Home / Knowledge / News / Textiles / Net income at TiO2 producer Kronos turns positive in Q2
Net income at TiO2 producer Kronos turns positive in Q2
11
Aug '14
In the second quarter of 2014 ending June 30, 2014, NYSE-listed Kronos Worldwide, Inc. a global manufacturer of titanium dioxide (TiO2) posted a positive net income, when compared with a net loss in the corresponding period of 2013.

Kronos Worldwide posted net income in second quarter ending June 30, 2014 of $33.1 million, or $.29 per share, compared to a net loss of $33.9 million in the second quarter of 2013.

Kronos attributed the improved results from operations in 2014, mainly to lower raw materials costs, partially offset by lower average TiO2 selling prices and sales volumes in 2014.

Net sales of $443.5 million in the second quarter of 2014 were $37.6 million, or 8%, lower than in the second quarter of 2013.

Kronos said its average TiO2 selling prices were 4% lower in the second quarter of 2014 as compared to the same prior year period.

It added that, TiO2 sales volumes in the second quarter were approximately 8% lower than in the comparable period of 2013, due to lower sales primarily in certain export and European markets.

Fluctuations in currency exchange rates also played a positive impact on net sales, increasing it by approximately $13 million in the second quarter of 2014.

Kronos reported that TiO2 segment profit improved to $47.1 million as compared to a segment loss of $44.1 million in the second quarter of 2013 from effects of lower raw materials and other production costs, lower average TiO2 selling prices and sales volumes and higher production volumes.

Kronos' TiO2 production volumes were 9% higher in the second quarter of 2014 as compared to the second quarter of 2013.

The income tax expense in the second quarter of 2014 includes an aggregate non-cash income tax benefit of $5.7 million or $.05 per share, related to a net reduction in its reserve for uncertain tax positions.

Fibre2fashion News Desk - India


Must ReadView All

Courtesy: Nine West

Fashion | On 17th Jun 2018

ABG wins bid in Nine West Holdings auction

Authentic Brands Group (ABG), owner of a global portfolio of...

Courtesy: Kreussler

Textiles | On 17th Jun 2018

USDA certifies Kreussler's solvent as biobased

The US Department of Agriculture (USDA) has certified Kreussler's...

Courtesy: ITUC

Textiles | On 17th Jun 2018

Democratic space shrink & corporate greed are rising: ITUC

Shrinking democratic space for working people and unchecked corporate ...

Interviews View All

Top executives
Indian retail players

Walmart's acquisition of Flipkart endorses the humongous opportunities in...

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Kamal Kulshreshth

Colorjet is among the fastest-growing wide format digital inkjet print...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search