U.S. Markets close in 34 mins
  • S&P 500

    4,206.44
    -3.80 (-0.09%)
     
  • Dow 30

    33,318.18
    +8.67 (+0.03%)
     
  • Nasdaq

    12,777.45
    -77.35 (-0.60%)
     
  • Russell 2000

    1,974.89
    +5.64 (+0.29%)
     
  • Crude Oil

    93.99
    +2.06 (+2.24%)
     
  • Gold

    1,802.70
    -11.00 (-0.61%)
     
  • Silver

    20.23
    -0.51 (-2.47%)
     
  • EUR/USD

    1.0323
    +0.0021 (+0.2065%)
     
  • 10-Yr Bond

    2.8880
    +0.1020 (+3.66%)
     
  • Vix

    20.45
    +0.71 (+3.60%)
     
  • GBP/USD

    1.2196
    -0.0022 (-0.1829%)
     
  • USD/JPY

    132.9530
    +0.0800 (+0.0602%)
     
  • BTC-USD

    24,174.06
    +520.74 (+2.20%)
     
  • CMC Crypto 200

    572.16
    -2.58 (-0.45%)
     
  • FTSE 100

    7,465.91
    -41.20 (-0.55%)
     
  • Nikkei 225

    27,819.33
    -180.67 (-0.65%)
     

Minerals Technologies Reports Second Quarter 2022 Earnings Per Share of $1.36, or $1.50 Excluding Special Items, a Record Quarter for the Company

  • Oops!
    Something went wrong.
    Please try again later.
·19 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
Minerals Technologies Inc.
Minerals Technologies Inc.

Highlights:

  • Sales of $557 Million, a Record Quarter and Up 22% YoY, or 27% on a Constant Currency Basis, Reflecting Double-Digit Gains in All Segments

  • Operating Income of $69 Million, or $74 Million Excluding Special Items, a Record Second Quarter and Up 15% YoY

  • EPS of $1.50 Excluding Special Items, a Record for the Company and Up 16% YoY

  • Acquired Bolt-on European Pet Litter Business (“Concept Pet”)

  • Returned $26M to Shareholders Through Share Repurchases and Dividends

  • Published 14th Annual Corporate Responsibility and Sustainability Report

NEW YORK, July 28, 2022 (GLOBE NEWSWIRE) -- Minerals Technologies Inc. (NYSE: MTX) (“MTI” or “the Company”) today reported diluted earnings per share of $1.50, excluding special items, for the second quarter ended July 3, 2022, compared with $1.29 in the prior year. Reported diluted earnings per share were $1.36 compared with $1.23 in the prior year.

“We continued on our track of sales and earnings growth and delivered another record quarter. Strong market demand, acquisitions and pricing drove sales 27 percent higher to a record level. MTI’s culture of operational excellence and the established agility of our team converted these sales into record earnings,” said Douglas T. Dietrich, Chairman of the Board and Chief Executive Officer. “Our broad-based growth in the quarter is the result of the disciplined execution of our strategy over the last several years. We are well positioned to continue on a strong trajectory.”

Mr. Dietrich added, “Our combination of leading technologies, world-class application expertise, and global reserves uniquely positions MTI to succeed with our customers and in the markets we serve.”

Second Quarter 2022

Worldwide net sales were $557.0 million, up 7 percent sequentially and 22 percent above the prior year on continued execution of strategic growth initiatives, strong demand across all segments, and continued pricing actions. On a constant currency basis, sales grew 27 percent, as foreign exchange had an unfavorable impact on sales of $21 million.

Operating income excluding special items was $73.5 million, a record second quarter, up 8 percent sequentially and 15 percent above the prior year. Operating margin excluding special items was 13.2 percent of sales, up 10 basis points sequentially. Reported operating income was $69.4 million and 12.5 percent of sales.

Segment Information

Performance Materials segment sales were $299.6 million in the second quarter, up 10 percent sequentially and 26 percent above the prior year.

Household, Personal Care & Specialty Products sales increased 37 percent versus the prior year on continued strong demand for consumer-oriented products and the acquisitions of Normerica and Concept Pet. Metalcasting sales were 11 percent higher sequentially and 10 percent higher than prior year, as strength in North America offset softer demand in China due to COVID-19 related lockdowns. Environmental Products sales grew 52 percent sequentially and 36 percent versus the prior year. Building Materials sales increased 21 percent sequentially and 6 percent versus the prior year. Sales in both of these product lines benefited from higher levels of project activity and favorable seasonality.

Reported segment operating income was $36.9 million and 12.3 percent of sales. Operating income excluding special items was $38.9 million, 12 percent higher sequentially and 12 percent above the prior year. Operating margin excluding special items was 13.0 percent of sales, up 20 basis points sequentially driven by pricing actions net of continued inflationary cost increases.

The Performance Materials segment provides a wide range of bentonite-based and synthetic materials for consumer-oriented and industrial markets and for non-residential construction, environmental remediation, and infrastructure projects worldwide.

Specialty Minerals segment sales, which consist of Precipitated Calcium Carbonate (PCC) Products and Processed Minerals Products, were $164.3 million in the second quarter, 1 percent higher sequentially and 15 percent above the prior year.

PCC sales were relatively flat sequentially and 15 percent above the prior year on continued strong demand for consumer, automotive, and residential construction applications, and higher pricing across all product lines. PCC is used in paper and packaging, automotive and construction sealants, and the food and pharmaceutical industries.

Processed Minerals sales were 5 percent higher sequentially and 16 percent above the prior year on continued strong construction and consumer products demand as well as higher pricing. Processed Minerals products are used in the building materials, polymers, ceramics, consumer products, paints and coatings, glass, and other manufacturing industries.

Segment operating income was $20.2 million and represented 12.3 percent of sales. Operating margin improved 100 basis points sequentially as additional pricing actions offset inflationary cost increases.

Refractories segment sales were $93.1 million in the second quarter, up 11 percent sequentially and 25 percent higher than the prior year on new business volumes and stable steel market conditions in North America and Europe.

Segment operating income was $16.2 million, relatively flat sequentially and 38 percent above the prior year. Operating margin remained strong at 17.4 percent of sales, driven by pricing actions and operational efficiencies. The Refractories segment provides products and services primarily to the worldwide steel industry.

Minerals Technologies will host a conference call tomorrow, July 29, 2022, at 11 a.m. Eastern Time. The conference call will be broadcast live on our website: www.mineralstech.com. To listen to the call, go to the website and click on "Investor Relations," then click on "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 July 29, 2022.

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 the duration and scope of the COVID-19 pandemic, and government and other third-party responses to it; worldwide general economic, business, and industry conditions, including the effects of the COVID-19 pandemic on the global economy; the cyclicality of our customers’ businesses and their changing demands; the dependence of certain of our product lines on the commercial construction and infrastructure markets, the domestic building and construction markets, and the automotive market; our ability to effectively achieve and implement our growth initiatives, including, but not limited to, the integration of the Normerica’s business into our business and the expected benefits, cost savings, accretion, synergies and growth to result therefrom; our ability to service our debt; our ability to comply with the covenants in the agreements governing our debt; our ability to renew or extend long term sales contracts for our PCC satellite operations; consolidation in customer industries, principally paper, foundry and steel; compliance with or changes to regulation in the areas of environmental, health and safety, and tax; claims for legal, environmental and tax matters or product stewardship issues; 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; increases in costs of raw materials, energy, or shipping; our ability to compete in very competitive industries; operating risks and capacity limitations affecting our production facilities; seasonality of some of our segments; cybersecurity and other threats relating to our information technology systems; and other risk factors and cautionary statements in our 2021 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 global resource- and technology-based company that develops, produces, and markets a broad range of specialty mineral, mineral-based and synthetic mineral products and related systems and services. MTI serves the consumer products, paper, packaging, foundry, steel, construction, environmental, energy, and polymer industries. The Company reported sales of $1.9 billion in 2021. For further information, please visit our website at www.mineralstech.com. (MTI-E)


 

Investor Contact:
Erik Aldag, (212) 878-1831

Media Contact:
Jared Kornblatt, (212) 878-1840


CONDENSED CONSOLIDATED STATEMENTS OF INCOME
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
(in millions, except per share data)
(unaudited)

 

Quarter Ended

 

Growth

 

Six Months Ended

 

% Growth

 

 

Jul. 3,

 

 

Apr. 3,

 

 

Jul. 4,

 

 

 

 

Jul. 3,

 

 

Jul.4,

 

 

 

 

2022

 

 

2022

 

 

2021

 

Prior Qtr.

