Tronox’s operating profit doubles in Q1 to $45m

03 May 2006 18:42  [Source: ICIS news]

HOUSTON (ICIS news)--Tronox said on Wednesday its first-quarter operating profit was $45.0m (Euro35.6m), nearly double the $22.8m profit a year earlier.

Sales were $336.2m, up $2m from the same quarter a year earlier. Net profits were $20.6m, up from $4m in the first period of 2005.

JP Morgan said the earnings were lower than it expected. It said titanium dioxide sales were essentially flat while the analyst expected 9% growth, including 5% volume improvement and 4% better prices.

Tronox’s first-quarter results included $12.9m after-tax income ($20.5m pre-tax) as a result of the settlement of its lawsuit against the US for contribution to the costs of perchlorate remediation at the company's Henderson, Nevada site.

Oklahoma City, Oklahoma-based Tronox said improved uptime at three of the company's five plants resulted in a 3% production increase. Tronox became an independent company following the completion of its separation from Kerr-McGee on 30 March.

Thomas Adams, Tronox chairman and chief executive, said the North American spring and summer coatings season should be strong. He said the company expects higher energy and process chemical costs in the second quarter but they should ease in the second half.

By: Patrick Crow
+1 713 525 2653

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly