Kronos(KRO) - 2024 Q4 - Annual Results

Financial Performance - Kronos Worldwide reported a net loss of $13.2 million, or $0.12 per share, in Q4 2024, compared to a net loss of $5.3 million, or $0.05 per share, in Q4 2023[1]. - For the full year 2024, net income was $86.2 million, or $0.75 per share, compared to a net loss of $49.1 million, or $0.43 per share, in 2023[1]. - EBITDA for Q4 2024 was $41.7 million, up from $6.9 million in Q4 2023; full year EBITDA was $252.9 million compared to a loss of $7.2 million in 2023[3]. - EBITDA for the year ended December 31, 2024, was $252.9 million, a substantial recovery from a loss of $7.2 million in 2023[13]. Sales and Revenue - Net sales in Q4 2024 were $423.1 million, a 6% increase from $400.1 million in Q4 2023; full year net sales reached $1.9 billion, up 13% from $1.68 billion in 2023[1]. - Total net sales for the year ended December 31, 2024, reached $1,887.1 million, up 13% from $1,666.5 million in 2023[11]. - Currency exchange rate fluctuations positively impacted net sales by approximately $5 million for the full year 2024 compared to 2023[1]. TiO2 Segment Performance - TiO2 sales volumes increased by 4% in Q4 2024 and 20% for the full year compared to the same periods in 2023[1]. - The TiO2 segment profit for Q4 2024 was $33.1 million, compared to a segment loss of $1.3 million in Q4 2023; for the full year, segment profit was $141.0 million compared to a loss of $39.8 million in 2023[2]. - The company reported a gain on remeasurement of investment in TiO2 manufacturing joint venture of $64.5 million for the year ended December 31, 2024[11]. Production and Operational Efficiency - Production rates increased to 96% of practical capacity utilization in 2024, compared to 72% in 2023, significantly reducing unabsorbed fixed production costs from $96 million to $12 million[2]. - Gross margin improved significantly to $86.4 million in Q4 2024 from $55.6 million in Q4 2023, indicating a strong operational performance[11]. Pricing Trends - Average TiO2 selling prices were 2% higher in Q4 2024 but 5% lower for the full year compared to 2023[1]. - The company experienced a 2% increase in TiO2 product pricing in Q4 2024, while the annual pricing decreased by 5%[14]. Share Information - The weighted average shares used in the calculation of net income per share remained stable at approximately 115 million shares for both Q4 2023 and Q4 2024[11].