Minerals Technologies Inc. (NYSE: MTX) (“MTI” or “the Company”)
today reported diluted earnings per share of $1.49 for the first
quarter ended March 31, 2024, excluding special items. Reported
diluted earnings per share were $1.44.
Worldwide net sales were $535 million, 2 percent higher
sequentially and up slightly versus prior year on an underlying
basis, excluding the deconsolidation of Barretts Minerals Inc.
Underlying growth in the Consumer & Specialties segment offset
lower sales in Engineered Solutions.
Operating income excluding special items was $77 million, a
record for MTI, and represented 14.5 percent of sales.
Cash flow from operations was $56 million and free cash flow was
$39 million. The Company repurchased $15 million of shares in the
quarter and repaid $13 million of debt.
“We had a strong start to the year and delivered another record
quarter. Growth in higher margin products and a strong operating
performance across the company led to record operating income for
MTI. This quarter demonstrates the power of our new organization,
focused strategy, and robust business model. We continue to execute
on our strategy and are on track to achieve our long-term growth
and profitability targets,” said Douglas T. Dietrich, Chairman and
Chief Executive Officer.
First Quarter 2024 Segment Results
Consumer & Specialties segment sales were
$297 million in the first quarter, up 4 percent on an underlying
basis.
Household & Personal Care sales were $138 million, up 7
percent from the prior year driven by continued strong demand for
our cat litter products as well as growth in other high-margin
consumer-oriented products. Sales of Specialty Additives were $159
million and grew 2 percent on an underlying basis.
Segment operating income was $42 million, a 30 percent
improvement over the prior year as the segment leveraged volume
growth, productivity improvements, and maintained its disciplined
approach to pricing and cost control. Operating margin was 14.1
percent, a 330 basis point improvement over prior year.
The Consumer & Specialties segment provides technologically
enhanced products to consumer-driven end markets, including
mineral-to-market household products, as well as specialty
additives that become functional components in a variety of
consumer and industrial goods. This segment includes two product
lines: Household & Personal Care and Specialty
Additives.
Engineered Solutions segment sales were $238
million in the first quarter, down 5 percent from the prior year,
primarily driven by slow commercial construction market conditions
in North America that have persisted since the second quarter of
2023.
High-Temperature Technologies sales were $177 million, down
slightly from the prior year. Environmental & Infrastructure
sales were $60 million, 14 percent lower than the prior year due to
a slow commercial construction market and two large remediation
projects that were completed in the first quarter of 2023.
Segment operating income was $39 million, up 9 percent from the
prior year, driven by strong operating performance in
High-Temperature Technologies. Operating margin was very strong at
16.2 percent of sales, a 200 basis point improvement over prior
year.
The Engineered Solutions segment provides advanced process
technologies and solutions that are designed to improve our
customers’ manufacturing processes and projects. This segment
includes two product lines: High-Temperature Technologies and
Environmental & Infrastructure.
-----------------
Minerals Technologies will host a conference call
tomorrow, April 26, 2024, at 11 a.m. Eastern Time. The live
earnings webcast can be accessed at
https://investors.mineralstech.com/quarterly-results-conference-calls.
A presentation for the call will be available at the same location
at approximately 10:30 a.m. Eastern Time on April 26, 2024.
-----------------
FORWARD-LOOKING STATEMENTS
This press release may contain "forward‐looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements provide current expectations
and forecasts of future events such as new products, revenues and
financial performance, and are not limited to describing historical
or current facts. They can be identified by the use of words such
as “believes,” “expects,” “plans,” “intends,” “anticipates,” and
other words and phrases of similar meaning. Forward-looking
statements are necessarily based on assumptions, estimates and
limited information available at the time they are made. A broad
variety of risks and uncertainties, both known and unknown, as well
as the inaccuracy of assumptions and estimates, can affect the
realization of the expectations or forecasts in these statements.
