Kronos(US:KRO)2024-11-06 21:28Financial Performance - Net income for Q3 2024 was $71.8 million, or $0.62 per share, compared to a net loss of $20.4 million, or $0.18 per share, in Q3 2023[1] - Net sales in Q3 2024 were $484.7 million, an increase of $87.8 million, or 22%, compared to Q3 2023; for the first nine months of 2024, net sales reached $1.5 billion, up $197.6 million, or 16%[2] - EBITDA for Q3 2024 was $123.3 million, compared to an EBITDA loss of $12.7 million in Q3 2023; for the first nine months of 2024, EBITDA was $211.2 million compared to a loss of $14.1 million in the same period of 2023[5] - Net sales for the three months ended September 30, 2024, were $484.7 million, a 22% increase compared to $396.9 million in the same period of 2023[15] - Net income for the three months ended September 30, 2024, was $71.8 million, compared to a net loss of $20.4 million in the same period of 2023[11] - EBITDA for the nine months ended September 30, 2024, was $211.2 million, up from a loss of $14.1 million in the same period of 2023[14] - The net income per diluted share for the three months ended September 30, 2024, was $0.62, compared to a loss of $0.18 per share in the same period of 2023[11] Sales and Production - TiO2 sales volumes increased by 21% in Q3 2024 and 26% in the first nine months of 2024 compared to the same periods in 2023[2] - TiO2 sales volumes increased by 21% for the three months ended September 30, 2024, compared to the same period in 2023[15] - Production rates increased to 93% of practical capacity utilization in the first nine months of 2024, compared to 71% in the same period of 2023[4] Segment Performance - TiO2 segment profit for Q3 2024 was $43.4 million, a significant improvement from a segment loss of $21.4 million in Q3 2023; for the first nine months of 2024, segment profit was $107.9 million compared to a loss of $38.5 million in the same period of 2023[3] - The company reported a segment profit of $43.4 million for the three months ended September 30, 2024, compared to a loss of $21.4 million in the same period of 2023[13] Costs and Expenses - Unabsorbed fixed production costs in the first nine months of 2024 were $12 million, significantly lower than $74 million in the same period of 2023[4] - The cost of sales for the nine months ended September 30, 2024, was $1,191.1 million, compared to $1,157.1 million for the same period in 2023[11] Other Factors - The acquisition of the 50% joint venture interest in Louisiana Pigment Company resulted in a non-cash gain of $64.5 million recognized in Q3 2024[1] - Currency exchange rate fluctuations increased net sales by approximately $5 million in the first nine months of 2024 compared to the same period in 2023[2] - The company completed the closure of its sulfate process line in Canada, incurring non-cash charges of approximately $4 million in Q3 2024 related to accelerated depreciation[4] - The company experienced a 1% decrease in TiO2 product pricing for the three months ended September 30, 2024, compared to the same period in 2023[15]