m) on flat sales of $243.7m with earnings/share (eps) of 60 cent. Those results compare with profits of $17.1m and eps of 33 cent for the same period last year.
But NL also said its third quarter operating income of $57.6m at the Kronos TiO2 unit showed a decline from the $62.7m posted for the second quarter of this year.
NL said Kronos' selling prices rose in all major regions over last year's third quarter with the greatest improvement in European and other export markets. NL said prices remained flat in North America compared with the second quarter.
Looking ahead, J Landis Martin, NL's president and chief executive, said he expects TiO2 prices to continue to rise into the fourth quarter but he also anticipates TiO2 demand to fall moderately below that of the fourth quarter in 1999.
He said: "For the remainder of the year we intend to operate our plants near full capacity to meet anticipated customer demand."
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