Kronos announces second quarter 2024 results and titanium dioxide sales

Recently, Kronos reported net income of $19.5 million for the second quarter of 2024, compared with a net loss of $8.2 million for the second quarter of 2023.

For the first six months of 2024, Kronos Worldwide reported net income of $27.6 million, compared with a net loss of $23.4 million for the first six months of 2023. Compared with the same period in 2023, net income in 2024 increased, mainly due to increased operating income due to increased sales and production volume and reduced production costs (mainly energy and raw materials), but the decrease in the average selling price of TiO2 partially offset this increase.

Net sales in 2024 increased compared to the same period in 2023 due to increased sales due to increased demand for TiO2 in all our major markets, which was partially offset by the lower average selling price of TiO2. TiO2 sales in the second quarter of 2024 were 29% higher than in the second quarter of 2023, and TiO2 sales in the first six months of 2024 were 28% higher than in the first half of 2023. At the beginning of 2024, our average selling price of TiO2 was 13% lower than at the beginning of 2023, and our average selling price of TiO2 remained stable in the first six months of 2024. The average selling price of TiO2 in the second quarter of 2024 is 8% lower than that in the second quarter of 2023, and the average selling price of TiO2 in the first six months of 2024 is 9% lower than that in the first half of 2023. We estimate that changes in currency exchange rates (mainly euros) increased our net sales by approximately US$2 million in the second quarter of 2024 compared to the second quarter of 2023 and approximately US$6 million in the first half of 2024 compared to the first six months of 2023.

In the second quarter of 2024, our TiO2 division profit (see non-GAAP information description below) was US$41.1 million, while our TiO2 division lost US$2.3 million in the second quarter of 2023.