Actual future results may vary materially. Significant factors that
could affect the expectations and forecasts include worldwide
general economic, business, and industry conditions; the
cyclicality of our customers’ businesses and their changing
regional demands; our ability to compete in very competitive
industries; consolidation in customer industries, principally
paper, foundry and steel; our ability to renew or extend long term
sales contracts for our satellite operations; our ability to
generate cash to service our debt; our ability to comply with the
covenants in the agreements governing our debt; our ability to
effectively achieve and implement our growth initiatives or
consummate the transactions described in the statements; our
ability to successfully develop new products; our ability to defend
our intellectual property; the increased risks of doing business
abroad; the availability of raw materials and access to ore
reserves at our mining operations, or increases in costs of raw
materials, energy, or shipping; compliance with or changes to
regulation in the areas of environmental, health and safety, and
tax; risks and uncertainties related to the voluntary petitions for
relief under Chapter 11 of the U.S. Bankruptcy Code filed by our
subsidiaries Barretts Minerals Inc. and Barretts Ventures Texas
LLC; claims for legal, environmental and tax matters or product
stewardship issues; operating risks and capacity limitations
affecting our production facilities; seasonality of some of our
businesses; cybersecurity and other threats relating to our
information technology systems; and other risk factors and
cautionary statements in our 2023 Annual Report on Form 10‐K,
Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and
other reports filed with the Securities and Exchange Commission.
The Company undertakes no obligation to publicly update any
forward‐looking statement, whether as a result of new information,
future events, or otherwise.
About Minerals Technologies
Inc.New York-based Minerals Technologies Inc. (MTI) is a
leading, technology-driven specialty minerals company that
develops, produces, and markets a broad range of mineral and
mineral-based products, related systems, and services. MTI serves
globally a wide range of consumer and industrial markets, including
household, food and pharmaceutical, paper, packaging, automotive,
construction, and environmental. The company reported global sales
of $2.2 billion in 2023. For further information, please visit our
website at www.mineralstech.com.
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CONDENSED
CONSOLIDATED STATEMENTS OF INCOME |
MINERALS
TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES |
(in
millions, except per share data) |
(unaudited) |
|
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|
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|
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|
Quarter Ended |
|
% Growth |
|
|
|
|
|
Mar. 31, |
|
Dec. 31, |
|
Apr. 2, |
|
|
|
|
|
|
|
|
2024 |
|
2023 |
|
2023 |
|
Prior Qtr. |
|
Prior Year |
|
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|
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|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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Net sales |
$ |
534.5 |
$ |
524.5 |
$ |
546.1 |
|
2% |
|
(2)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
398.6 |
|
399.2 |
|
425.4 |
|
(0)% |
|
(6)% |
|
|
|
|
|
|
|
|
|
|
|
|
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Production margin |
|
135.9 |
|
125.3 |
|
120.7 |
|
8% |
|
13% |
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|
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|
|
|
|
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Marketing and administrative expenses |
|
53.0 |
|
51.0 |
|
52.3 |
|
4% |
|
1% |
Research and development expenses |
|
5.6 |
|
5.1 |
|
5.3 |
|
10% |
|
6% |
Acquisition-related expenses |
|
0.0 |
|
0.0 |
|
0.1 |
|
* |
|
* |
Litigation expenses |
|
2.1 |
|
2.4 |
|
0.0 |
|
(13)% |
|
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
75.2 |
|
66.8 |
|
63.0 |
|
13% |
|
19% |
|
|
|
|
|
|
|
|
|
|
|
|
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Interest expense, net |
|
(14.9) |
|
(15.2) |
|
(14.2) |
|
(2)% |
|
5% |
Other non-operating income (deductions), net |
|
(0.2) |
|
(3.0) |
|
(1.1) |
|
(93)% |
|
(82)% |
|
|
Total
non-operating deductions, net |
|
(15.1) |
|
(18.2) |
|
(15.3) |
|
(17)% |
|
(1)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Income before tax and equity in earnings |
|
60.1 |
|
48.6 |
|
47.7 |
|
24% |
|
26% |
|
|
|
|
|
|
|
|
|
|
|
|
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Provision for taxes on income |
|
13.9 |
|
9.2 |
|
10.5 |
|
51% |
|
32% |
Equity in earnings of affiliates, net of tax |
|
1.4 |
|
1.4 |
|
0.9 |
|
0% |
|
56% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
47.6 |
|
40.8 |
|
38.1 |
|
17% |
|
25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income attributable to non-controlling interests |
|
0.9 |
|
1.0 |
|
1.1 |
|
(10)% |
|
(18)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income attributable to Minerals Technologies Inc. (MTI) |
