Venator Materials has Strong Start to the New Year

Venator Materials Plc of the UK has reported a net loss of US$21 million on revenues of US$553 million in the first quarter of 2021 compared with a US$7 million net loss on revenues of US$532 million in the first quarter of 2020. The increase in revenues reflects growth in both the company’s segments — 3% in titanium dioxide and 7% in performance additives.

Simon Turner, Venator’s CEO, said, “We have seen a strong start to the year and our first quarter results are encouraging. Demand was robust across all products and regions and we delivered approximately US$9 million of benefit from our 2020 business improvement program.

“Titanium dioxide fundamentals are favorable, in the first quarter our average selling prices increased 3% in local currency compared to the fourth quarter of 2020. We expect to see higher raw material and input costs during the year, however, we believe strong market conditions will enable us to manage margins through further titanium dioxide selling price increases.

“Our Performance Additives segment EBITDA improved by US$8 million compared with the fourth quarter of 2020. Positive construction and home improvement trends continued in the first quarter, and we saw further recovery for products used in automotive end markets.”

Venator’s Titanium Dioxide segment generated revenues of US$414 million, an increase of 3% over the same period of 2020. The increase was attributed to favorable foreign exchange rates partially offset by a 1% decline in pigments sales volume and a 1% decrease in average prices.

Venator’s Performance Additives segment generated first quarter 2021 of US$139 million, an increase of 7% over the same period of 2020. The increase was primarily attributed to favorable exchange rates, improved mix and 1% increase in volume sales.

Volume 35, Issue 09

Leave a Reply