KRO - Why Kronos Worldwide Stock Crashed 15.8% Today
2023-03-09 12:28:22 ET
Shares of Kronos Worldwide (NYSE: KRO) slid 15.8% through 11:30 a.m. ET this morning after the titanium dioxide pigment producer reported an even worse fourth quarter than investors had expected.
The company's products are used as a whitener in paints, cosmetics, paper, and other products. Heading into the fourth-quarter report, analysts had forecast a loss of $0.07 per share on $319.8 million in sales. As it turned out, Kronos cleared that revenue hurdle, with sales topping $342.2 million. But it whiffed on earnings, losing $0.18 per share.
So an earnings miss but a revenue beat at first glance looks like only a mixed quarter, and not ordinarily the kind of thing that would drive a stock down 16%.
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Why Kronos Worldwide Stock Crashed 15.8% Today