VALHI REPORTS FIRST QUARTER 2024 RESULTS
Dallas, Texas, May 09, 2024 (GLOBE NEWSWIRE) -- Valhi, Inc. (NYSE: VHI) reported net income attributable to Valhi stockholders of $7.8 million, or $.27 per share, in the first quarter of 2024 compared to a net loss attributable to Valhi stockholders of $4.9 million, or $.17 per share, in the first quarter of 2023. Net income attributable to Valhi stockholders increased in the first quarter of 2024 as compared to the first quarter of 2023 primarily due to higher operating income from our Chemicals Segment partially offset by lower operating income from our Component Products Segment and our Real Estate Management and Development Segment.
The Chemicals Segment’s net sales of $478.8 million in the first quarter of 2024 were $52.5 million, or 12%, higher than in the first quarter of 2023. The Chemicals Segment’s net sales increased in the first quarter of 2024 compared to the first quarter of 2023 due to the net effects of higher sales volumes due to strengthening demand for TiO2 in all the Chemicals Segment’s major markets and lower average TiO2 selling prices. The Chemicals Segment’s TiO2 sales volumes were 28% higher in the first quarter of 2024 as compared to the first quarter of 2023. The Chemicals Segment started 2024 with average TiO2 selling prices 13% lower than at the beginning of 2023 and its average TiO2 selling prices declined 2% during the first quarter of 2024. Average TiO2 selling prices were 11% lower in the first quarter of 2024 as compared to the first quarter of 2023. Fluctuations in currency exchange rates (primarily the euro) also affected net sales comparisons, increasing the Chemicals Segment’s net sales by approximately $4 million in the first quarter of 2024 as compared to the same period in 2023. The table at the end of this press release shows how each of these items impacted the Chemicals Segment’s net sales.
The Chemicals Segment’s operating income in the first quarter of 2024 was $22.8 million as compared to an operating loss of $15.1 million in the first quarter of 2023. The Chemicals Segment’s operating income increased in the first quarter of 2024 compared to the same period in 2023 primarily due to the net effects of higher sales and production volumes, lower production costs (primarily energy and raw