Prior Year

 

2022

 

 

2021

 

Prior Year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

557.0

 

$

519.1

 

$

455.6

 

7

%

22

%

$

1,076.1

 

$

908.2

 

18

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

429.7

 

 

397.4

 

 

340.2

 

8

%

26

%

 

827.1

 

 

681.0

 

21

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Production margin

 

127.3

 

 

121.7

 

 

115.4

 

5

%

10

%

 

249.0

 

 

227.2

 

10

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketing and administrative expenses

 

48.8

 

 

48.8

 

 

46.4

 

0

%

5

%

 

97.6

 

 

94.4

 

3

%

Research and development expenses

 

5.0

 

 

5.1

 

 

4.9

 

(2

)%

2

%

 

10.1

 

 

9.9

 

2

%

Acquisition related transaction and integration costs

 

2.6

 

 

1.6

 

 

0.4

 

63

%

*

 

4.2

 

 

0.4

 

*

Litigation costs

 

1.5

 

 

0.0

 

 

0.0

 

*

*

 

1.5

 

 

0.0

 

*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

69.4

 

 

66.2

 

 

63.7

 

5

%

9

%

 

135.6

 

 

122.5

 

11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

(10.4

)

 

(9.8

)

 

(9.1

)

6

%

14

%

 

(20.2

)

 

(19.0

)

6

%

Non-cash pension settlement charge

 

(1.5

)

 

0.0

 

 

(2.2

)

*

(32

)%

 

(1.5

)

 

(2.2

)

(32

)%

Other non-operating income (deductions), net

 

(1.2

)

 

(0.4

)

 

(0.1

)

*

*

 

(1.6

)

 

0.4

 

*

Total non-operating deductions, net

 

(13.1

)

 

(10.2

)

 

(11.4

)

28

%

15

%

 

(23.3

)

 

(20.8

)

12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before tax and equity in earnings

 

56.3

 

 

56.0

 

 

52.3

 

1

%

8

%

 

112.3

 

 

101.7

 

10

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for taxes on income

 

11.4

 

 

11.2

 

 

9.8

 

2

%

16

%

 

22.6

 

 

18.7

 

21

%

Equity in earnings of affiliates, net of tax

 

0.6

 

 

0.1

 

 

0.5

 

*

20

%

 

0.7

 

 

1.0

 

(30

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated net income

 

45.5

 

 

44.9

 

 

43.0

 

1

%

6

%

 

90.4

 

 

84.0

 

8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Net income attributable to non-controlling interests

 

0.6

 

 

0.8

 

 

1.1

 

(25

)%

(45

)%

 

1.4

 

 

2.2

 

6

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income attributable to Minerals Technologies Inc. (MTI)

$

44.9

 

$

44.1

 

$

41.9

 

2

%

7

%

$

89.0

 

$

81.8

 

9

%



Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

32.8

 

 

33.1

 

 

33.7

 

 

 

 

 

 

33.0

 

 

33.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

32.9

 

 

33.2

 

 

34.1

 

 

 

 

 

 

33.1

 

 

34.0

 

 

 

Earnings per share attributable to MTI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

1.37

 

$

1.33

 

$

1.24

 

3

%

10

%

$

2.70

 

$

2.42

 

12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

$

1.36

 

$

1.33

 

$

1.23

 

2

%

11

%

$

2.69

 

$

2.41

 

12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

$

0.05

 

$

0.05

 

$

0.05

 

 

 

$

0.10

 

$

0.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Percentage not meaningful

 

 

 

 

 

 

 

 

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME

1) For comparative purposes, the quarterly periods ended July 3, 2022, April 3, 2022, and July 4, 2021 consisted of 91 days, 93 days, and 91 days, respectively. The six month periods ended July 3, 2022 and July 4, 2021 consisted of 184 days and 185 days, respectively.


