US Kronos Q3 earnings soar on 21% jump in sales

22 October 2010 23:51  [Source: ICIS news]

HOUSTON (ICIS)--US titanium dioxide (TiO2) producer Kronos reported on Friday a third-quarter net income of $32.1m (€23.1m), well above the $8.6m reported for the same time last year, as net sales rose 21%.

Prices for TiO2 reached record highs during the third quarter and they show no signs of falling.

Third-quarter net sales reached $376.6m, up from $310.1 for the same time last year, Kronos said.

The company attributed its higher sales to a 16% increase in TiO2 sales prices, the company said.

Third-quarter sales volumes reached 138,000 tonnes, up 11% from 124,000 tonnes reported for the same time last year.

Kronos said demand rose in all market segments, the result of a strengthening economy.

The increase in net sales more than offset a 12% rise in cost of sales.

Looking forward, Kronos said it expected fourth-quarter TiO2 prices to rise from the third quarter. In addition, demand will remain above levels in 2009, the company said.

As such, Kronos said it expected to continue running its plants near full capacity for the rest of the year.

($1 = €0.72)

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By: Al Greenwood
+1 713 525 2645

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