Minerals Technologies Inc. Announces 2024 Second Quarter Financial Results
Minerals Technologies Inc. (NYSE: MTX) reported strong Q2 2024 financial results, with record earnings per share of $1.65 excluding special items, up 26% year-over-year. Worldwide net sales reached $541 million, a 1% increase on an underlying basis. Operating income excluding special items was a record $85 million, up 20% from the prior year, representing 15.7% of sales. The Consumer & Specialties segment saw 3% underlying growth, while the Engineered Solutions segment experienced a 2% decline. The company's performance was driven by favorable volume and mix, productivity improvements, and disciplined pricing and cost control.
Minerals Technologies Inc. (NYSE: MTX) ha riportato risultati finanziari solidi per il secondo trimestre del 2024, con un guadagno per azione record di $1,65 escludendo elementi speciali, in aumento del 26% rispetto all'anno precedente. Le vendite nette globali hanno raggiunto $541 milioni, con un incremento dell'1% su base sottostante. Il reddito operativo, escludendo elementi speciali, è stato un record di $85 milioni, in crescita del 20% rispetto all’anno precedente, rappresentando il 15,7% delle vendite. Il segmento Consumer & Specialties ha registrato una crescita sottostante del 3%, mentre il segmento Engineered Solutions ha subito un declino del 2%. Le prestazioni dell'azienda sono state guidate da un volume e da una composizione favorevoli, miglioramenti della produttività e un controllo disciplinato dei prezzi e dei costi.
Minerals Technologies Inc. (NYSE: MTX) informó resultados financieros sólidos para el segundo trimestre de 2024, con ganancias por acción récord de $1.65 excluyendo artículos especiales, un aumento del 26% en comparación con el año anterior. Las ventas netas a nivel mundial alcanzaron $541 millones, un incremento del 1% en base subyacente. El ingreso operativo excluyendo artículos especiales fue un récord de $85 millones, un aumento del 20% con respecto al año anterior, representando el 15.7% de las ventas. El segmento de Consumidores y Especialidades vio un crecimiento subyacente del 3%, mientras que el segmento de Soluciones Ingenierizadas experimentó una disminución del 2%. El rendimiento de la empresa fue impulsado por un volumen y una mezcla favorables, mejoras en la productividad y un control disciplinado de precios y costos.
Minerals Technologies Inc. (NYSE: MTX)는 2024년 2분기 강력한 재무 결과를 보고했으며, 특별 항목을 제외한 주당 순이익이 $1.65로, 전년 대비 26% 증가했습니다. 전 세계 순매출은 $541 백만에 달하며, 기본적으로 1% 증가했습니다. 특별 항목을 제외한 운영 수익은 기록적인 $85 백만으로, 전년 대비 20% 증가하여 판매의 15.7%를 차지했습니다. 소비자 및 전문 제품 부문은 근본적인 성장률이 3%였고, 엔지니어링 솔루션 부문은 2% 감소했습니다. 회사의 성과는 유리한 물량과 조합, 생산성 개선, 그리고 가격 및 비용 통제의 규율에 의해 주도되었습니다.
Minerals Technologies Inc. (NYSE: MTX) a annoncé de solides résultats financiers pour le deuxième trimestre 2024, avec un bénéfice par action record de 1,65 $ hors postes spéciaux, en hausse de 26% par rapport à l'année précédente. Les ventes nettes mondiales ont atteint 541 millions de dollars, soit une augmentation de 1% sur une base sous-jacente. Le résultat d'exploitation hors postes spéciaux a atteint un record de 85 millions de dollars, en hausse de 20% par rapport à l'année précédente, représentant 15,7% des ventes. Le segment Consommation & Spécialités a enregistré une croissance sous-jacente de 3%, tandis que le segment Solutions Ingénierisées a connu un déclin de 2%. La performance de l'entreprise a été favorisée par des volumes et un mélange avantageux, des améliorations de productivité et un contrôle discipliné des prix et des coûts.