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 July 3, 2022, April 3, 2022, and July 4, 2021, and the six month periods ended July 3, 2022 and July 4, 2021 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.

 

        Quarter Ended

Six Months Ended

(millions of dollars)

Jul. 3,

Apr. 3,

Jul. 4,

Jul. 3,

Jul. 4,

 2022 

 2022 

 2021 

 2022 

 2021 

Net income attributable to MTI

 

$

44.9

 

$

44.1

 

$

41.9

 

$

89.0

 

$

81.8

 

 

% of sales

 

8.1

%

 

8.5

%

 

9.2

%

 

8.3

%

 

9.0

%

Special items:

 

 

 

 

 

 

Acquisition related transaction and integration costs

 

 

2.6

 

 

1.6

 

 

0.4

 

 

4.2

 

 

0.4

 

Litigation costs

 

 

1.5

 

 

0.0

 

 

0.0

 

 

1.5

 

 

0.0

 

Non-cash pension settlement charge

 

 

1.5

 

 

0.0

 

 

2.2

 

 

1.5

 

 

2.2

 

Related tax effects on special items

 

 

(1.3

)

 

(0.4

)

 

(0.6

)

 

(1.7

)

 

(0.6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to MTI, excluding special items

 

$

49.2

 

$

45.3

 

$

43.9

 

$

94.5

 

$

83.8

 

 

% of sales

 

8.8

%

 

8.7

%

 

9.6

%

 

8.8

%

 

9.2

%

Diluted earnings per share, excluding special items

 

$

1.50

 

$

1.36

 

$

1.29

 

$

2.85

 

$

2.46

 

In the second quarter of 2022, the Company incurred litigation costs of $1.5 million related to a number of cases seeking damages for exposures related to our talc products and operations.

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 July 3, 2022, April 3, 2022, and July 4, 2021, and the six month periods ended July 3, 2022 and July 4, 2021 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.

 

Quarter Ended

 Six Months Ended

(millions of dollars)

Jul. 3,

Apr. 3,

Jul. 4,

Jul. 3,

Jul. 4,

 

 2022

 2022 

 2021

 2022 

 2021

Cash flow from operations

$

32.9

$

0.3

 

$

67.1

$

33.2

 

$

118.0

Capital expenditures

 

21.2

 

19.0

 

 

22.2

 

40.2

 

 

39.9

Free cash flow

$

11.7

$

(18.7

)

$

44.9

$

(7.0

)

$

78.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization expense

$

23.7

$

24.2

 

$

23.2

$

47.9

 

$

47.3

4) To supplement the Company's consolidated financial statements presented in accordance with GAAP, the following is a presentation of the Company's sales growth on a constant currency basis, which is a non-GAAP measure, for the quarterly periods ended July 3, 2022, constituting a reconciliation to GAAP sales growth set forth below. Constant currency basis eliminates the exchange rate fluctuations when calculating sales performance figures. 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 second quarter of 2022.

 

Quarter Ended

 

 

Jul. 3,

 

 

2022

 

 

 

 

Sales growth

22

%

Impact of Foreign Exchange

5

%

Sales growth on a constant currency basis

27

%

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 July 3, 2022, April 3, 2022, and July 4, 2021, and the six month periods ended July 3, 2022 and July 4, 2021, 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.   

 

Quarter Ended

Six Months Ended

(millions of dollars)

Jul. 3,

Apr. 3,

Jul. 4,

Jul. 3,

Jul. 4,

 

2022

2022

2021

2022

2021

Net income

$

44.9

 

$

44.1

 

$

41.9

 

$

89.0

 

$

81.8

 

Add back:

 

 

 

 

 

Depreciation, depletion and amortization

23.7

 

24.2

 

23.2

 

47.9

 

47.3

 

Interest expense, net

10.4

 

9.8

 

9.1

 

20.2

 

19.0

 

Equity in earnings of affiliates, net of tax

(0.6

)

(0.1

)

