KRONOS WORLDWIDE INC

Listed Company

KROCIK 0001257640NYSEAcceleratedIndustrial Inorganic ChemicalsFY ends Dec 31

Period

FY 2025

Revenue

$1.86B

Net Income

$-110.90M

Total Assets

$1.82B

Equity

$751.10M

Shares Out

115.05M

Op. Cash Flow

$2.50M

Business

KRONOS WORLDWIDE INC produces and markets value-added titanium dioxide (TiO2) pigments used for opacity, whiteness and durability across a wide range of industrial and specialty applications. Its product offerings include over fifty KRONOS® TiO2 pigment grades sold in dry or slurry form, purified anatase grades for cosmetics and pharmaceuticals, ilmenite ore, iron-based co-product chemicals and other specialty chemical byproducts. The company operates a TiO2 pigments business alongside complementary businesses comprising ilmenite mining, an Ecochem iron-chemicals division and specialty chemicals. It sells through a direct sales force, agents and distributors to customers primarily in Europe, North America and the Asia Pacific region.

Summary from filing dated 2025-03-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	1,859	1,887	1,667	1,930	1,939
Cost of sales	1,646	1,528	1,502	1,539	1,493
Gross margin	213	359	165	391	446
Selling, general and administrative expense	245	226	211	231	249
Currency transactions, net	5	2	1	12	2
Other income, net	4	2	3	3	3
Corporate expense	−13	−15	−14	−15	−15
Income (loss) from operations	−37	123	−56	160	187
Gain on remeasurement of investment in TiO2 manufacturing joint venture	—	65	—	—	—
Gain on remeasurement of earn-out liability	5	—	—	—	—
Interest and dividend income	1	6	7	5	400,000
Marketable equity securities	−2	1	−1	−1	2
Other components of net periodic pension and OPEB cost	−12	−2	−6	−13	−17
Interest expense	−53	−43	−17	−17	—
Income (loss) before income taxes	−97	150	−73	134	153
Income tax expense (benefit)	14	63	−24	29	41
Net income (loss)	−111	86	−49	105	113
Net income (loss) per share - basic (in dollars per share)	−0.96	0.75	−0.43	0.9	0.98
Net income (loss) per share - diluted (in dollars per share)	−0.96	0.75	−0.43	0.9	0.98
Weighted average shares used in the calculation of net income (loss) per share - basic (in shares)	115	115	115	116	115.5
Weighted average shares used in the calculation of net income (loss) per share - diluted (in shares)	115	115	115	116	115.5

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	33	107	195	328	406
Restricted cash	4	3	2	2	2
Accounts and other receivables, net	284	291	295	252	361
Receivables from affiliates	3	600,000	17	3	—
Inventories, net	629	657	565	609	432
Prepaid expenses and other	41	47	43	49	39
Total current assets	995	1,105	1,117	1,242	1,258
Restricted cash	6	5	5	5	5
Marketable securities	2	3	2	3	4
Operating lease right-of-use assets	20	21	23	22	20
Deferred income taxes	36	55	83	52	107
Goodwill	3	3	—	—	—
Other	32	28	13	13	14
Total other assets	98	114	238	208	251
Land	79	74	45	42	44
Buildings	280	254	237	215	222
Equipment	1,459	1,307	1,172	1,093	1,122
Mining properties	134	116	131	120	130
Construction in progress	45	41	23	77	73
Gross property and equipment	1,997	1,792	1,607	1,546	1,591
Less accumulated depreciation and amortization	1,273	1,097	1,124	1,061	1,087
Net property and equipment	724	694	483	485	503
Total assets	1,817	1,914	1,838	1,934	2,013
Current maturities of long-term debt	—	78	—	1	1
Accounts payable and accrued liabilities	353	358	324	289	257
Payables to affiliates	1	18	31	23	—
Income taxes	14	22	15	13	12
Total current liabilities	369	477	371	327	289
Long-term debt	557	429	441	424	450
Accrued pension costs	81	118	150	129	287
Operating lease liabilities	16	17	19	17	16
Deferred income taxes	15	25	9	26	28
Other	28	32	22	21	28
Total noncurrent liabilities	697	620	659	651	854
Common stock, $.01 par value; 240.0 shares authorized; 115.0 shares issued and outstanding	1	1	1	1	1
Additional paid-in capital	1,390	1,390	1,390	1,394	1,395
Retained deficit	−345	−211	−242	−105	−122
Accumulated other comprehensive loss	−296	−364	−341	−332	−404
Total stockholders' equity	751	817	808	957	870
Total liabilities and stockholders' equity	1,817	1,914	1,838	1,934	2,013
Commitments and contingencies (Notes 5, 12 and 15)	—	—	—	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income (loss)	−111	86	−49	105	113
Depreciation	61	60	49	52	51
Amortization of operating lease right-of-use assets	4	4	5	5	7
Premium on issuance of senior secured notes	4	6	—	—	—
Deferred income taxes	−500,000	31	−39	−1	14
Benefit plan expense greater (less) than cash funding	−7	−8	−5	—	—
Loss on pension plan termination	9	—	—	—	—
Distributions from (contributions to) TiO2 manufacturing joint venture, net	—	−3	3	−11	4
Fixed asset impairment	0	0	4	—	—
Other, net	−1	4	2	4	800,000
Accounts and other receivables, net	32	−8	−44	86	−59
Inventories, net	77	−43	56	−198	66
Prepaid expenses	10	−6	6	−13	−21
Accounts payable and accrued liabilities	−26	12	34	37	47
Income taxes	−11	9	8	−100,000	−2
Accounts with affiliates	−31	−7	−26	9	−26
Other noncurrent assets	400,000	−200,000	800,000	300,000	−5
Other noncurrent liabilities	−5	1	600,000	−700,000	6
Net cash provided by operating activities	3	73	6	82	207
Capital expenditures	−43	−30	−47	−63	−59
Acquisition of remaining TiO2 manufacturing joint venture interest, net of cash acquired	—	−157	—	—	—
Net cash used in investing activities	−43	−186	−47	−63	−59
Borrowings	639	159	—	—	—
Payments	−650	−149	—	—	—
Payments on long-term debt	−88	−53	−1	−1	−1
Proceeds from issuance of senior secured notes	88	80	—	—	—
Loan from Contran	—	54	—	—	—
Deferred financing fees	−2	−9	−100,000	−100,000	−2
Dividends paid	−23	−55	−88	−88	−83
Treasury stock acquired	—	—	−3	−2	−200,000
Net cash provided by (used in) financing activities	−36	27	−92	−92	−87
Operating, investing and financing activities	−77	−87	−134	−73	61
Effect of currency exchange rate changes on cash	5	−100,000	1	−5	−11
Net change for the year	−72	−87	−133	−78	51
Interest, net of amount capitalized	47	38	16	16	18
Income taxes	45	35	17	37	42
Change in accruals for capital expenditures	7	7	1	7	5

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