VALHI REPORTS THIRD QUARTER 2017 RESULTS

DALLAS, TEXAS . . November 9, 2017.  Valhi, Inc. (NYSE: VHI) reported net income attributable to Valhi stockholders of $45.9 million, or $.13 per diluted share, in the third quarter of 2017 compared to $3.0 million, or $.01 per diluted share, in the third quarter of 2016.   Valhi reported net income attributable to Valhi stockholders of $67.4 million, or $.20 per diluted share, in the first nine months of 2017 compared to a net loss attributable to Valhi stockholders of $25.0 million, or $.07 per diluted share in the first nine months of 2016.  We reported net income attributable to Valhi stockholders in the 2017 periods primarily due to the improved operating results of our Chemicals Segment and the second quarter recognition of a non-cash deferred income tax benefit related to the Chemicals Segment's German and Belgian operations partially offset by a long-lived asset impairment charge related to our Waste Management Segment.

The Chemicals Segment's net sales of $464.5 million in the third quarter of 2017 were $108.4 million, or 30%, higher than in the third quarter of 2016.  The Chemicals Segment's net sales of $1.276 billion in the first nine months of 2017 were $245.1 million, or 24%, higher than in the first nine months of 2016.  The Chemicals Segment's net sales increased in 2017 due to higher average TiO2 selling prices and higher sales volumes.  The Chemicals Segment's average TiO2 selling prices were 23% higher in the third quarter of 2017 as compared to the third quarter of 2016 and were 20% higher in the first nine months of the year as compared to the same prior year period.  The Chemicals Segment's average selling prices at the end of the third quarter of 2017 were 8% higher than at the end of the second quarter of 2017 and were 21% higher than at the end of 2016, with higher prices in all major markets.  TiO2 sales volumes in each of the third quarter and year-to-date period of 2017 were 5% higher as compared to the same periods in 2016 due to higher sales in the European, North American and export markets. The Chemicals Segment's sales volumes in the third quarter and first nine months of 2017 set a new overall record for a third quarter and first-nine-month period.  Fluctuations in currency exchange rates (primarily the euro) also affected net sales comparisons, increasing net sales by approximately $13 million in the third quarter of 2017 and decreasing net sales by approximately $2 million in the first nine months of 2017 as compared to the same periods in 2016.  The table at the end of this press release shows how each of these items impacted the overall increase in sales.

The Chemicals Segment's operating income in the third quarter of 2017 was $93.9 million as compared to $30.1 million in the third quarter of 2016.  For the year-to-date period, the Chemicals Segment's operating income was $221.9 million as compared to $45.8 million in the first nine months of 2016.  The Chemicals Segment's operating income increased in the third quarter of 2017 primarily due to higher average TiO2 selling prices and higher sales and production volumes partially offset by higher costs for certain raw materials and other production costs.  The Chemicals Segment's operating income increased in the first nine months of 2017 primarily due to higher average TiO2 selling prices, higher sales and production volumes and lower raw materials and other production costs.  The Chemicals Segment's TiO2 production volumes were 2% higher in the third quarter and 7% higher in the first nine months of 2017 as compared to the same periods in 2016.  The Chemicals Segment operated its production facilities at full practical capacity utilization rates in the first nine months of 2017 compared to approximately 97% in the first nine months of 2016.  The Chemicals Segment's production volumes in the third quarter and first nine months of 2017 set a new overall record for a third quarter and first-nine-month period.  Fluctuations in currency exchange rates also affected operating income comparisons, which decreased operating income by approximately $6 million in the third quarter and by approximately $19 million in the year-to-date period.

The following information was filed by Valhi Inc (VHI) on Thursday, November 9, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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