(0.5

)

(0.7

)

(1.0

)

Net income attributable to non-controlling interests

0.6

 

0.8

 

1.1

 

1.4

 

2.2

 

Provision for taxes on income

11.4

 

11.2

 

9.8

 

22.6

 

18.7

 

EBITDA

90.4

 

90.0

 

84.6

 

180.4

 

168.0

 

Add special items:

 

 

 

 

 

Acquisition related transaction and integration costs

2.6

 

1.6

 

0.4

 

4.2

 

0.4

 

Litigation costs

1.5

 

0.0

 

0.0

 

1.5

 

0.0

 

Non-cash pension settlement charge

1.5

 

0.0

 

2.2

 

1.5

 

2.2

 

Adjusted EBITDA

$

96.0

 

$

91.6

 

$

87.2

 

$

187.6

 

$

170.6

 

% of sales

17.2

%

17.6

%

19.1

%

17.4

%

18.8

%

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME

6) The following table reflects the components of non-operating income and deductions:

 

Quarter Ended

Six Months Ended

(millions of dollars)

Jul. 3,

Apr. 3,

Jul. 4,

Jul. 3,

Jul. 4,

2022

2022

2021

2022

2021

Interest income

$

0.8

 

$

0.8

 

$

0.9

 

$

1.6

 

$

1.5

 

Interest expense

 

(11.2

)

 

(10.6

)

 

(10.0

)

 

(21.8

)

 

(20.5

)

Non-cash pension settlement charge

 

(1.5

)

 

0.0

 

 

(2.2

)

 

(1.5

)

 

(2.2

)

Foreign exchange gains

 

0.6

 

 

0.9

 

 

1.1

 

 

1.5

 

 

2.8

 

Other deductions

 

(1.8

)

 

(1.3

)

 

(1.2

)

 

(3.1

)

 

(2.4

)

Non-operating deductions, net

$

(13.1

)

$

(10.2

)

$

(11.4

)

$

(23.3

)

$

(20.8

)

Included in non-operating deductions for the three month and six month periods ended July 3, 2022 and July 4, 2021 are non-cash pension settlement charges of $1.5 million and $2.2 million, respectively associated with some of our pension plans in the U.S.

7) The analyst conference call to discuss operating results for the second quarter is scheduled for Friday, July 29, 2022 at 11:00 am ET 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.

SUPPLEMENTARY DATA
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
(millions of dollars)
(unaudited)

 

  Quarter Ended

% Growth

Six Months Ended

% Growth

SALES DATA

Jul. 3,

% of

Apr. 3,

% of

Jul. 4,

% of

 

 

Jul. 3,

% of

Jul. 4,

% of

 

 

2022

Total Sales

2022

Total Sales

2021

Total Sales

Prior Qtr.

Prior Year

2022

Total Sales

2021

Total Sales

Prior Year

United States

$

303.1

54

%

$

269.7

52

%

$

239.9

53

%

12

%

26

%

$

572.8

53

%

$

467.4

51

%

23

%

International

 

253.9

46

%

249.4

48

%

215.7

47

%

2

%

18

%

 

503.3

47

%

440.8

49

%

14

%

Net Sales

$

557.0

100

%

$

519.1

100

%

$

455.6

100

%

7

%

22

%

$

1,076.1

100

%

$

908.2

100

%

18

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Household, Personal Care & Specialty Products

$

140.1

25

%

$

142.5

27

%

$

102.6

23

%

(2

)%

37

%

$

282.6

26

%

$

212.0

23

%

33

%

Metalcasting

 

88.8

16

%

80.2

15

%

80.5

18

%

11

%

10

%

 

169.0

16

%

162.2

18

%

4

%

Environmental Products

 

54.4

10

%

35.9

7

%

39.9

9

%

52

%

36

%

 

90.3

8

%

65.9

7

%

37

%

Building Materials

 

16.3

3

%

13.5

3

%

15.4

3

%

21

%

6

%

 

