NL Industries(NL) - 2024 Q4 - Annual Results

Financial Performance - NL Industries reported a net income of $16.5 million, or $0.34 per share, in Q4 2024, compared to $7.6 million, or $0.16 per share, in Q4 2023[2] - For the full year 2024, NL Industries achieved a net income of $67.2 million, or $1.38 per share, compared to a net loss of $2.3 million, or $0.05 per share, in 2023[2] - Kronos' net sales for Q4 2024 were $423.1 million, a 6% increase from $400.1 million in Q4 2023[6] - Kronos' full year net sales reached $1.9 billion, up 13% from $1.68 billion in 2023[6] - Kronos' income from operations in Q4 2024 was $28.6 million, compared to a loss of $5.7 million in Q4 2023[9] - For the full year 2024, Kronos reported an income from operations of $122.9 million, reversing a loss of $56.0 million in 2023[9] Sales and Production - Kronos' TiO2 sales volumes increased by 4% in Q4 2024 and 20% for the full year compared to 2023[6] - Kronos' production rates increased to 96% of practical capacity utilization in 2024, compared to 72% in 2023[9] - Kronos completed the acquisition of the 50% joint venture interest in Louisiana Pigment Company, making it a wholly-owned subsidiary, which contributed to its financial results starting July 16, 2024[5] Comparative Analysis - Net sales for the three months ended December 31, 2023, increased to $43.2 million, up 12.5% from $38.4 million in the same period of 2024[22] - Gross margin improved to $13.6 million for the three months ended December 31, 2023, compared to $11.0 million in 2024, reflecting a gross margin percentage increase[22] - Income from operations for the year ended December 31, 2023, was $14.1 million, a significant increase from $37.9 million in 2024[22] - Net income attributable to NL stockholders for the three months ended December 31, 2023, was $7.6 million, compared to $16.5 million in 2024, indicating a decrease[22] - The CompX segment reported a profit of $7.4 million for the three months ended December 31, 2023, compared to $4.9 million in 2024[24] - Kronos' net sales for the year ended December 31, 2024, increased by 13%, driven by a 20% increase in sales volume of TiO2[26] - The company experienced a 6% increase in net sales for the three months ended December 31, 2024, compared to the same period in 2023[26] Insurance and Equity - Insurance recoveries for the year ended December 31, 2023, amounted to $1.4 million, up from $0.5 million in 2024[22] - The company reported a loss of $1.6 million from equity in earnings of Kronos Worldwide, Inc. for the three months ended December 31, 2023[22] - The weighted average shares used in the calculation of net income per share remained constant at 48.8 million for both periods[22] Environmental Settlement - NL recognized an aggregate income of $31.4 million related to an environmental remediation settlement in 2024[2]