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Venator Materials PLC (NYSE: VNTR) reported Q1 EPS of $0.01, $0.01 worse than the analyst estimate of $0.02. Revenue for the quarter came in at $553 million versus the consensus estimate of $538.82 million.
First Quarter 2021 Highlights
- Net loss attributable to Venator of $21 million compared to net income attributable to Venator of $7 million in the prior year period
- Adjusted EBITDA of $49 million compared to $57 million and $25 million in the first and fourth quarters of 2020, respectively
- Net cash used in operating activities of $15 million and free cash out flow of $30 million
- Diluted loss per share of $0.20 and adjusted diluted earnings per share of $0.01
- Compared to the fourth quarter of 2020, average TiO2 selling prices increased 3% in local currency and TiO2 sales volumes increased 14%
- During April 2021, we signed an agreement to sell our Water Treatment business to Feralco Group for approximately $6 million cash
Simon Turner, President and CEO of Venator, commented:
“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 $9 million of benefit from our 2020 business improvement program.
TiO2 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 TiO2 selling price increases.
Our Performance Additives segment EBITDA improved by $8 million compared to 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.
During April 2021, we signed an agreement to sell our Water Treatment business to Feralco Group for approximately $6 million. They are a more natural long-term owner of the business, which will benefit its customers and associates. This divestiture enables Venator to unlock value from a non-core element of our enterprise.”
For earnings history and earnings-related data on Venator Materials PLC (VNTR) click here.