29.8

3

%

29.2

3

%

2

%

Performance Materials Segment

$

299.6

54

%

$

272.1

52

%

$

238.4

52

%

10

%

26

%

$

571.7

53

%

$

469.3

52

%

22

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paper PCC

$

91.9

16

%

$

96.8

19

%

$

85.8

19

%

(5

)%

7

%

$

188.7

18

%

$

175.4

19

%

8

%

Specialty PCC

 

28.0

5

%

24.2

5

%

18.5

4

%

16

%

51

%

 

52.2

5

%

38.9

4

%

34

%

PCC Products

$

119.9

22

%

$

121.0

23

%

$

104.3

23

%

(1

)%

15

%

$

240.9

22

%

$

214.3

24

%

12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ground Calcium Carbonate

$

28.9

5

%

$

26.5

5

%

$

25.5

6

%

9

%

13

%

$

55.4

5

%

49.5

5

%

12

%

Talc

 

15.5

3

%

15.6

3

%

12.9

3

%

(1

)%

20

%

 

31.1

3

%

26.7

3

%

16

%

Processed Minerals Products

$

44.4

8

%

$

42.1

8

%

$

38.4

8

%

5

%

16

%

$

86.5

8

%

$

76.2

8

%

14

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Minerals Segment

$

164.3

29

%

$

163.1

31

%

$

142.7

31

%

1

%

15

%

$

327.4

30

%

$

290.5

32

%

13

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Refractory Products

$

70.2

13

%

$

64.8

12

%

$

58.0

13

%

8

%

21

%

$

135.0

13

%

$

116.8

13

%

16

%

Metallurgical Products

 

22.9

4

%

19.1

4

%

16.5

4

%

20

%

39

%

 

42.0

4

%

31.6

3

%

33

%

Refractories Segment

$

93.1

17

%

$

83.9

16

%

$

74.5

16

%

11

%

25

%

$

177.0

16

%

$

148.4

16

%

19

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

$

557.0

100

%

$

519.1

100

%

$

455.6

100

%

7

%

22

%

$

1,076.1

100

%

$

908.2

100

%

18

%


SUPPLEMENTARY DATA
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
(millions of dollars)
(unaudited)

 

Quarter Ended

% Growth

Six Months Ended

% Growth

 

Jul. 3,

Apr. 3,

Jul. 4,

Prior

Prior

Jul. 3,

Jul. 4,

 

SEGMENT OPERATING INCOME DATA

 

 

2022

 

 

2022

 

 

2021

 

Qtr.

Year

 

2022

 

 

2021

 

Prior Year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Materials Segment

 

$

36.9

 

$

33.7

 

$

34.7

 

9

%

6

%

$

70.6

 

$

64.5

 

9

%

 

% of Sales

 

12.3

%

 

12.4

%

 

14.6

%

 

 

 

12.3

%

 

13.7

%

 

Specialty Minerals Segment

 

$

20.2

 

$

18.4

 

$

20.0

 

10

%

1

%

$

38.6

 

$

41.1

 

(6

)%

 

% of Sales

 

12.3

%

 

11.3

%

 

14.0

%

 

 

 

11.8

%

 

14.1

%

 

Refractories Segment

 

$

16.2

 

$

16.5

 

$

11.7

 

(2

)%

38

%

$

32.7

 

$

23.7

 

38

%

 

% of Sales

 

17.4

%

 

19.7

%

 

15.7

%

 

 

 

18.5

%

 

16.0

%

 

Unallocated and Other Corporate Expenses

 

$

(3.9

)

$

(2.4

)

$

(2.7

)

63

%

44

%

$

(6.3

)

$

(6.8

)

(7

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

$

69.4

 

$

66.2

 

$

63.7

 

5

%

9

%

$

135.6

 

$

122.5

 

11

%

 

% of Sales

 

12.5

%

 

12.8

%

 

14.0

%

 

 

 

12.6

%

 

13.5

%

 

SPECIAL ITEMS

 

 

 

 

 

 

 

 

 



Performance Materials Segment



$



2.0

 



$



1.0

 



$



0.0

 

*

 

*

 

 

$

3.0

 



$



0.0

 



*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Minerals Segment

$

0.0

 

$

0.0

 

$

0.0

 

*

 

*

 

 

$

0.0

 