Minerals Technologies Inc. (NYSE: MTX) hat starke Finanzzahlen für das zweite Quartal 2024 gemeldet, mit einem Rekordgewinn je Aktie von $1,65 ohne Sonderposten, was einem Anstieg von 26% im Jahresvergleich entspricht. Der weltweite Nettoumsatz erreichte $541 Millionen, ein Anstieg von 1% auf Basis der zugrunde liegenden Zahlen. Das Betriebsergebnis ohne Sonderposten betrug rekordverdächtige $85 Millionen, was einem Anstieg von 20% im Vergleich zum Vorjahr entspricht und 15,7% des Umsatzes ausmacht. Das Segment Verbraucher & Spezialitäten verzeichnete ein zugrunde liegendes Wachstum von 3%, während das Segment Ingenieurlösungen einen Rückgang von 2% erlebte. Die Unternehmensleistung wurde durch günstige Volumen und Mischung, Produktivitätsverbesserungen sowie eine disziplinierte Preis- und Kostenkontrolle unterstützt.
- Record earnings per share of $1.65 excluding special items, up 26% year-over-year
- Record operating income of $85 million excluding special items, up 20% from prior year
- Strong operating margins at 15.7% of sales, ahead of 2024 targets
- Consumer & Specialties segment sales up 3% on an underlying basis
- Engineered Solutions segment operating income up 16% from prior year
- Worldwide net sales down 2% as reported
- Engineered Solutions segment sales down 2% from prior year
- Environmental & Infrastructure sales down 8% due to slow commercial construction markets
- $34.2 million in special items, including $30 million provision for BMI OldCo bankruptcy proceeding
Insights
As a financial analyst, I find MTI's Q2 2024 results quite impressive. The company reported record earnings per share of
The operating income excluding special items reached a record
However, it's important to note the
The Consumer & Specialties segment showed resilience with
Overall, MTI's Q2 results demonstrate robust financial health and operational excellence, positioning the company well for continued growth in diverse markets.
From a market perspective, MTI's Q2 2024 results reveal interesting trends across various industries. The company's balanced portfolio of industrial and consumer businesses appears to be a strategic advantage, offering resilience against market fluctuations.
In the Consumer & Specialties segment, the
The Engineered Solutions segment presents a mixed picture. While High-Temperature Technologies saw slight growth, the
MTI's ability to maintain strong margins and achieve record results despite these market dynamics demonstrates the company's adaptability and the strength of its diverse product portfolio. The continued demand across multiple markets underscores the value proposition of MTI's core technologies, potentially positioning the company for long-term growth as various industries evolve.
- Record Earnings Per Share Excluding Special Items
- Record Operating Income Excluding Special Items
- Strong Operating Margins Ahead of 2024 Targets
- Released 16th Annual Corporate Responsibility and Sustainability Report
NEW YORK, July 25, 2024 (GLOBE NEWSWIRE) -- Minerals Technologies Inc. (NYSE: MTX) (“MTI” or “the Company”) today reported earnings per share for the second quarter ended June 30, 2024 of
“We continue to deliver record results with margins ahead of target. Healthy demand for our products and solutions across the majority of our markets highlights the value we deliver to our customers through our core technologies. Our balanced portfolio of industrial and consumer businesses is operating as expected and continues to offer broad-based long-term growth opportunities,” said Douglas T. Dietrich, Chairman and Chief Executive Officer.
Worldwide net sales were
Reported operating income was
The Company recorded special items of
Second Quarter 2024 Segment Results
Consumer & Specialties segment sales were
Household & Personal Care sales were
Segment operating income was
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
High-Temperature Technologies sales were
Segment operating income was
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.
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Minerals Technologies will host a conference call tomorrow, July 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 July 26, 2024.
