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NL REPORTS THIRD QUARTER 2024 RESULTS
NLNL Industries(NL) GlobeNewswire News Room·2024-11-06 21:22

NL Industries, Inc. Financial Performance - NL Industries reported a net income attributable to stockholders of 36.0million,or36.0 million, or 0.74 per share, in Q3 2024, compared to a net loss of 0.1million,ornilpershare,inQ32023[1]−Forthefirstninemonthsof2024,netincomeattributabletoNLstockholderswas0.1 million, or nil per share, in Q3 2023 [1] - For the first nine months of 2024, net income attributable to NL stockholders was 50.7 million, or 1.04pershare,comparedtoanetlossof1.04 per share, compared to a net loss of 9.9 million, or 0.20pershare,inthesameperiodof2023[1]−Theresultsincludedanunrealizedgainof0.20 per share, in the same period of 2023 [1] - The results included an unrealized gain of 18.6 million in Q3 2024 related to marketable equity securities, compared to 0.4millioninQ32023[1]CompXFinancialPerformance−CompX′snetsaleswere0.4 million in Q3 2023 [1] CompX Financial Performance - CompX's net sales were 33.6 million in Q3 2024, down from 40.3millioninQ32023,and40.3 million in Q3 2023, and 107.5 million for the first nine months of 2024, compared to 118.1millioninthesameprioryearperiod[2]−IncomefromoperationsattributabletoCompXwas118.1 million in the same prior year period [2] - Income from operations attributable to CompX was 3.3 million in Q3 2024, down from 6.6millioninQ32023,and6.6 million in Q3 2023, and 12.1 million for the first nine months of 2024, compared to 18.0millioninthesameperiodof2023[2]KronosFinancialPerformance−Kronosrecognizedequityinearningsof18.0 million in the same period of 2023 [2] Kronos Financial Performance - Kronos recognized equity in earnings of 21.9 million in Q3 2024, compared to losses of 6.2millioninQ32023,and6.2 million in Q3 2023, and 30.4 million in the first nine months of 2024, compared to losses of 13.4millioninthesameperiodof2023[3]−Kronos′netsaleswere13.4 million in the same period of 2023 [3] - Kronos' net sales were 484.7 million in Q3 2024, an increase of 87.8million,or2287.8 million, or 22%, compared to Q3 2023, and 1.5 billion for the first nine months of 2024, up 197.6million,or16197.6 million, or 16%, from the same period in 2023 [5] - TiO2 sales volumes were 21% higher in Q3 2024 and 26% higher in the first nine months of 2024 compared to the same periods in 2023 [5] Acquisition Impact - Kronos acquired the 50% joint venture interest in Louisiana Pigment Company, L.P. (LPC) on July 16, 2024, which is now a wholly-owned subsidiary [4] - The acquisition resulted in a non-cash gain of 64.5 million associated with the remeasurement of its investment in LPC [4] Production and Cost Efficiency - Kronos' income from operations in Q3 2024 was 38.9million,comparedtoalossof38.9 million, compared to a loss of 25.3 million in Q3 2023, and 94.3millionforthefirstninemonthsof2024,comparedtoalossof94.3 million for the first nine months of 2024, compared to a loss of 50.3 million in the same period of 2023 [6] - Production volumes for TiO2 were 37% higher in Q3 2024 and 35% higher in the first nine months of 2024 compared to the same periods in 2023 [6] - Kronos achieved a capacity utilization rate of 93% in the first nine months of 2024, compared to 71% in the same period of 2023 [6] Corporate Expenses and Other Income - Corporate expenses decreased by $0.9 million in Q3 2024 compared to Q3 2023, primarily due to lower litigation and environmental remediation costs [7] - Interest and dividend income increased in Q3 2024 and for the first nine months of 2024 compared to the same periods in 2023, driven by higher average interest rates and investment balances [7]