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Valhi (VHI) investor relations material
Valhi Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net income attributable to stockholders was $0.9 million ($0.03/share) for Q2 2025, down from $19.9 million ($0.70/share) in Q2 2024, mainly due to lower Chemicals segment results and higher real estate income from infrastructure reimbursement.
For the first six months of 2025, net income attributable to stockholders was $17.8 million ($0.62/share), compared to $27.7 million ($0.97/share) in the prior year period.
Decrease in net income was primarily due to lower operating results from the Chemicals segment, partially offset by improved results in Real Estate and Component Products.
Operating income for the first half of 2025 was $85.6 million, nearly flat year-over-year.
Acquisition of the remaining 50% interest in Louisiana Pigment Company (LPC) in July 2024, making LPC a wholly-owned subsidiary.
Financial highlights
Q2 2025 consolidated net sales were $540.4 million, down 3% year-over-year; six-month net sales were $1,079.0 million, down 1%.
Q2 2025 gross margin was $78.1 million (14% of sales), down from $121.3 million (22%) in Q2 2024; six-month gross margin was $200.6 million (19%), down from $207.6 million (19%).
Q2 2025 operating income was $35.5 million, down from $54.8 million in Q2 2024; six-month operating income was $85.6 million, compared to $86.3 million.
Q2 2025 EPS was $0.03, down from $0.70; six-month EPS was $0.62, down from $0.97.
Interest expense increased to $13.8 million in Q2 2025 from $11.9 million in Q2 2024, and to $27.0 million for six months 2025 from $23.2 million in 2024.
Outlook and guidance
2025 consolidated operating income is expected to be lower than 2024, mainly due to lower Chemicals segment results from decreased sales volumes and higher production costs.
Real Estate Management and Development segment is expected to see higher operating income in 2025 due to increased infrastructure reimbursements.
Component Products segment is expected to benefit from higher marine components sales in 2025.
Chemicals segment expects continued demand challenges due to high interest rates, inflation, and global trade tensions, with lower operating results anticipated for the full year.
Management notes ongoing global uncertainty, trade policy impacts, and customer hesitancy are deferring market recovery and affecting sales volumes and pricing momentum in the Chemicals segment.
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