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TiO2 producer Kronos reports Q4 turnaround
Mar '17
In the three months ended December 31, 2016, producer of titanium dioxide (TiO2) Kronos Worldwide reported a turnaround in net income. In the fourth quarter of 2016, the company reported net income of $23.2 million, or $.20 per share, as against net loss of $20.4 million, or $.18 per share, in the corresponding quarter of the previous year.

For the full year of 2016, Kronos Worldwide also posted net income of $43.3 million, or $.37 per share, vis-à-vis net loss of $173.6 million, or $1.50 loss per share in the prior year.

In the fourth quarter of 2016, net sales amounted to $333.7 million, up $46.7 million, or 16 per cent from the earlier year's same quarter.

However, full year 2016 sales grew slower at just 1 per cent year over year to $1,364.3 million.

According to the company, net sales surged in the reporting quarter due to higher average TiO2 selling prices and higher sales volumes versus the similar quarter of 2015. (AR)

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