$ |
46.7 |
$ |
39.8 |
$ |
37.0 |
|
17% |
|
26% |
|
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|
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Weighted average number of common shares outstanding: |
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Basic |
|
32.3 |
|
32.5 |
|
32.5 |
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Diluted |
|
32.4 |
|
32.5 |
|
32.5 |
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Earnings per share attributable to MTI: |
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Basic |
$ |
1.45 |
$ |
1.22 |
$ |
1.14 |
|
19% |
|
27% |
|
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|
|
|
|
|
|
Diluted |
$ |
1.44 |
$ |
1.22 |
$ |
1.14 |
|
18% |
|
26% |
|
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|
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Cash dividends declared per common share |
$ |
0.10 |
$ |
0.10 |
$ |
0.05 |
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* Percentage not
meaningful |
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MINERALS TECHNOLOGIES INC. AND SUBSIDIARY
COMPANIES |
|
NOTES TO
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
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1 |
) |
For comparative purposes, the quarterly periods ended March 31,
2024, December 31, 2023, and April 2, 2023 consisted of 91 days, 91
days, and 92 days, respectively. |
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2 |
) |
To supplement the Company's consolidated financial statements
presented in accordance with GAAP, the following is a presentation
of the Company's non-GAAP earnings per share, excluding special
items, for the quarterly periods ended March 31, 2024, December 31,
2023, and April 2, 2023, and a reconciliation to reported earnings
per share for such periods. The Company's management believes these
non-GAAP measures provide meaningful supplemental information
regarding its performance as inclusion of such special items are
not indicative of the ongoing operating results and thereby affect
the comparability of results between periods. The Company believes
inclusion of these non-GAAP measures also provides consistency in
its financial reporting and facilitates investors' understanding of
historic operating trends. |
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|
(millions of dollars) |
|
Quarter Ended |
|
|
|
|
Mar. 31, |
|
Dec. 31, |
|
Apr. 2, |
|
|
|
|
2024 |
|
2023 |
|
2023 |
|
|
Net income attributable to MTI |
$ |
46.7 |
|
$ |
39.8 |
|
$ |
37.0 |
|
|
|
% of sales |
|
8.7 |
% |
|
7.6 |
% |
|
6.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
Special items: |
|
|
|
|
|
|
|
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Acquisition-related expenses |
|
0.0 |
|
|
0.0 |
|
|
0.1 |
|
|
|
Litigation expenses |
|
2.1 |
|
|
2.4 |
|
|
0.0 |
|
|
|
Related tax effects on special items |
|
(0.5 |
) |
|
(0.5 |
) |
|
0.0 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to MTI, excluding special items |
$ |
48.3 |
|
$ |
41.7 |
|
$ |
37.1 |
|
|
|
% of sales |
|
9.0 |
% |
|
8.0 |
% |
|
6.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share, excluding special items |
$ |
1.49 |
|
$ |
1.28 |
|
$ |
1.14 |
|
|
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|
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3 |
) |
Free cash flow is defined as cash flow from operations less capital
expenditures. The following is a presentation of the Company's
non-GAAP free cash flow for the quarterly periods ended March 31,
2024, December 31, 2023, and April 2, 2023 and a reconciliation to
cash flow from operations for such periods. The Company's
management believes this non-GAAP measure provides meaningful
supplemental information as management uses this measure to
evaluate the Company's ability to maintain capital assets, satisfy
current and future obligations, repurchase stock, pay dividends and
fund future business opportunities. Free cash flow is not a measure
of cash available for discretionary expenditures since the Company
has certain non-discretionary obligations such as debt service that
are not deducted from the measure. The Company's definition of free
cash flow may not be comparable to similarly titled measures
reported by other companies. |
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|
Quarter Ended |
|
|
(millions of dollars) |
|
Mar. 31, |
|
Dec. 31, |
|
Apr. 2, |
|
|
|
|
2024 |
|
2023 |
|
2023 |
|
|
Cash flow from operations |
$ |
55.9 |
|
$ |
95.3 |
|
$ |
33.7 |
|
|
|
Capital expenditures |
|
16.5 |
|
|
22.5 |
|
|
24.5 |
|
|
|
Free cash flow |
$ |
39.4 |
|
$ |
72.8 |
|
$ |
9.2 |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization expense |
$ |
23.5 |
|
$ |
23.5 |
|
$ |
23.7 |
|
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|
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4 |
) |
To supplement the Company's consolidated financial statements
presented in accordance with GAAP, the following is a presentation
of the Company's year over year sales growth, excluding the sales
of Barretts Minerals Inc. for the three months ended April 2, 2023,
constituting a reconciliation to GAAP sales growth set forth below.
