VALHI REPORTS FIRST QUARTER 2018 RESULTS

DALLAS, TEXAS . . May 9, 2018.  Valhi, Inc. (NYSE: VHI) reported net income from continuing operations attributable to Valhi stockholders of $51.7 million, or $.15 per diluted share, in the first quarter of 2018 compared to $14.4 million, or $.04 per diluted share, in the first quarter of 2017.   Net income from continuing operations attributable to Valhi stockholders increased primarily due to improved operating results in the Company's Chemicals Segment in 2018.

The Chemicals Segment's net sales of $430.4 million in the first quarter of 2018 were $60.6 million, or 16%, higher than in the first quarter of 2017.  The Chemicals Segment's net sales increased in the first quarter of 2018 as compared to the same period in 2017 due to higher average TiO2 selling prices partially offset by lower sales volumes.  The Chemicals Segment's average TiO2 selling prices were 26% higher in the first quarter of 2018 as compared to the first quarter of 2017 with higher prices in all major markets.  The Chemicals Segment's average TiO2 selling prices at the end of the first quarter of 2018 were 4% higher than at the end of 2017 with higher prices in the European, North American and export markets, partially offset by lower prices in Latin America.  TiO2 sales volumes in the first quarter of 2018 were 13% lower as compared to the record first quarter sales volumes of 2017 due to lower sales in all major markets. Fluctuations in currency exchange rates (primarily the euro) also affected net sales comparisons, increasing net sales by approximately $31 million in the first quarter of 2018 as compared to the first quarter of 2017.  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 first quarter of 2018 was $110.6 million as compared to $59.1 million in the first quarter of 2017.  The Chemicals Segment's operating income increased in the first quarter of 2018 primarily due to higher average TiO2 selling prices partially offset by lower sales and production volumes and higher costs for certain raw materials and other production costs.  The Chemicals Segment's TiO2 production volumes were 8% lower in the first quarter as compared to the same period in 2017.  The Chemicals Segment's production facilities operated at 95% of practical capacity in 2018 compared to full practical capacity utilization rates in 2017.  Fluctuations in currency exchange rates also affected segment profit comparisons, which increased operating income by approximately $1 million in the first quarter of 2018 as compared to the first quarter of 2017.
The Component Products Segment's net sales in the first quarter of 2018 decreased as compared to 2017 primarily due to lower security products sales volumes to existing government security customers and to a lesser extent lower sales to an original equipment manufacturer of recreational transportation products, partially offset by higher Marine Components sales for the quarter.  The Component Products Segment's operating income decreased in the first quarter of 2018 as compared to the same period of 2017 primarily due to lower security products sales.

The Real Estate Management and Development Segment had first quarter 2018 sales of $7.2 million, including $5.8 million in revenue on sales of land held for development, compared to the first quarter of 2017 sales of $5.6 million, including $3.7 million in sales of land held for development.   The Real Estate Management and Development Segment had operating income of $3.8 million in the first quarter of 2018 compared to $.5 million in the first quarter of 2017.  Operating income in the first quarter of 2018 also includes $3.1 million of income related to the recognition of tax increment reimbursement note receivables. Because the land held for development acquired was initially recognized at the estimated fair value at December 31, 2013 in connection with the previously-reported acquisition of a controlling interest in this segment, the Company does not expect to recognize significant operating income on land sales during 2018.
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The following information was filed by Valhi Inc (VHI) on Wednesday, May 9, 2018 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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