Kronos returns to profit in Q2; acquires LPC for $185M, cuts dividend to $0.05/share

KRONOS WORLDWIDE INC

2024-Q2 EPS reported $0.24 revenue$979,300,000

Q2 net income $19.5M ($0.17/diluted share) vs net loss $8.2M ($0.07) a year ago; sales up 13% to $500.5M.
TiO2 segment profit $41.1M (vs loss $2.3M in Q2 2023); sales volumes +29% YoY, average prices -8%.
Acquired remaining 50% of Louisiana Pigment Co. for $185M upfront plus $15M earn-out; financed via revolver draw.
Quarterly dividend reduced to $0.05 per share beginning Q3 2024 to support debt service, leverage reduction and capex.
Issued €75M of 9.50% Senior Secured Notes at 107.5% premium; amended revolver to $300M with maturity extended to 2029.

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