$

0.0

 

*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Refractories Segment

$

0.0

 

$

0.0

 

$

0.0

 

*

 

*

 

 

$

0.0

 

$

0.0

 

*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unallocated and Other Corporate Expenses

$

2.1

 

$

0.6

 

$

0.4

 

*

 

*

 

 

$

2.7

 

$

0.4

 

*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

$

4.1

 

$

1.6

 

$

0.4

 

*

 

*

 

 

$

5.7

 

$

0.4

 

*

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. This excludes special items (set forth in the above table), for the quarterly periods ended July 3, 2022, April 3, 2022, and July 4, 2021, and the six month periods ended July 3, 2022 and July 4, 2021, 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

Six Months Ended

% Growth

SEGMENT OPERATING INCOME,

 

Jul. 3,

 

Apr. 3,

Jul. 4,

 

 

Jul. 3,

Jul. 4,

 

EXCLUDING SPECIAL ITEMS

 

2022

 

2022

2021

Prior Qtr.

Prior Year

2022

2021

Prior Year

 

 

 

 

 

 

 

 

 

 

 

Performance Materials Segment

 

$

38.9

 

$

34.7

$

34.7

12%

12%

$

73.6

$

64.5

14%

 

% of Sales

13.0%

 

12.8%

14.6%

 

 

12.9%

13.7%

 

Specialty Minerals Segment

 

$

20.2

 

$

18.4

$

20.0

10%

1%

$

38.6

$

41.1

(6)%

 

% of Sales

12.3%

 

11.3%

14.0%

 

 

11.8%

14.1%

 

Refractories Segment

 

$

16.2

 

$

16.5

$

11.7

(2)%

38%

$

32.7

$

23.7

38%

 

% of Sales

17.4%

 

19.7%

15.7%

 

 

18.5%

16.0%

 

Unallocated Corporate Expenses

 

$

(1.8)

 

$

(1.8)

$

(2.3)

0%

22%

$

(3.6)

$

(6.4)

44%

 

 

 

 

 

 

 

 

 

Consolidated

 

$

73.5

 

$

67.8

$

64.1

8%

15%

$

141.3

$

122.9

15%



* Percentage not meaningful

% of Sales

13.2%

 

13.1%

14.1%

 

 

13.1%

13.5%

 

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS

(In Millions of Dollars)

 

July 3, 

 

December 31,

 

 

2022*

 

2021**

Current assets:

 

 

 

 

Cash & cash equivalents

$

234.7

$

299.5

Short-term investments

 

2.0

 

4.9

Accounts receivable, net

 

429.9

 

367.8

Inventories

 

339.9

 

297.7

Prepaid expenses and other current assets

 

61.0

 

58.6

Total current assets

 

1,067.5

 

1,028.5

 

 

 

 

 

Property, plant and equipment

 

2,289.4

 

2,296.4

Less accumulated depreciation

 

1,236.2

 

1,247.3

Net property, plant & equipment

 

1,053.2

 

1,049.1

 

 

 

 

 

Goodwill

 

913.2

 

907.5

Intangible assets

 

247.9

 

251.6

Other assets and deferred charges

 

121.3

 

137.5



Total assets



$



3,403.1



$



3,374.2


LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

 

 

 

 

Short-term debt

$

110.0

$

80.0

Current maturities of long-term debt

 

0.8

 

0.8

Accounts payable

 

219.3

 

196.1

Other current liabilities

 

135.8

 

142.9

Total current liabilities

 

465.9

 

419.8

 

 

 

 

 

Long-term debt

 

939.3

 

936.2

Deferred income taxes

 

190.8

 

188.1

Other non-current liabilities

 

230.2

 

250.6

Total liabilities

 

1,826.2

 

1,794.7

 

 

 

 

 

Total MTI shareholders' equity

 

1,543.4

 

1,539.3

Non-controlling Interests

 

33.5

 

40.2

Total shareholders' equity

 

1,576.9

 

1,579.5

 

 

 

 

 

Total liabilities and shareholders' equity

$

3,403.1

$

3,374.2

* Unaudited
** Condensed from audited financial statements.