$KRO reports net loss of $19.9M in Q4 2022 due to lower sales volumes and higher production costs.
Mar 8th 2023, 9:21 pm
Analyst Summary: Kronos Worldwide, a producer of titanium dioxide products, reported a net loss of $19.9 million, or $0.18 per share, in Q4 2022 compared to net income of $31.6 million, or $0.28 per share, in Q4 2021. The decrease was due to lower income from operations resulting from the net effect of lower sales volumes, higher production costs, including raw material and energy costs and higher average TiO2 selling prices. However, net sales of $1.9 billion in 2022 were consistent with net sales for 2021. The company's TiO2 segment loss was significant, decreasing to $15.0 million in Q4 2022 from $55.6 million in Q4 2021. Sales volumes decreased by 40% in Q4 2022 and were 15% lower than in 2021. The reduction was due to weakening customer demand in European and export markets. The company expects to face many risks and uncertainties. Quotes: Kronos Worldwide did not provide any quotes from management. Forward-looking statements: The company's forward-looking statement warns that should the assumptions prove incorrect, actual results could differ significantly from those forecasted, and it disclaims any intention or obligation to update or revise any forward-looking statement.