Venator Materials PLC (VNTR) Tops Q4 EPS by 2c, Revenues Beat

Venator Materials PLC (NYSE: VNTR) reported Q4 EPS of ($0.12), $0.02 better than the analyst estimate of ($0.14). Revenue for the quarter came in at $476 million versus the consensus estimate of $459.67 million.

Fourth Quarter 2020 Highlights

• Net loss attributable to Venator of $58 million compared to $174 million in the prior year period
• Adjusted EBITDA of $25 million compared to $23 million in the prior year period
• Net cash provided by operating activities was $34 million and free cash flow was $13 million
• Loss per share of $0.54 and adjusted loss per share of $0.12

Simon Turner, President and CEO of Venator, commented:

"2020 was an unprecedented year with unique challenges and I was very pleased with how well our associates and business responded. We successfully completed our 2019 business improvement program, introduced an additional savings program and delivered our temporary COVID savings. In total, we delivered $57 million of cost savings and closed the year with three consecutive quarters of positive free cash flow. Fourth quarter sales volumes for our TiO2 products continue to improve and have returned to pre-COVID levels within all business units of Performance Additives. Our Performance Additives business demonstrated particular resilience in 2020 as EBITDA improved by $8 million compared to the prior year.

"Although uncertainties regarding the COVID pandemic remain, TiO2 fundamentals are improving. Stronger demand for TiO2 is enabling higher selling prices as we seek to reclaim lost margin. We continue to exercise disciplined management over our cash uses as we seek to improve our long-term free cash flow profile. I am optimistic about Venator's future prospects."

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

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