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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 BMI OldCo (f/k/a 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
Investor Contact:
Lydia Kopylova, (212) 878-1831
Media Contact:
Jennifer Albert, (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 | ||||||||||||||||||||||
| Jun. 30, | Mar. 31, | Jul. 2, | Prior | Prior | Jun. 30, | Jul. 2, | Prior | ||||||||||||||||||
| 2024 | 2024 | 2023 | Qtr. | Year | 2024 | 2023 | Year | ||||||||||||||||||
| Net sales | $ | 541.2 | $ | 534.5 | $ | 551.5 | 1 | % | (2 | )% | $ | 1,075.7 | $ | 1,097.6 | (2 | )% | |||||||||
| Cost of goods sold | 397.3 | 398.6 | 423.5 | (0 | )% | (6 | )% | 795.9 | 848.9 | (6 | )% | ||||||||||||||
| Production margin | 143.9 | 135.9 | 128.0 | 6 | % | 12 | % | 279.8 | 248.7 | 13 | % | ||||||||||||||
| Marketing and administrative expenses | 53.3 | 53.0 | 51.8 | 1 | % | 3 | % | 106.3 | 104.1 | 2 | % | ||||||||||||||
| Research and development expenses | 5.8 | 5.6 | 5.6 | 4 | % | 4 | % | 11.4 | 10.9 | 5 | % | ||||||||||||||
| Provision for credit losses | 30.0 | 0.0 | 0.0 | * | * | 30.0 | 0.0 | * | |||||||||||||||||
| Restructuring and other items, net | 0.0 | 0.0 | 6.6 | * | * | 0.0 | 6.6 | * | |||||||||||||||||
| Acquisition-related expenses | 0.0 | 0.0 | 0.2 | * | * | 0.0 | 0.3 | * | |||||||||||||||||
| Litigation expenses | 4.2 | 2.1 | 13.9 | 100 | % | (70 | )% | 6.3 | 13.9 | (55 | )% | ||||||||||||||
| Income from operations | 50.6 | 75.2 | 49.9 | (33 | )% | 1 | % | 125.8 | 112.9 | 11 | % | ||||||||||||||
| Interest expense, net | (14.9 | ) | (14.9 | ) | (14.5 | ) | 0 | % | 3 | % | (29.8 | ) | (28.7 | ) | 4 | % | |||||||||
| Other non-operating deductions, net | (1.1 | ) | (0.2 | ) | (1.4 | ) | * | (21 | )% | (1.3 | ) | (2.5 | ) | (48 | )% | ||||||||||
| Total non-operating deductions, net | (16.0 | ) | (15.1 | ) | (15.9 | ) | 6 | % | 1 | % | (31.1 | ) | (31.2 | ) | (0 | )% | |||||||||
| Income before tax and equity in earnings | 34.6 | 60.1 | 34.0 | (42 | )% | 2 | % | 94.7 | 81.7 | 16 | % | ||||||||||||||
| Provision for taxes on income | 15.6 | 13.9 | 7.5 | 12 | % | 108 | % | 29.5 | 18.0 | 64 | % | ||||||||||||||
| Equity in earnings of affiliates, net of tax | 1.9 | 1.4 | 1.1 | 36 | % | 73 | % | 3.3 | 2.0 | 65 | % | ||||||||||||||
| Net income | 20.9 | 47.6 | 27.6 | (56 | )% | (24 | )% | 68.5 | 65.7 | 4 | % | ||||||||||||||
| Less: Net income attributable to non-controlling interests | 1.2 | 0.9 | 1.0 | 33 | % | 20 | % | 2.1 | 2.1 | 0 | % | ||||||||||||||
| Net Income attributable to Minerals Technologies Inc. (MTI) | $ | 19.7 | $ | 46.7 | $ | 26.6 | (58 | )% | (26 | )% | $ | 66.4 | $ | 63.6 | 4 | % | |||||||||
| Weighted average number of common shares outstanding: | |||||||||||||||||||||||||
| Basic | 32.2 | 32.3 | 32.5 | 32.3 | 32.5 | ||||||||||||||||||||
| Diluted | 32.4 | 32.4 | 32.6 | 32.4 | 32.5 | ||||||||||||||||||||
| Earnings per share attributable to MTI: | |||||||||||||||||||||||||
| Basic | $ | 0.61 | $ | 1.45 | $ | 0.82 | (58 | )% | (26 | )% | $ | 2.06 | $ | 1.96 | 5 | % | |||||||||
| Diluted | $ | 0.61 | $ | 1.44 | $ | 0.82 | (58 | )% | (26 | )% | $ | 2.05 | $ | 1.96 | 5 | % | |||||||||
| Cash dividends declared per common share | $ | 0.10 | $ | 0.10 | $ | 0.05 | $ | 0.20 | $ | 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 June 30, 2024, March 31, 2024 and July 2, 2023 each consisted of 91 days. The six month periods ended June 30, 2024 and July 2, 2023 consisted of 182 days and 183 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 June 30, 2024, March 31, 2024 and July 2, 2023, and the six month periods ended June 30, 2024 and July 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.
