Kronos Worldwide reports Q1 EPS 13c vs. 50c last year

Reports Q1 revenue $426.3M vs. $562.9M last year. The company said, "Net sales of $426.3 million in the first quarter of 2023 were $136.6 million, or 24%, lower than in the first quarter of 2022. Net sales comparisons were impacted by the net effects of lower sales volumes in all our major markets, partially offset by higher average TiO2 selling prices. TiO2 sales volumes were 29% lower in the first quarter of 2023 as compared to the first quarter of 2022. Average TiO2 selling prices were 4% higher in the first quarter of 2023 as compared to the first quarter of 2022. Average TiO2 selling prices at the end of the first quarter of 2023 were 4% lower than at the end of 2022. Fluctuations in currency exchange rates (primarily the euro) also affected net sales comparisons, decreasing net sales by approximately $11 million in the first quarter of 2023 as compared to the first quarter of 2022. The table at the end of this press release shows how each of these items impacted net sales."