Neville Prior

Kronos Q1 Net Profit Increases

Neville Prior  11 May 2012 08:57:54 AM
Kronos Worldwide saw first-quarter profits more than double as the price of titanium dioxide, used in everything from paint to sunscreen, jumped 34 percent and volumes rose. The company, earned $136.9 million, for the quarter that ended March 31. That's up from $60.3 million, during the same period last year. Revenue, like the price of the titanium dioxide that Kronos produces and markets, also rose 34 percent to $561.3 million.

The company said it expects 2012 volumes to increase compared to last year. While the cost of raw materials is expected to increase significantly this year, Kronos said that selling prices and volumes will rise as well. Adding new production capacity is difficult, so Kronos said it expects the tight supplies and high demand that it has seen since late 2009 to continue for the foreseeable future.
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