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VALHI REPORTS FIRST QUARTER 2024 RESULTS

VALHI REPORTS FIRST QUARTER 2024 RESULTS

VALHI 公佈了 2024 年第一季度業績
瓦利化工 ·  05/09 12:00

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.

得克薩斯州達拉斯,2024年5月9日(環球通訊社)——Valhi, Inc.(紐約證券交易所代碼:VHI)報告稱,2024年第一季度歸屬於Valhi股東的淨收益爲780萬美元,合每股0.27美元,而2023年第一季度歸屬於Valhi股東的淨虧損爲490萬美元,合每股虧損0.17美元。與2023年第一季度相比,歸屬於Valhi股東的淨收益在2024年第一季度有所增加,這主要是由於我們的化學品板塊的營業收入增加被組件產品板塊和房地產管理和開發板塊的營業收入減少部分抵消。

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.

化學品板塊在2024年第一季度的淨銷售額爲4.788億美元,比2023年第一季度增長了5,250萬美元,增長了12%。化學品板塊在2024年第一季度的淨銷售額與2023年第一季度相比有所增加,這是由於對TiO的需求增強導致銷量增加的淨影響2 在化學品板塊的所有主要市場中,平均TiO較低2 銷售價格。化學品板塊的 TiO2 與2023年第一季度相比,2024年第一季度的銷量增長了28%。化工板塊從 2024 年開始時平均爲 TiO2 售價比 2023 年初低了 13%,其平均售價爲 TiO2 銷售價格在2024年第一季度下降了2%。平均二氧化鈦量2 與2023年第一季度相比,2024年第一季度的銷售價格下降了11%。貨幣匯率(主要是歐元)的波動也影響了淨銷售額的比較,與2023年同期相比,化學品板塊在2024年第一季度的淨銷售額增加了約400萬美元。本新聞稿末尾的表格顯示了這些項目如何影響化學品板塊的淨銷售額。

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 material costs) and lower average TiO2 selling prices. TiO2 production volumes were 15% higher in the first quarter of 2024 compared to the first quarter of 2023. The Chemicals Segment operated its production facilities at 76% of practical capacity utilization in the first three months of 2023 due to decreased demand and a higher production cost environment. Due to improved overall demand and a more favorable production cost environment, the Chemicals Segment increased its production rates to 87% of practical capacity utilization in the first three months of 2024. As a result, our Chemicals Segment's unabsorbed fixed costs associated with production curtailments included in cost of sales decreased by $10 million to $12 million in the first quarter of 2024 compared to $22 million in the first quarter of 2023. Changes in currency exchange rates had a nominal effect on the Chemicals Segment's operating income in the first quarter of 2024 as compared to the same period in 2023.

化工板塊在2024年第一季度的營業收入爲2,280萬美元,而2023年第一季度的營業虧損爲1,510萬美元。化學品板塊在2024年第一季度的營業收入與2023年同期相比有所增加,這主要是由於銷售和產量增加、生產成本降低(主要是能源和原材料成本)以及平均TiO降低的淨影響2 銷售價格。TiO2 與2023年第一季度相比,2024年第一季度的產量增長了15%。由於需求減少和生產成本環境上漲,化學品板塊在2023年前三個月以實際產能利用率的76%運營其生產設施。由於整體需求的改善和更有利的生產成本環境,化學品板塊在2024年前三個月將其產能利用率提高至實際產能利用率的87%。因此,我們的化學品板塊與銷售成本中包含的減產相關的未吸收固定成本在2024年第一季度下降了1000萬美元,至1200萬美元,而2023年第一季度爲2,200萬美元。與2023年同期相比,貨幣匯率的變化對化學品板塊2024年第一季度的營業收入產生了名義影響。

The Chemicals Segment's operating loss in the first quarter of 2023 includes an insurance settlement gain related to a 2020 business interruption insurance claim of $1.7 million ($.9 million, or $.03 per share, net of tax and noncontrolling interest).

