Three months ended

Nine months ended

September 30,

2023

2024

2023

2024

(In millions)

Net sales:

Chemicals

$

396.9

$

484.7

$

1,266.4

$

1,464.0

Component products

40.3

33.6

118.1

107.5

Real estate management and development

31.7

15.3

84.2

52.4

Total net sales

$

468.9

$

533.6

$

1,468.7

$

1,623.9

Cost of sales:

Chemicals

$

362.8

$

384.4

$

1,158.0

$

1,193.0

Component products

27.7

24.1

82.5

77.2

Real estate management and development

17.8

8.8

48.0

29.8

Total cost of sales

$

408.3

$

417.3

$

1,288.5

$

1,300.0

Gross margin:

Chemicals

$

34.1

$

100.3

$

108.4

$

271.0

Component products

12.6

9.5

35.6

30.3

Real estate management and development

13.9

6.5

36.2

22.6

Total gross margin

$

60.6

$

116.3

$

180.2

$

323.9

Operating income (loss):

Chemicals

$

(21.8)

$

42.6

$

(39.5)

$

105.9

Component products

6.6

3.3

18.0

12.1

Real estate management and development

17.7

21.8

38.5

36.0

Total operating income

2.5

67.7

17.0

154.0

General corporate items:

Interest income and other

4.9

5.4

14.5

16.6

Gain on remeasurement of investment in TiO₂manufacturing joint venture

—

64.5

—

64.5

Insurance recoveries

.3

1.1

.4

1.3

Gain on land sales

—

1.5

—

Other components of net periodic pension and OPEB expense

(1.3)

(.6)

(10.0)

(1.8)

Changes in market value of Valhi common stock held by subsidiaries

.1

3.7

(2.1)

4.3

General expenses, net

(8.8)

(8.5)

(26.3)

(26.8)

Interest expense

(7.2)

(13.4)

(21.4)

(36.6)

Income (loss) before income taxes

$

(9.5)

$

119.9

$

(26.4)

$

175.5