HomeMost PopularInvestingKronos Worldwide (KRO) Earnings & Sales Top Estimates in Q1

Kronos Worldwide (KRO) Earnings & Sales Top Estimates in Q1

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Kronos Worldwide, Inc. KRO recorded earnings of 7 cents per share in first-quarter 2024. This compares to a loss of 13 cents in the year-ago quarter. The figure topped the Zacks Consensus Estimate of 4 cents.

Net sales rose around 12% year over year to $478.8 million on higher sales volumes driven by stronger demand for titanium dioxide (TiO2) in major markets, which more than offset lower average TiO2 selling prices. The top line beat the Zacks Consensus Estimate of $454.6 million.

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Kronos Worldwide Inc Price, Consensus and EPS Surprise

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Kronos Worldwide Inc Price, Consensus and EPS Surprise

Kronos Worldwide Inc price-consensus-eps-surprise-chart | Kronos Worldwide Inc Quote

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Volumes and Pricing

TiO2 production volumes (thousand metric tons) increased 15% year over year to 121 in the first quarter. TiO2 sales volumes (thousand metric tons) rose 28% year over year to 130 in the quarter.

Average TiO2 selling prices fell 11% year over year in the quarter.

Financials

Kronos ended the quarter with cash and cash equivalents of $120.7 million, down roughly 38% sequentially. Long-term debt was $426.9 million, down around 3% on a sequential comparison basis.

Outlook

The company expects sales volumes in 2024 to exceed 2023 levels factoring in the recently experienced improved demand and expectations that demand will continue to improve this year.

KRO has increased its production rates in sync with current and expected near-term demand improvement. It expects its production rates for the balance of 2024 to be higher than the level witnessed in 2023.

The company expects to report higher operating results on a year-over-year basis for full-year 2024 based on the expected improved demand, higher selling prices and reduced production costs.

Price Performance

Shares of Kronos have rallied 48.4% in the past year compared with a 0.7% rise for its industry.

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Zacks Investment Research
Image Source: Zacks Investment Research

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Zacks Rank & Key Picks

KRO currently carries a Zacks Rank #2 (Buy).

Other top-ranked stocks worth a look in the basic materials space include Sylvamo Corporation SLVM, carrying a Zacks Rank #1 (Strong Buy), and Integra Resources Corp. ITRG and New Found Gold Corp. NFGC, each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

Sylvamo is slated to report first-quarter results on May 10. The consensus estimate for SLVM’s first-quarter earnings is pegged at $1.05. The company’s shares have rallied around 56% in the past year.

Integra Resources is expected to report first-quarter results on May 10. The Zacks Consensus Estimate for ITRG’s first-quarter earnings is pegged at a loss of 3 cents. The consensus estimate for ITRG’s first-quarter earnings has been stable in the past 60 days.

New Found Gold is expected to report first-quarter results on May 10. The consensus estimate for NFGC’s first-quarter earnings is pegged at a loss of 7 cents.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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