TIO2 demand drop hurts Kronos earnings

Kronos (Dallas, TX) reported preliminary third quarter results, with expected net sales dropping about 10%-12% to $480 million-$495 million due to lower titanium dioxide (TiO2)  sales volumes. The company says expected segment profit fell between 75-78%, to $35-$40 million. The decline in profit also reflects the adverse impact of an estimated $28 million of unabsorbed fixed overhead costs charged to the cost of sales as a result of the lower production volumes, the company says. Adjusted earnings are expected to fall between $73-$78 million, with...

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