| (millions of dollars) | Quarter Ended | Six Months Ended | ||||||||||||||
| Jun. 30, | Mar. 31, | Jul. 2, | Jun. 30, | Jul. 2, | ||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income attributable to MTI | $ | 19.7 | $ | 46.7 | $ | 26.6 | $ | 66.4 | $ | 63.6 | ||||||
| % of sales | 3.6 | % | 8.7 | % | 4.8 | % | 6.2 | % | 5.8 | % | ||||||
| Special items: | ||||||||||||||||
| Provision for credit losses | 30.0 | 0.0 | 0.0 | 30.0 | 0.0 | |||||||||||
| Restructuring and other items, net | 0.0 | 0.0 | 6.6 | 0.0 | 6.6 | |||||||||||
| Acquisition-related expenses | 0.0 | 0.0 | 0.2 | 0.0 | 0.3 | |||||||||||
| Litigation expenses | 4.2 | 2.1 | 13.9 | 6.3 | 13.9 | |||||||||||
| Related tax effects on special items | (0.3 | ) | (0.5 | ) | (4.6 | ) | (0.8 | ) | (4.6 | ) | ||||||
| Net income attributable to MTI, excluding special items | $ | 53.6 | $ | 48.3 | $ | 42.7 | $ | 101.9 | $ | 79.8 | ||||||
| % of sales | 9.9 | % | 9.0 | % | 7.7 | % | 9.5 | % | 7.3 | % | ||||||
| Diluted earnings per share, excluding special items | $ | 1.65 | $ | 1.49 | $ | 1.31 | $ | 3.15 | $ | 2.46 | ||||||
In the second quarter of 2024, the Company recorded a
In the second quarter of 2023, the Company initiated a restructuring and cost savings program to further streamline our cost structure as a result of organizational efficiencies gained through our 2023 resegmentation. Accordingly, the Company recorded restructuring and other charges of
In the second quarter of 2023, the Company recorded incremental litigation costs of
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 June 30, 2024, March 31, 2024 and July 2, 2023, and the six month periods ended June 30, 2024 and July 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.
| Quarter Ended | Six Months Ended | |||||||||||
| (millions of dollars) | Jun. 30, | Mar. 31, | Jul. 2, | Jun. 30, | Jul. 2, | |||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||
| Cash flow from operations | $ | 50.1 | $ | 55.9 | $ | 45.5 | $ | 106.0 | $ | 79.2 | ||
| Capital expenditures | 20.2 | 16.5 | 21.4 | 36.7 | 45.9 | |||||||
| Free cash flow | $ | 29.9 | $ | 39.4 | $ | 24.1 | $ | 69.3 | $ | 33.3 | ||
| Depreciation, depletion and amortization expense | $ | 24.0 | $ | 23.5 | $ | 23.5 | $ | 47.5 | $ | 47.2 | ||
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 Oldco for the three and six months ended July 2, 2023, constituting a reconciliation to GAAP sales growth set forth below. On October 2, 2023, Oldco filed for relief under Chapter 11 of the U.S. Bankruptcy Code and as such the results of Oldco are not included in the Company's consolidated results for the first half of 2024. Oldco sales for the three and six month periods ending July 2, 2023 were
| Quarter Ended Jun. 30, 2024 | Six Months Ended Jun. 30, 2024 | ||||||||||||||||
| Sales | Impact of | Sales | Impact of | ||||||||||||||
| Year over Year Sales Growth | Growth | Oldco | Underlying | Growth | Oldco | Underlying | |||||||||||
| As Reported | Deconsolidation | Sales Growth | As Reported | Deconsolidation | Sales Growth | ||||||||||||
| Specialty Additives | (4 | )% | 8 | % | 4 | % | (5 | )% | 8 | % | 3 | % | |||||
| Consumer & Specialties | (2 | )% | 5 | % | 3 | % | (1 | )% | 5 | % | 4 | % | |||||
| MTI Consolidated | (2 | )% | 3 | % | 1 | % | (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 June 30, 2024, March 31, 2024 and July 2, 2023, and the six month periods ended June 30, 2024 and July 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.