On October 2, 2023, Barretts Minerals Inc. filed for relief under
Chapter 11 of the U.S. Bankruptcy Code and as such the results of
Barretts Minerals are not included the Company's consolidated
results for the first quarter of 2024. Barretts Minerals sales for
the first quarter of 2023 were $13.1 million. The Company's
management feels this non-GAAP measure provides meaningful
supplemental information regarding its performance and facilitates
investors' understanding of sales trends for the first quarter of
2024. |
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|
Quarter Ended March 31, 2024 |
|
Year over Year Sales Growth |
|
Sales Growth As Reported |
|
Impact of BMI Deconsolidation |
|
Underlying Sales Growth |
|
|
|
|
|
|
|
|
|
|
Specialty Additives |
|
(6 |
)% |
|
(8 |
)% |
|
2 |
% |
|
Consumer & Specialties |
|
0 |
% |
|
(4 |
)% |
|
4 |
% |
|
MTI Consolidated |
|
(2 |
)% |
|
(2 |
)% |
|
0 |
% |
|
|
|
|
|
|
|
|
|
5 |
) |
“Adjusted EBITDA” is a non-GAAP financial measure and refers to
earnings before interest, taxes, depreciation and amortization
(EBITDA), excluding special items. The following is a presentation
of the Company's non-GAAP EBITDA and Adjusted EBITDA for the
quarterly periods ended March 31, 2024, December 31, 2023, and
April 2, 2023 and a reconciliation to net income for such periods.
The Company's management believes these non-GAAP measures provide
meaningful supplemental information regarding its performance and
facilitates investors' understanding of historic operating
trends. |
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|
|
|
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|
Quarter Ended |
|
|
(millions of dollars) |
|
Mar. 31, |
|
Dec. 31, |
|
Apr. 2, |
|
|
|
|
2024 |
|
2023 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
46.7 |
|
$ |
39.8 |
|
$ |
37.0 |
|
|
|
Add back: |
|
|
|
|
|
|
|
|
Depreciation,
depletion and amortization expense |
|
23.5 |
|
|
23.5 |
|
|
23.7 |
|
|
|
Interest expense,
net |
|
14.9 |
|
|
15.2 |
|
|
14.2 |
|
|
|
Equity in earnings
of affiliates, net of tax |
|
(1.4 |
) |
|
(1.4 |
) |
|
(0.9 |
) |
|
|
Net income
attributable to non-controlling interests |
|
0.9 |
|
|
1.0 |
|
|
1.1 |
|
|
|
Provision for taxes
on income |
|
13.9 |
|
|
9.2 |
|
|
10.5 |
|
|
|
EBITDA |
|
98.5 |
|
|
87.3 |
|
|
85.6 |
|
|
|
Add special items: |
|
|
|
|
|
|
|
|
Acquisition-related
expenses |
|
0.0 |
|
|
0.0 |
|
|
0.1 |
|
|
|
Litigation
expenses |
|
2.1 |
|
|
2.4 |
|
|
0.0 |
|
|
|
Adjusted
EBITDA |
$ |
100.6 |
|
$ |
89.7 |
|
$ |
85.7 |
|
|
|
%
of sales |
|
18.8 |
% |
|
17.1 |
% |
|
15.7 |
% |
|
|
|
|
|
|
|
|
|
|
6 |
) |
The following table reflects the components of non-operating income
and deductions: |
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|
(millions of
dollars) |
|
Quarter Ended |
|
|
|
|
Mar. 31, |
|
Dec. 31, |
|
Apr. 2, |
|
|
|
|
2024 |
|
2023 |
|
2023 |
|
|
Interest
income |
$ |
1.1 |
|
$ |
1.2 |
|
$ |
0.7 |
|
|
|
Interest
expense |
|
(16.0 |
) |
|
(16.4 |
) |
|
(14.9 |
) |
|
|
Foreign
exchange gains (losses) |
|
0.9 |
|
|
(0.6 |
) |
|
0.2 |
|
|
|
Other
deductions |
|
(1.1 |
) |
|
(2.4 |
) |
|
(1.3 |
) |
|
|
Non-operating
deductions, net |
$ |
(15.1 |
) |
$ |
(18.2 |
) |
$ |
(15.3 |
) |
|
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|
|
|
|
|
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|
7 |
) |
The analyst conference call to discuss operating results for the
first quarter is scheduled for Friday, April 26, 2024 at 11:00 am
and will be broadcast over the Company's website
