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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.
Kronos Worldwide (NYSE: KRO) has announced a quarterly dividend of $0.05 per share on its common stock. The dividend will be paid on December 12, 2024 to stockholders of record as of the close of business on November 29, 2024. Kronos Worldwide is a major international producer of titanium dioxide products.
Kronos Worldwide (NYSE:KRO) reported net income of $19.5 million ($0.17 per share) in Q2 2024, compared to a net loss of $8.2 million in Q2 2023. Net sales increased 13% to $500.5 million in Q2 2024. The improvement was driven by higher sales volumes (+29%) and production volumes (+54%), partially offset by lower average TiO2 selling prices (-8%). The company's TiO2 segment profit was $41.1 million in Q2 2024, up from a loss of $2.3 million in Q2 2023. Kronos also acquired the remaining 50% stake in Louisiana Pigment Company for $185 million upfront and a potential $15 million earn-out. The acquisition was financed through a $132 million borrowing and cash on hand. The company expects this move to strengthen its competitive position and generate significant synergies.
Kronos Worldwide, Inc. (NYSE: KRO) announced that its subsidiary, Kronos International, Inc. (KII), will issue an additional €75 million of 9.50% Senior Secured Notes due 2029 through a private placement. These notes will be added to the existing €276,174,000 of notes issued in February 2024. Priced at a premium of 107.50%, the offering is expected to yield approximately €80,625,000 (about $87,500,000) before fees.
The proceeds will be used to repay a portion of the company's global revolving credit facility with Wells Fargo, which was used for the recent acquisition of the remaining equity interest in Louisiana Pigment Company, L.P. The notes will be guaranteed by Kronos Worldwide and its domestic subsidiaries, secured by first-priority interests in certain assets. The offering, oversubscribed and to qualified institutional buyers, is expected to close around July 30, 2024.
Kronos Worldwide (NYSE: KRO) announced a private offering of €75 million in additional 9.50% Senior Secured Notes due 2029 through its subsidiary, Kronos International. These notes will supplement the existing €276,174,000 in notes issued on February 12, 2024. The new notes will have identical terms to the existing ones, except for the issue date and price. Kronos Worldwide and its domestic subsidiaries will fully guarantee the notes, which will be secured by first-priority interests in certain company assets.
The offering's completion depends on market conditions. Proceeds will be used to repay part of Kronos' global revolving credit facility with Wells Fargo, which was used for the recent acquisition of the remaining equity in Louisiana Pigment Company, a TiO2 production facility. This private placement is only available to qualified institutional buyers and non-U.S. persons in offshore transactions, in compliance with Securities Act regulations.
Kronos Worldwide, Inc. (NYSE: KRO) has announced three significant developments:
1. Acquisition: Kronos has acquired the remaining 50% joint venture interest in Louisiana Pigment Company, L.P. (LPC) for $185 million upfront, with a potential $15 million earn-out. This makes LPC a wholly-owned subsidiary of Kronos.
2. Credit Facility Amendment: Kronos has amended its global revolving credit facility with Wells Fargo, increasing the maximum borrowing amount from $225 million to $300 million and extending the maturity date to 2029.
3. Dividend Reduction: The company has declared a quarterly dividend of $0.05 per share, a decrease of $0.14 compared to the previous quarter, to focus on maintaining a strong balance sheet and evaluating strategic investment opportunities.
Kronos Worldwide (NYSE: KRO) announced on May 15, 2024, that its board of directors has declared a regular quarterly dividend of $0.19 per share on its common stock. The dividend is payable on June 20, 2024, to stockholders of record at the close of business on June 10, 2024.
At the 2024 annual stockholder meeting, the stockholders elected directors including James M. Buch, Loretta J. Feehan, John E. Harper, Kevin B. Kramer, Meredith W. Mendes, Cecil H. Moore, Jr., Michael S. Simmons, and R. Gerald Turner for a one-year term. Additionally, a resolution approving the compensation of named executive officers on a nonbinding advisory basis was adopted.
Kronos Worldwide is a significant producer of titanium dioxide products.
Kronos Worldwide, Inc. reported a net income of $8.1 million, or $.07 per share, in the first quarter of 2024, a significant improvement from a net loss of $15.2 million, or $.13 per share, in the first quarter of 2023. This positive result was driven by higher sales and production volumes, lower TiO2 selling prices, and decreased production costs. Net sales of $478.8 million in Q1 2024 were 12% higher than in Q1 2023, primarily due to stronger demand for TiO2 in major markets and increased sales volumes. TiO2 segment profit also saw a notable increase to $23.4 million in Q1 2024 from a loss of $14.8 million in Q1 2023. Overall, the company showed significant financial improvement in the first quarter of 2024 compared to the same period in 2023.
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