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Kronos Worldwide, Inc. reports developments tied to its role as an international producer of titanium dioxide products. Company updates center on TiO2 selling prices, sales volumes, production levels, raw material and energy costs, currency effects and regional demand across North American, European, Latin American and export markets.
News also covers quarterly and annual earnings releases, board-declared cash dividends on common stock, cost-reduction and operating realignment initiatives, pension-related items and product mix changes. Kronos' titanium dioxide pigments are used in coatings and plastics applications, including automotive, aircraft, machinery, appliances, traffic paint, packaging, housewares, toys and computer cases.
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Kronos Worldwide reported a net loss of $19.9 million, or $.18 per share, for Q4 2022, a decline from $31.6 million net income in Q4 2021. For 2022, net income was $104.5 million, down from $112.9 million in 2021. Contributing factors include lower sales volumes, higher production costs, and unfavorable currency exchange rates, which collectively decreased net sales by 31% in Q4 and maintained consistency at $1.9 billion for the full year. TiO2 sales volumes fell 40% in Q4 2022 compared to Q4 2021. Despite these challenges, average TiO2 selling prices rose 15% in Q4 and 21% for the full year. EBITDA for Q4 2022 was ($8.2 million), a significant drop from $62.6 million in Q4 2021.
Kronos Worldwide, Inc. (NYSE: KRO) has declared a regular quarterly dividend of $0.19 per share, set to be paid on March 16, 2023. Shareholders must be on record by the close of business on March 7, 2023 to receive the dividend. This announcement underscores Kronos' commitment to return value to its shareholders. As a major international producer of titanium dioxide products, the company continues to demonstrate its stability in the market.
Kronos Worldwide (NYSE: KRO) reported a third-quarter net income of $21.0 million ($0.18 per share) for 2022, down from $36.0 million ($0.31 per share) in 2021. Year-to-date, net income reached $124.4 million ($1.08 per share), an increase from $81.3 million ($0.70 per share) in 2021. Q3 net sales were $459.6 million, an 8% decline year-over-year, primarily due to reduced sales volumes. Despite lower sales volumes, average TiO2 selling prices increased by 21%. Currency fluctuations negatively impacted sales by approximately $31 million for the quarter and $83 million year-to-date.