Venator Materials PLC (VNTR) Tops Q1 EPS by 2c

Venator Materials PLC (NYSE: VNTR) reported Q1 EPS of $0.13, $0.02 better than the analyst estimate of $0.11. Revenue for the quarter came in at $562 million versus the consensus estimate of $553.25 million.

• Net loss attributable to Venator of $3 million and adjusted net income attributable to Venator of $14 million compared to a net loss attributable to Venator of $69 million and adjusted net income attributable to Venator of $19 million in the prior quarter
• Adjusted EBITDA of $60 million compared to $45 million in 4Q18
• Diluted loss per share of $0.03 and adjusted diluted earnings per share of $0.13
• Net cash used in operating activities was $29 million and free cash flow was a use of $82 million
• Specialty TiO2 price and volume trends remain strong globally

Simon Turner, President and CEO of Venator, commented:

"In the first quarter, we generated $60 million of adjusted EBITDA, growth of $15 million compared to the fourth quarter of 2018. We continue to execute on our strategy to enhance our specialty TiO2 leadership position while taking action to deliver on our $40 million Business improvement Program.

"Our titanium dioxide segment delivered year-on-year volume growth. While we observed clear regional differences in demand for functional products, specialty TiO2 remains robust with 11% growth. We believe customer destocking has largely run its course and expect TiO2 volumes to reflect historical seasonal growth patterns in the second half of 2019.

"We continue to be encouraged by underlying industry fundamentals, despite challenging global economic conditions. We are intensely focused on advancing our strategy of improving our cash flow generation across the cycle and delivering shareholder value."

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

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