(www.mineralstech.com). The broadcast will remain on the Company's
website for no less than one year. |
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|
SUPPLEMENTARY DATA |
MINERALS
TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES |
(millions of
dollars) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
% Growth |
SALES DATA |
|
Mar. 31, |
|
%
of |
|
Dec. 31, |
|
%
of |
|
Apr. 2, |
|
%
of |
|
|
|
|
|
|
2024 |
|
Total Sales |
|
2023 |
|
Total Sales |
|
2023 |
|
Total Sales |
|
Prior Qtr. |
|
Prior Year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
$ |
275.1 |
|
51 |
% |
$ |
269.7 |
|
51 |
% |
$ |
288.0 |
|
53 |
% |
|
2 |
% |
|
(4 |
)% |
International |
|
259.4 |
|
49 |
% |
|
254.8 |
|
49 |
% |
|
258.1 |
|
47 |
% |
|
2 |
% |
|
1 |
% |
Net Sales |
$ |
534.5 |
|
100 |
% |
$ |
524.5 |
|
100 |
% |
$ |
546.1 |
|
100 |
% |
|
2 |
% |
|
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Household & Personal Care |
$ |
138.4 |
|
26 |
% |
$ |
134.0 |
|
26 |
% |
$ |
129.2 |
|
23 |
% |
|
3 |
% |
|
7 |
% |
Specialty Additives |
|
158.5 |
|
30 |
% |
|
147.4 |
|
28 |
% |
|
168.1 |
|
31 |
% |
|
8 |
% |
|
(6 |
)% |
Consumer & Specialties Segment |
$ |
296.9 |
|
56 |
% |
$ |
281.4 |
|
54 |
% |
$ |
297.3 |
|
54 |
% |
|
6 |
% |
|
(0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High-Temperature Technologies |
$ |
177.3 |
|
33 |
% |
$ |
182.3 |
|
35 |
% |
$ |
178.6 |
|
33 |
% |
|
(3 |
)% |
|
(1 |
)% |
Environmental & Infrastructure |
|
60.3 |
|
11 |
% |
|
60.8 |
|
11 |
% |
|
70.2 |
|
13 |
% |
|
(1 |
)% |
|
(14 |
)% |
Engineered Solutions Segment |
$ |
237.6 |
|
44 |
% |
$ |
243.1 |
|
46 |
% |
$ |
248.8 |
|
46 |
% |
|
(2 |
)% |
|
(5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MTI Consolidated Net Sales |
$ |
534.5 |
|
100 |
% |
$ |
524.5 |
|
100 |
% |
$ |
546.1 |
|
100 |
% |
|
2 |
% |
|
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTARY DATA |
MINERALS
TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES |
|
(millions of
dollars) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
% Growth |
|
|
|
Mar. 31, |
|
Dec. 31, |
|
Apr. 2, |
|
Prior |
|
Prior |
SEGMENT OPERATING INCOME DATA |
|
2024 |
|
2023 |
|
2023 |
|
Qtr. |
|
Year |
|
|
|
|
|
|
|
|
|
|
|
Consumer & Specialties Segment |
$ |
42.0 |
$ |
36.6 |
$ |
32.2 |
|
15% |
|
30% |
% of
Sales |
|
14.1% |
|
13.0% |
|
10.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered Solutions Segment |
$ |
38.5 |
$ |
36.7 |
$ |
35.3 |
|
5% |
|
9% |
% of
Sales |
|
16.2% |
|
15.1% |
|
14.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated and Other Corporate Expenses |
$ |
(5.3) |
$ |
(6.5) |
$ |
(4.5) |
|
(18)% |
|
18% |
|
|
|
|
|
|
|
|
|
|
|
MTI Consolidated |
$ |
75.2 |
$ |
66.8 |
$ |
63.0 |
|
13% |
|
19% |
% of
Sales |
|
14.1% |
|
12.7% |
|
11.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPECIAL ITEMS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer & Specialties Segment |
$ |
0.0 |
$ |
0.0 |
$ |
0.0 |
|
* |
|
* |
|
|
|
|
|
|
|
|
|
|
|
Engineered Solutions Segment |
$ |
0.0 |
$ |
0.0 |
$ |
0.0 |
|
* |
|
* |
|
|
|
|
|
|
|
|
|
|
|
Unallocated and Other Corporate Expenses |
$ |
2.1 |
$ |
2.4 |
$ |
0.1 |
|
(13)% |
|
* |
|
|
|
|
|
|
|
|
|
|
|
MTI Consolidated |
$ |
2.1 |
$ |
2.4 |
$ |
0.1 |
|
(13)% |
|
* |
|
|
|
|
|
|
|
|
|
|
|
To supplement the
Company's consolidated financial statements presented in accordance
with GAAP, the following is a presentation of the Company's
non-GAAP operating income, excluding special items (set forth in
the above table), for the quarterly periods ended March 31, 2024,
December 31, 2023 and April 2, 2023, constituting a reconciliation
