US TiO2 producer Kronos forecasts strong Q3 performance

18 October 2010 13:12  [Source: ICIS news]

LONDON (ICIS)--Kronos Worldwide is expecting to post a near four-fold rise in third-quarter net income due to strong performance in the titanium dioxide (TiO2) industry, the US producer said on Monday.

Kronos said its net income would be $32.1m (€22.8m), or $0.66 per diluted share, compared with net income of $8.6m, or $0.17 per diluted share, in the same period of 2009.

Net sales for the quarter would also be up, by 21% year on year to $376.6m from $310.1m, it said in its preliminary results statement.

The company also forecast a substantial rise in operating profit to $57.0m from $21.1m in the same period of the previous year.

“These preliminary results for the third quarter of 2010 confirm the strong performance seen in the TiO2 industry throughout the period,” Kronos said.

The figures are subject to the completion of financial closing procedures and full third-quarter results would be released at a later date.

($1 = €0.71)

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By: Graeme Paterson
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