In This Story
Kronos Worldwide Inc (KRO+3.95%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024. filing
The company reported net sales of $1,887.1 million, a 13% increase from $1,666.5 million in 2023. This increase was primarily due to a 20% rise in sales volumes, partially offset by a 5% decrease in average TiO2 selling prices.
Kronos Worldwide's cost of sales increased by 2% to $1,527.8 million in 2024, compared to $1,501.6 million in 2023. The gross margin as a percentage of net sales improved to 19% from 10% in the previous year.
The company reported a net income of $86.2 million in 2024, compared to a net loss of $49.1 million in 2023. This improvement was primarily due to higher sales and production volumes, as well as lower production costs.
Kronos Worldwide acquired the remaining 50% joint venture interest in Louisiana Pigment Company, L.P. (LPC) in July 2024, making LPC a wholly-owned subsidiary. The acquisition was financed through borrowings under the company's global revolving credit facility.
The company's total debt at the end of 2024 was $507.4 million, with $365.4 million in 9.50% Senior Secured Notes due 2029 and $78.3 million in 3.75% Senior Secured Notes due 2025.
Kronos Worldwide's capital expenditures in 2024 were $29.5 million, primarily for maintaining and improving existing facilities. The company plans to spend approximately $55 million on capital expenditures in 2025.
The company declared and paid dividends of $55.2 million in 2024, with a quarterly dividend of $0.05 per share declared for the first quarter of 2025.
Kronos Worldwide's operations are affected by global economic conditions, and the company expects demand for its products to improve in 2025, although overall demand is expected to remain below historical levels.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kronos Worldwide Inc annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.