Venator Materials PLC (VNTR) Tops Q2 EPS by 5c, Revenues Beat

Venator Materials PLC (NYSE: VNTR) reported Q2 EPS of ($0.03), $0.05 better than the analyst estimate of ($0.08). Revenue for the quarter came in at $456 million versus the consensus estimate of $445.18 million.

Second Quarter 2020 Highlights

• Net loss attributable to Venator of $19 million compared to net income attributable to Venator of $21 million in the prior year period
• Adjusted EBITDA of $37 million compared to $61 million in the second quarter of 2019
• Diluted loss per share of $0.18 and adjusted diluted loss per share of $0.03
• TiO2 sales volumes declined by 16% compared to the first quarter of 2020, primarily due to the effects of COVID-19
• Average TiO2 pricing was stable compared to the first quarter of 2020 and second quarter of 2019
• Delivered $11 million of cost benefits in the second quarter compared to the prior year period, including $7 million from our COVID-19 initiatives and $4 million from our 2019 Business Improvement Program
• Successfully completed an offering of $225 million in aggregate principal amount of senior secured notes due 2025

Simon Turner, President and CEO of Venator, commented:

"Our business performed well in the second quarter notwithstanding the severe headwinds due to the COVID-19 pandemic. TiO2 volumes declined 16% sequentially, in-line with our expectations. Our average TiO2 price remained stable, consistent with our customer-tailored approach, and our decisive cost actions helped mitigate the acute impact of lower demand.

"We continue to have a relentless focus on managing our costs and cash uses. In the second quarter, we delivered on our COVID-19 cost initiatives and enhanced our liquidity position. We expect to continue to benefit from our self-help measures, including our Business Improvement Program.

"We are encouraged by the phased reopening of economies around the world. We will continue to focus on items under our control, such as providing quality products and services to our customers, lowering our costs and cash uses and improving our competitive profile."

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

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