化工板塊2023年第一季度的營業虧損包括與2020年業務中斷保險索賠相關的保險結算收益,金額爲170萬美元(扣除稅收和非控股權益後的90萬美元,合每股0.03美元)。

The Component Products Segment's net sales were $38.0 million in the first quarter of 2024 compared to $41.2 million in the first quarter of 2023. The Component Products Segment's net sales decreased in the first quarter of 2024 compared to the same period in 2023 due to lower marine components sales primarily to the towboat market, partially offset by higher security products sales to the government security market. Operating income attributable to the Component Products Segment was $3.7 million in the first quarter of 2024 compared to $7.0 million in the first quarter of 2023. The Component Products Segment's operating income decreased in the first quarter of 2024 compared to the same period in 2023 predominantly due to lower marine components sales and gross margin.

組件產品板塊在2024年第一季度的淨銷售額爲3,800萬美元,而2023年第一季度爲4,120萬美元。組件產品板塊在2024年第一季度的淨銷售額與2023年同期相比有所下降,這是由於主要向拖船市場的船用零部件銷售減少,但政府安全市場安全產品銷售的增加部分抵消了這一點。2024年第一季度歸屬於組件產品板塊的營業收入爲370萬美元,而2023年第一季度爲700萬美元。零部件產品板塊在2024年第一季度的營業收入與2023年同期相比有所下降,這主要是由於船用零部件銷售額和毛利率下降。

The Real Estate Management and Development Segment had sales of $13.8 million in the first quarter of 2024 compared to $25.2 million in the first quarter of 2023. Land sales revenue is generally recognized over time based on cost inputs, and land sales revenues are dependent on spending for development activities. Land sales revenues are also impacted by the relative timing of when new land parcel sales are closed. Land sales revenues in the first quarter of 2024 decreased compared to the first quarter of 2023 due to the decreased pace of development activity for previously sold parcels within the residential/planned community. The pace of development activities is dictated by a number of factors such as city permit and design approval and labor and materials availability.

房地產管理和開發板塊在2024年第一季度的銷售額爲1,380萬美元,而2023年第一季度的銷售額爲2520萬美元。土地銷售收入通常根據成本投入在一段時間內予以確認,土地銷售收入取決於開發活動的支出。土地銷售收入還受到新地塊銷售結束的相對時間的影響。由於住宅/規劃社區內先前出售的地塊的開發活動步伐放緩,2024年第一季度的土地銷售收入與2023年第一季度相比有所下降。開發活動的步伐由許多因素決定,例如城市許可和設計批准以及勞動力和材料的可用性。

Corporate expenses in the first quarter of 2024 were comparable to the first quarter of 2023. Interest income and other increased $.8 million in the first quarter of 2024 compared to the first quarter of 2023 primarily due to higher average interest rates. Interest expense increased $4.3 million in the first quarter of 2024 compared to the first quarter of 2023 primarily as a result of higher interest rates on the Chemicals Segment's refinanced debt in February 2024. In addition, interest expense for the first quarter of 2024 includes a charge of $1.5 million ($.7 million, or $.03 per share, net of tax and noncontrolling interest) for the write-off of deferred financing costs at our Chemicals Segment.

2024年第一季度的公司支出與2023年第一季度的公司支出相當。與2023年第一季度相比,2024年第一季度的利息收入和其他收入增加了80萬美元,這主要是由於平均利率上升。與2023年第一季度相比,2024年第一季度的利息支出增加了430萬美元,這主要是由於2024年2月化工板塊再融資債務的利率上升。此外,2024年第一季度的利息支出包括150萬美元(扣除稅收和非控股權益後的70萬美元,合每股0.03美元),用於註銷我們的化學品板塊的遞延融資成本。

The statements in this press release relating to matters that are not historical facts are forward-looking statements that represent management's beliefs and assumptions based on currently available information. Although we believe the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurances that these expectations will be correct. Such statements by their nature involve substantial risks and uncertainties that could significantly impact expected results, and actual future results could differ materially from those predicted. While it is not possible to identify all factors, we continue to face many risks and uncertainties. Among the factors that could cause our actual future results to differ materially include, but are not limited to, the following:

本新聞稿中與非歷史事實事項相關的陳述是前瞻性陳述,代表管理層基於當前可用信息的信念和假設。儘管我們認爲此類前瞻性陳述中反映的預期是合理的,但我們無法保證這些預期是正確的。就其性質而言,此類陳述涉及大量風險和不確定性,可能會對預期結果產生重大影響,而未來的實際結果可能與預測的結果存在重大差異。儘管不可能確定所有因素,但我們仍然面臨許多風險和不確定性。可能導致我們未來實際業績出現重大差異的因素包括但不限於以下因素:

  • Future supply and demand for our products;
  • The extent of the dependence of certain of our businesses on certain market sectors;
  • The cyclicality of certain of our businesses (such as Kronos' TiO2 operations);
  • Customer and producer inventory levels;
  • Unexpected or earlier-than-expected industry capacity expansion (such as the TiO2 industry);
  • Changes in raw material and other operating costs (such as ore, zinc, brass, aluminum, steel and energy costs);
  • Changes in the availability of raw materials (such as ore);
  • General global economic and political conditions that harm the worldwide economy, disrupt our supply chain, increase material and energy costs, reduce demand or perceived demand for TiO2, component products and land held for development or impair our ability to operate our facilities (including changes in the level of gross domestic product in various regions of the world, natural disasters, terrorist acts, global conflicts and public health crises);
  • Operating interruptions (including, but not limited to, labor disputes, leaks, natural disasters, fires, explosions, unscheduled or unplanned downtime, transportation interruptions, certain regional and world events or economic conditions and public health crises);
  • Technology related disruptions (including, but not limited to, cyber-attacks; software implementation, upgrades or improvements; technology processing failures; or other events) related to our technology infrastructure that could impact our ability to continue operations, or at key vendors which could impact our supply chain, or at key customers which could impact their operations and cause them to curtail or pause orders;
  • Competitive products and substitute products;
  • Customer and competitor strategies;
  • Potential difficulties in integrating future acquisitions;
  • Potential difficulties in upgrading or implementing accounting and manufacturing software systems;
  • Potential consolidation of our competitors;
  • Potential consolidation of our customers;
  • The impact of pricing and production decisions;
  • Competitive technology positions;
  • Our ability to protect or defend intellectual property rights;
  • The introduction of trade barriers or trade disputes;
  • The ability of our subsidiaries to pay us dividends;
  • Uncertainties associated with new product development and the development of new product features;
  • Fluctuations in currency exchange rates (such as changes in the exchange rate between the U.S. dollar and each of the euro, the Norwegian krone and the Canadian dollar and between the euro and the Norwegian krone) or possible disruptions to our business resulting from uncertainties associated with the euro or other currencies;
