Venator Materials PLC (VNTR) Tops Q4 EPS by 15c, Revenues Beat

Venator Materials PLC (NYSE: VNTR) reported Q4 EPS of $0.18, $0.15 better than the analyst estimate of $0.03. Revenue for the quarter came in at $484 million versus the consensus estimate of $479.52 million.

Simon Turner, President and CEO of Venator, commented:"Fourth quarter seasonality was amplified by a softer titanium dioxide environment principally related to customer destocking in China and Europe and higher raw material and energy costs, although the effect of customer destocking decelerated from the third quarter into the fourth. In response to the current economic environment and a reduced TiO2 manufacturing footprint, we have commenced a new comprehensive cost and operational improvement program. These actions are designed to improve profitability, starting with the rationalization of senior leadership and simplification of organizational structure.

"As we aggressively manage costs under the 2019 Business Improvement Program, we remain focused on transferring our specialty TiO2 technology from Pori to other sites within our network which, combined with other cost actions, should strengthen our cash flow generation throughout the cycle. We continue to explore measures within our portfolio to unlock shareholder value.

"Notwithstanding global economic uncertainty, longer-term industry fundamentals remain positive and we believe these actions will better position Venator for the future."

For earnings history and earnings-related data on Venator Materials PLC (VNTR) click here.

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