US Kronos Q3 income falls 56% on lower sales

Source: ICIS News

2018/11/08

HOUSTON (ICIS)--Kronos Worldwide’s Q3 net income slumped by 56% year on year, mostly because of weaker sales.

The following table summarises Kronos’ Q3 performance. Figures are in millions of dollars.

Q3 2018 Q3 2017 Change (%)
Net income                                      32.6                                      73.8 -55.8
Net sales                                    410.3                                    464.5 -11.7
Cost of sales                                    291.2                                    309.5 -5.9
Gross margins                                    119.1                                    155.0 -23.2

Kronos’ Q3 income from operations fell to $58.1m from $96.1m during the same last year on lower sales and production volumes, as well as higher raw material and other production costs.

These factors more than offset the favourable impact of higher average selling prices, Kronos said.

The following table details Kronos’ titanium dioxide (TiO2) segment. Profits are in millions of dollars, and volumes are in thousands of tonnes.

Q3 2018 Q3 2017 Change (%)
Segment profit 61.7 99.5 -38.0
Sales volumes 123 150 -18.0
Production volumes 131 141 -7.1

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