  • Decisions to sell operating assets other than in the ordinary course of business;
  • The timing and amounts of insurance recoveries;
  • Our ability to renew, amend, refinance or establish credit facilities;
  • Increases in interest rates;
  • Our ability to maintain sufficient liquidity;
  • The ultimate outcome of income tax audits, tax settlement initiatives or other tax matters, including future tax reform;
  • Our ability to utilize income tax attributes, the benefits of which may or may not have been recognized under the more-likely-than-not recognition criteria;
  • Environmental matters (such as those requiring compliance with emission and discharge standards for existing and new facilities, or new developments regarding environmental remediation or decommissioning obligations at sites related to our former operations);
  • Government laws and regulations and possible changes therein (such as changes in government regulations which might impose various obligations on former manufacturers of lead pigment and lead-based paint, including NL, with respect to asserted health concerns associated with the use of such products) including new environmental, health, safety, sustainability or other regulations (such as those seeking to limit or classify TiO2 or its use);
  • The ultimate resolution of pending litigation (such as NL's lead pigment and environmental matters);
  • Our ability to comply with covenants contained in our revolving bank credit facilities;
  • Our ability to complete and comply with the conditions of our licenses and permits;
  • Changes in real estate values and construction costs in Henderson, Nevada; and
  • Pending or possible future litigation or other actions.
  • 我們產品的未來供需;
  • 我們的某些業務對某些市場部門的依賴程度;
  • 我們某些業務的週期性(例如Kronos的TiO)2 操作);
  • 客戶和生產商庫存水平;
  • 意外或早於預期的行業產能擴張(例如TiO)2 工業);
  • 原材料和其他運營成本(例如礦石、鋅、黃銅、鋁、鋼和能源成本)的變化;
  • 原材料(例如礦石)可用性的變化;
  • 損害全球經濟、擾亂我們的供應鏈、增加材料和能源成本、減少對二氧化鈦的需求或感知需求的全球總體經濟和政治狀況2, 零部件產品和土地用於開發或損害我們運營設施的能力(包括世界各地區國內生產總值水平的變化、自然災害、恐怖行爲、全球衝突和公共衛生危機);
  • 運營中斷(包括但不限於勞資糾紛、泄漏、自然災害、火災、爆炸、計劃外或計劃外停機、運輸中斷、某些地區和世界事件或經濟狀況和公共衛生危機);
  • 可能影響我們持續運營能力的與我們的技術基礎設施相關的技術中斷(包括但不限於網絡攻擊;軟件實施、升級或改進;技術處理故障;或其他事件);可能影響我們供應鏈的關鍵供應商;或可能影響其運營並導致他們削減或暫停訂單的主要客戶;
  • 競爭產品和替代產品;
  • 客戶和競爭對手的策略;
  • 整合未來收購的潛在困難;
  • 升級或實施會計和製造軟件系統方面的潛在困難;
  • 競爭對手的潛在整合;
  • 我們客戶的潛在整合;
  • 定價和生產決策的影響;
  • 具有競爭力的技術職位;
  • 我們保護或捍衛知識產權的能力;
  • 引入貿易壁壘或貿易爭端;
  • 我們的子公司向我們支付股息的能力;
  • 與新產品開發和新產品功能開發相關的不確定性;
  • 貨幣匯率的波動(例如美元與歐元、挪威克朗和加元之間以及歐元和挪威克朗之間的匯率變化),或歐元或其他貨幣的不確定性可能導致我們的業務中斷;
  • 決定出售非正常業務過程中的運營資產;
  • 追回保險的時間和金額;
  • 我們續訂、修改、再融資或建立信貸額度的能力;
  • 提高利率;
  • 我們維持足夠流動性的能力;
  • 所得稅審計、稅收結算舉措或其他稅務事項的最終結果,包括未來的稅收改革;
  • 我們利用所得稅屬性的能力,這些屬性的好處可能已經得到認可,也可能不是,根據更有可能的認可標準,也可能沒有得到承認;
  • 環境問題(例如要求遵守現有和新設施的排放和排放標準的問題,或與我們以前的運營相關的場地的環境修復或退役義務方面的新開發項目);
  • 政府法律和法規及其可能的變化(例如政府法規的變化,這可能會對包括荷蘭在內的鉛顏料和鉛基塗料的前製造商施加各種義務,要求他們承擔與使用此類產品相關的健康問題),包括新的環境、健康、安全、可持續性或其他法規(例如尋求限制或分類二氧化鈦的法規)2 或其用途);
  • 未決訴訟(例如荷蘭的鉛顏料和環境問題)的最終解決方案;
  • 我們遵守循環銀行信貸額度中包含的契約的能力;
  • 我們完成和遵守我們的執照和許可證條件的能力;
  • 內華達州亨德森市房地產價值和建築成本的變化;以及
  • 未決或將來可能的訴訟或其他訴訟。

