US Kronos posts $29.9m Q3 loss on lower sales, corporate expenses

06 November 2013 23:16 Source:ICIS News

HOUSTON (ICIS)--US-based Kronos reported on Wednesday a net loss of $29.9m (€22.1m) for Q3 2013, compared with a net income of $35.2m during the same period last year, as a result of lower sales and higher corporate expenses.

The pigment producer cited lower average titanium dioxide (TiO2) prices and a litigation settlement charge in 2013, well as higher raw materials costs in the year-to-date period.

Kronos generated $419.1m in Q3 net sales, down 11% year on year from $472.9m.

The company said its average TiO2 selling prices decreased 18% in Q3 2013 compared with the same period last year. The segment's profit in the third quarter was $2.4m, a 94% drop year on year from $42.0m.

Meanwhile, Kronos incurred $39.3m in corporate expenses in the third quarter, compared with $3.5m during the same period last year.

This includes a pre-tax litigation settlement charge of $35m, the company said.

Kronos was among four companies involved in a TiO2 price-fixing lawsuit. Kronos reached a settlement in September.

($1 = €0.74)

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By Tracy Dang