DALLAS (AP) -- Kronos Worldwide Inc.'s profit more than doubled in the fourth quarter, benefiting from higher average selling prices for titanium dioxide and increased production volumes.
The Dallas-based maker of titanium dioxide products said Tuesday that its net income rose to $85.8 million, or 74 cents per share, in the quarter ended Dec. 31 from $36.4 million, or 33 cents per share, a year earlier.
The latest earnings topped the 47 cents per share that analysts polled by FactSet expected.
Shares of Kronos added $1.07, or 4.5 percent, to $24.75 in trading before the market open.
Revenue rose 17 percent to $437.4 million from $373.3 million, but fell short of Wall Street's $439.4 million estimate.
Average titanium dioxide selling prices at the fourth quarter's end were up 11 percent from those at the end of the third quarter.
Favorable foreign exchange rates also increase sales by about $4 million.
Kronos reported net income of $321 million, or $2.77 per share, for the year, up from $130.6 million, or $1.29 per share, in the previous year. Full-year revenue climbed 34 percent to $1.94 billion from $1.45 billion.
- titanium dioxide