2023 and 7% lower in the first nine months of 2024 as compared to the first nine months of 2023. The effect of changes in currency exchange rates in the third quarter of 2024 were comparable to the third quarter of 2023. Kronos estimates that changes in currency exchange rates (primarily the euro) increased its net sales by approximately $5 million in the first nine months of 2024 as compared to the first nine months of 2023. The table at the end of this press release shows how each of these items impacted net sales.
Kronos’ income from operations in the third quarter of 2024 was $38.9 million as compared to a loss from operations of $25.3 million in the third quarter of 2023. For the year-to-date period, Kronos’ income from operations was $94.3 million as compared to a loss from operations of $50.3 million in the first nine months of 2023. Kronos’ income from operations increased in the third quarter and first nine months of 2024 compared to the same periods in 2023 primarily due to the net effects of higher sales and production volumes, lower production costs (primarily energy and raw material costs) and lower average TiO2 selling prices. Kronos’ TiO2 production volumes were 37% higher in the third quarter of 2024 compared to the third quarter of 2023 and 35% higher in the first nine months of 2024 compared to the same period of 2023. Due to improved overall demand and a more favorable production cost environment, Kronos increased its production rates to 93% of practical capacity utilization in the first nine months of 2024 (87%, 99% and 92% in the first, second and third quarters of 2024, respectively) compared to 71% in the first nine months of 2023 (76%, 64% and 73% in the first, second and third quarters of 2023, respectively). As a result, Kronos’ unabsorbed fixed production costs in the first nine months of 2024 were $12 million (incurred in the first quarter) compared to $74 million in the first nine months of 2023 related to curtailments in 2023 and continuing into the first quarter of 2024. Kronos’ third quarter production volumes include approximately 13,000 metric tons of incremental production resulting from the LPC acquisition. During the third quarter Kronos completed the closure of its sulfate process line in Canada and Kronos’ income from operations in the third quarter and first nine months of 2024 includes non-cash charges of approximately $4 million and $14 million, respectively, related to accelerated depreciation, and the first nine months of 2024 includes a charge of approximately $2 million related to workforce reductions. Kronos’ selling, general and administrative expense in the third quarter and first nine months of 2024 includes $2.2 million of transaction costs incurred in connection with the LPC acquisition. Fluctuations in currency exchange rates (primarily the euro) increased Kronos’ income from operations by approximately $13 million in the third quarter of 2024 and approximately $10 million in the first nine months of 2024 as compared to the same prior year periods.
Corporate expenses decreased $.9 million in the third quarter of 2024 compared to the third quarter of 2023 primarily due to lower litigation fees and related costs and lower environmental remediation and related costs. Corporate expenses in the first nine months of 2024 were comparable to the same period of 2023. Interest and dividend income increased in the third quarter and for the first nine months of 2024 compared to the same periods of 2023 primarily due to higher average interest rates and higher average investment balances, somewhat offset by lower average balances on CompX’s revolving promissory note receivable from Valhi. Marketable equity securities represent the change in unrealized gains (losses) on our portfolio of marketable equity securities during the periods.
Net income attributable to NL stockholders for the third quarter of 2024 includes income of $1.1 million ($.9 million, or $.02 per share, net of tax) related to insurance recoveries. Net income attributable to NL stockholders for the third quarter and the first nine months of 2024 includes income of $15.6 million ($12.3 million, or $.25 per share, net of tax) due to Kronos’ non-cash gain resulting from the remeasurement of its investment in LPC. Additionally, net income attributable to NL stockholders for the first nine months of 2024 includes a loss of $.3 million ($.3 million, or $.01 per share, net of tax) due to Kronos’ recognition of an aggregate charge related to a write-off of deferred financing costs and income of $1.3 million ($1.0 million, or $.02 per share, net of tax) related to insurance recoveries.
Net loss attributable to NL stockholders for the first nine months of 2023 includes a non-cash loss of $4.9 million ($3.9 million, or $.08 per share, net of tax) due to the termination of our U.K. pension plan. Additionally, net loss attributable to NL stockholders for the first nine months of 2023 includes income of $.6 million ($.5 million, or $.01 per share, net of tax) due to Kronos’ recognition of a pre-tax insurance settlement gain related to a business interruption insurance claim arising from Hurricane Laura in 2020.
The statements in this release relating to matters that are not historical facts are forward-looking statements that represent management's beliefs and assumptions based on currently available information. Although we believe the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurances that these expectations will prove to be correct. Such statements by their nature involve substantial risks and uncertainties that could significantly impact expected results, and actual future results could differ materially from those described in such forward-looking
