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People & Business :: Companies
Kronos's earnings fall on weak TiO2 sales
7:50 AM MDT | March 26, 2013 | Lindsay Frost
Kronos reported a net loss in earnings for the fourth quarter 2012 due to an inherent weakness in the titanium dioxide (TiO2) market. The company reported a loss of $18.1 million (16 cts/share) for the quarter—down from an $85.5 million gain in the fourth quarter 2011. Earnings missed a consensus of analyst estimates for a loss of 5 cts/share, according to Thomson Reuters (New York). Net sales of $396.8 million dropped 9% year-on-year (YOY) due to lower average TiO2 selling prices, down 14%, partially offset by higher sales volumes. Fluctuations in...
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