Should one or more of these risks materialize (or the consequences of such development worsen), or should the underlying assumptions prove incorrect, actual results could differ materially from those currently forecasted or expected. We disclaim any intention or obligation to update or revise any forward-looking statement whether as a result of changes in information, future events or otherwise.

如果其中一項或多項風險得以實現(或此類發展的後果惡化),或者如果基本假設被證明不正確,則實際結果可能與目前的預測或預期存在重大差異。無論是由於信息變化、未來事件還是其他原因,我們均不打算或有義務更新或修改任何前瞻性陳述。

Valhi, Inc. is engaged in the chemicals (TiO2), component products (security products and recreational marine components) and real estate management and development industries.

Valhi, Inc. 從事化學品業務(TiO2),組件產品(安全產品和休閒船用組件)以及房地產管理和開發行業。

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Investor Relations Contact

投資者關係聯繫人

Bryan A. Hanley
Senior Vice President and Treasurer
Tel. 972-233-1700
VALHI, INC. AND SUBSIDIARIES

布萊恩·A·漢利
高級副總裁兼財務主管
電話 972-233-1700
VALHI, INC.和子公司

CONDENSED SUMMARY OF OPERATIONS
(In millions, except earnings per share)

簡要的操作摘要
(以百萬計,每股收益除外)

Three months ended
March 31,
2023 2024
(unaudited)
Net sales
Chemicals $ 426.3 $ 478.8
Component products 41.2 38.0
Real estate management and development 25.2 13.8
Total net sales $ 492.7 $ 530.6
Operating income (loss)
Chemicals $ (15.1) $ 22.8
Component products 7.0 3.7
Real estate management and development 10.6 5.0
Total operating income 2.5 31.5
General corporate items:
Interest income and other 4.9 5.7
Other components of net periodic pension and OPEB expense (1.2) (.6)
Changes in market value of Valhi common stock held by subsidiaries (1.1) .5
General expenses, net (7.9) (7.8)
Interest expense (7.0) (11.3)
Income (loss) before income taxes (9.8) 18.0
Income tax expense (benefit) (6.1) 4.4
Net income (loss) (3.7) 13.6
Noncontrolling interest in net income of subsidiaries 1.2 5.8
Net income (loss) attributable to Valhi stockholders $ (4.9) $ 7.8
Amounts attributable to Valhi stockholders:
Basic and diluted net income (loss) per share $ (.17) $ .27
Basic and diluted weighted average shares outstanding 28.5 28.5
三個月已結束
3月31日
2023 2024
(未經審計)
淨銷售額
化學品 $ 426.3 $ 478.8
組件產品 41.2 38.0
房地產管理和開發 25.2 13.8
淨銷售總額 $ 492.7 $ 530.6
營業收入(虧損)
化學品 $ (15.1) $ 22.8
組件產品 7.0 3.7
房地產管理和開發 10.6 5.0
總營業收入 2.5 31.5
一般公司物品:
利息收入和其他 4.9 5.7
定期淨養老金和OPEB支出的其他組成部分 (1.2) (.6)
子公司持有的Valhi普通股市值的變化 (1.1) .5
一般開支,淨額 (7.9) (7.8)
利息支出 (7.0) (11.3)
所得稅前收入(虧損) (9.8) 18.0
所得稅支出(福利) (6.1) 4.4
淨收益(虧損) (3.7) 13.6
子公司淨收益中的非控股權益 1.2 5.8
歸屬於Valhi股東的淨收益(虧損) $ (4.9) $ 7.8
歸屬於Valhi股東的金額:
基本和攤薄後的每股淨收益(虧損) $ (.17) $ .27
基本和攤薄後的加權平均已發行股數 28.5 28.5

VALHI, INC. AND SUBSIDIARIES
IMPACT OF PERCENTAGE CHANGE IN CHEMICAL SEGMENT'S NET SALES
(unaudited)

VALHI, INC.和子公司
化工板塊淨銷售額百分比變動的影響
(未經審計)

Three months ended
March 31,
2024 vs. 2023
Percentage change in TiO2 net sales:
TiO2 sales volumes 28%
TiO2 product pricing (11)
TiO2 product mix/other (6)
Changes in currency exchange rates 1
Total 12%
三個月已結束
3月31日
2024 年與 2023
TiO 的百分比變化2 淨銷售額:
TiO2 銷量 28%
TiO2 產品定價 (11)
TiO2 產品組合/其他 (6)
貨幣匯率的變化 1
總計 12%

Primary Logo

Source: Valhi, Inc.

資料來源:Valhi, Inc.

譯文內容由第三人軟體翻譯。


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