Market Dynamics
Kronos Worldwide announced Q1 2014 net income of US$14.3 million
Time: 2014-05-13 Source from: Kronos
Kronos Worldwide announced Q1 2014 net income of US$14.3 million compared to a net loss of US$41.1 million in Q1 2013. However, Q1 2014 net sales dipped 9% to US$420.1 million from US$463.6 million in the previous corresponding period. Lower net sales were a result of decreased average titanium dioxide (TiO2) selling prices and reduced sales volumes.
TiO2 sales volumes in Q1 2014 declined 7% compared to the Q1 2013, with the lower volumes in export markets offset, in part, by increased demand in certain European markets. Despite lower sales volumes and prices, Q1 2014 net income was higher principally due to lower raw material costs. Kronos's TiO2 segment profit for Q1 2014 was US$28.6 million compared to a segment loss of US $43.6 million in Q1 2013. The rise in profit was primarily due to lower raw materials and other production costs.