Three months ended

Nine months ended

September 30,

2024

2025

2024

2025

(In millions)

Net sales:

Chemicals

$

484.7

$

456.9

$

1,464.0

$

1,441.1

Component products

33.6

40.0

107.5

120.6

Real estate management and development

15.3

6.6

52.4

20.8

Total net sales

$

533.6

$

503.5

$

1,623.9

$

1,582.5

Cost of sales:

Chemicals

$

384.4

$

410.4

$

1,193.0

$

1,225.9

Component products

24.1

29.0

77.2

84.5

Real estate management and development

8.8

3.5

29.8

10.9

Total cost of sales

$

417.3

$

442.9

$

1,300.0

$

1,321.3

Gross margin:

Chemicals

$

100.3

$

46.5

$

271.0

$

215.2

Component products

9.5

11.0

30.3

36.1

Real estate management and development

6.5

3.1

22.6

9.9

Total gross margin

$

116.3

$

60.6

$

323.9

$

261.2

Operating income (loss):

Chemicals

$

42.6

$

(15.9)

$

105.9

$

35.6

Component products

3.3

4.8

12.1

17.0

Real estate management and development

21.8

19.7

36.0

41.6

Total operating income

67.7

8.6

154.0

94.2

General corporate items:

Interest income and other

5.4

4.6

16.6

12.6

Gain on remeasurement of investment in TiO₂ manufacturing joint venture

64.5

—

64.5

—

Gain on remeasurement of earn-out liability

—

4.6

—

4.6

Insurance recoveries

1.1

—

1.3

—

Other components of net periodic pension and OPEB expense

(.6)

(.9)

(1.8)

(2.4)

Changes in market value of Valhi common stock held by subsidiaries

3.7

(.1)

4.3

(1.8)

General expenses, net

(8.5)

(9.5)

(26.8)

(26.6)

Interest expense

(13.4)

(14.9)

(36.6)

(41.9)

Income (loss) before income taxes

$

119.9

$

(7.6)

$

175.5

$

38.7