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US Kronos Q2 income falls on lower sales

August 11/2020

MOSCOW (MRC) -- US-based pigment producer Kronos Worldwide reported on Wednesday a decline in Q2 net income because of lower sales, said the company.

KRO logged a profit of USD18.6 million or 16 cents per share in second-quarter 2020, down from USD29.5 million or 25 cents per share in the year-ago quarter. Earnings, however, beat the Zacks Consensus Estimate of 4 cents.

The bottom line in the reported quarter was impacted by lower sales volumes, lower average titanium dioxide (TiO2) selling prices, increased raw materials and other production costs.

Net sales fell 20% year over year to USD386 million, hurt by lower sales volumes and lower average TiO2 selling prices. However, the figure beat the Zacks Consensus Estimate of USD369.9 million.

Kronos ran its titanium dioxide (TiO2) plants at utilisation rates of 95% in the first quarter, and 95% in the second quarter. That compares with 97% for both quarters in 2019.

Selling prices in Q2 were down 1% year on year. Prices at the end of the second quarter were comparable with those at the end of the first quarter.

Raw material costs rose during the first half of the year. Kronos did not specify if these increases were limited to the first quarter or the second quarter, or spread out through the first six months of the year.

As MRC informed earlier, Russia's output of chemical products rose in June 2020 by 2.6% year on year. However, production of basic chemicals increased year on year by 4.9% in the first six months of 2020. According to the Federal State Statistics Service of the Russian Federation, polymers in primary form accounted for the greatest increase in the output in January-June. Production of benzene was 106,000 tonnes in June 2020, compared to 110,000 tonnes a month earlier. Overall output of this product reached 721,000 tonnes over the stated period, up by 3.9% year on year.
Author:Anna Larionova
Tags:pigmentniy krasitel, paints and coatings, Kronos.
Category:General News
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