to GAAP operating income set forth above. The Company's management
believe these non-GAAP measures provide meaningful supplemental
information regarding its performance as inclusion of such special
items are not indicative of ongoing operating results and thereby
affect the comparability of results between periods. The Company
believes inclusion of these non-GAAP measures also provides
consistency in its financial reporting and facilitates investors'
understanding of historic operating trends. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
% Growth |
|
SEGMENT OPERATING INCOME, |
|
Mar. 31, |
|
Dec. 31, |
|
Apr. 2, |
|
|
|
|
EXCLUDING SPECIAL
ITEMS |
|
2024 |
|
2023 |
|
2023 |
|
Prior Qtr. |
|
Prior Year |
|
|
|
|
|
|
|
|
|
|
|
Consumer & Specialties Segment |
$ |
42.0 |
$ |
36.6 |
$ |
32.2 |
|
15% |
|
30% |
% of
Sales |
|
14.1% |
|
13.0% |
|
10.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered Solutions Segment |
$ |
38.5 |
$ |
36.7 |
$ |
35.3 |
|
5% |
|
9% |
% of
Sales |
|
16.2% |
|
15.1% |
|
14.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated and Other Corporate Expenses |
$ |
(3.2) |
$ |
(4.1) |
$ |
(4.4) |
|
(22)% |
|
(27)% |
|
|
|
|
|
|
|
|
|
|
|
MTI Consolidated |
$ |
77.3 |
$ |
69.2 |
$ |
63.1 |
|
12% |
|
23% |
% of
Sales |
|
14.5% |
|
13.2% |
|
11.6% |
|
|
|
|
* Percentage
not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MINERALS
TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES |
|
CONDENSED
CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
(In Millions of Dollars) |
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
|
|
|
2024* |
|
2023** |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash & cash equivalents |
$ |
315.7 |
$ |
317.2 |
|
|
Short-term investments |
|
4.4 |
|
4.3 |
|
|
Accounts receivable, net |
|
396.3 |
|
399.1 |
|
|
Inventories |
|
326.0 |
|
325.4 |
|
|
Prepaid expenses and other current assets |
|
58.9 |
|
53.0 |
|
|
|
Total current assets |
|
1,101.3 |
|
1,099.0 |
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment |
|
2,185.3 |
|
2,190.1 |
|
|
Less accumulated depreciation |
|
1,208.3 |
|
1,203.3 |
|
|
|
Net property, plant & equipment |
|
977.0 |
|
986.8 |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
913.1 |
|
913.6 |
|
|
Intangible assets |
|
227.6 |
|
231.0 |
|
|
Other assets and deferred charges |
|
120.1 |
|
116.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
3,339.1 |
$ |
3,346.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Short-term debt |
$ |
75.7 |
$ |
85.4 |
|
|
Current maturities of long-term debt |
|
21.4 |
|
18.0 |
|
|
Accounts payable |
|
194.7 |
|
188.7 |
|
|
Other current liabilities |
|
150.0 |
|
165.2 |
|
|
|
Total current liabilities |
|
441.8 |
|
457.3 |
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
904.4 |
|
911.1 |
|
|
Deferred income taxes |
|
142.7 |
|
139.3 |
|
|
Other non-current liabilities |
|
154.3 |
|
152.2 |
|
|
|
Total liabilities |
|
1,643.2 |
|
1,659.9 |
|
|
|
|
|
|
|
|
|
|
Total MTI shareholders' equity |
|
1,661.1 |
|
1,652.0 |
|
|
Non-controlling Interests |
|
34.8 |
|
34.7 |
|
|
|
Total shareholders' equity |
|
1,695.9 |
|
1,686.7 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
3,339.1 |
$ |
3,346.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Unaudited |
|
** |
Condensed from audited financial
statements. |
|
Investor Contact:Lydia Kopylova,
(212) 878-1831 |
|
Media Contact:Jennifer Albert,
(212) 878-1840 |
Minerals Technologies (NYSE:MTX)
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