| Quarter Ended | Six Months Ended | |||||||||||||||
| (millions of dollars) | Jun. 30, | Mar. 31, | Jul. 2, | Jun. 30, | Jul. 2, | |||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income | $ | 19.7 | $ | 46.7 | $ | 26.6 | $ | 66.4 | $ | 63.6 | ||||||
| Add back: | ||||||||||||||||
| Depreciation, depletion and amortization | 24.0 | 23.5 | 23.5 | 47.5 | 47.2 | |||||||||||
| Interest expense, net | 14.9 | 14.9 | 14.5 | 29.8 | 28.7 | |||||||||||
| Equity in earnings of affiliates, net of tax | (1.9 | ) | (1.4 | ) | (1.1 | ) | (3.3 | ) | (2.0 | ) | ||||||
| Net income attributable to non-controlling interests | 1.2 | 0.9 | 1.0 | 2.1 | 2.1 | |||||||||||
| Provision for taxes on income | 15.6 | 13.9 | 7.5 | 29.5 | 18.0 | |||||||||||
| EBITDA | 73.5 | 98.5 | 72.0 | 172.0 | 157.6 | |||||||||||
| Add special items: | ||||||||||||||||
| Provision for credit losses | 30.0 | 0.0 | 0.0 | 30.0 | 0.0 | |||||||||||
| Restructuring and other items, net | 0.0 | 0.0 | 6.6 | 0.0 | 6.6 | |||||||||||
| Acquisition-related expenses | 0.0 | 0.0 | 0.2 | 0.0 | 0.3 | |||||||||||
| Litigation expenses | 4.2 | 2.1 | 13.9 | 6.3 | 13.9 | |||||||||||
| Adjusted EBITDA | $ | 107.7 | $ | 100.6 | $ | 92.7 | $ | 208.3 | $ | 178.4 | ||||||
| % of sales | 19.9 | % | 18.8 | % | 16.8 | % | 19.4 | % | 16.3 | % | ||||||
6) The following table reflects the components of non-operating income and deductions:
| (millions of dollars) | Quarter Ended | Six Months Ended | ||||||||||||||
| Jun. 30, | Mar. 31, | Jul. 2, | Jun. 30, | Jul. 2, | ||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Interest income | $ | 1.4 | $ | 1.1 | $ | 0.8 | $ | 2.5 | $ | 1.5 | ||||||
| Interest expense | (16.3 | ) | (16.0 | ) | (15.3 | ) | (32.3 | ) | (30.2 | ) | ||||||
| Foreign exchange gains (losses) | 0.2 | 0.9 | 1.3 | 1.1 | 1.5 | |||||||||||
| Other deductions | (1.3 | ) | (1.1 | ) | (2.7 | ) | (2.4 | ) | (4.0 | ) | ||||||
| Non-operating deductions, net | $ | (16.0 | ) | $ | (15.1 | ) | $ | (15.9 | ) | $ | (31.1 | ) | $ | (31.2 | ) | |
7) The analyst conference call to discuss operating results for the second quarter is scheduled for Friday, July 26, 2024 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 | Jun. 30, 2024 | % of Total Sales | Mar. 31, 2024 | % of Total Sales | Jul. 2, 2023 | % of Total Sales | Prior Qtr. | Prior Year | Jun. 30, 2024 | % of Total Sales | Jul. 2, 2023 | % of Total Sales | Prior Year | ||||||||||||||||||||||
| United States | $ | 281.3 | 52 | % | $ | 275.1 | 51 | % | $ | 294.7 | 53 | % | 2 | % | (5 | )% | $ | 556.4 | 52 | % | $ | 582.7 | 53 | % | (5 | )% | |||||||||
| International | 259.9 | 48 | % | 259.4 | 49 | % | 256.8 | 47 | % | 0 | % | 1 | % | 519.3 | 48 | % | 514.9 | 47 | % | 1 | % | ||||||||||||||
| Net Sales | $ | 541.2 | 100 | % | $ | 534.5 | 100 | % | $ | 551.5 | 100 | % | 1 | % | (2 | )% | $ | 1,075.7 | 100 | % | $ | 1,097.6 | 100 | % | (2 | )% | |||||||||
| Household & Personal Care | $ | 126.8 | 24 | % | $ | 138.4 | 26 | % | $ | 125.5 | 23 | % | (8 | )% | 1 | % | $ | 265.2 | 25 | % | $ | 254.7 | 24 | % | 4 | % | |||||||||
| Specialty Additives | 157.5 | 29 | % | 158.5 | 30 | % | 164.8 | 30 | % | (1 | )% | (4 | )% | 316.0 | 29 | % | 332.9 | 30 | % | (5 | )% | ||||||||||||||
| Consumer & Specialties Segment | $ | 284.3 | 53 | % | $ | 296.9 | 56 | % | $ | 290.3 | 53 | % | (4 | )% | (2 | )% | $ | 581.2 | 54 | % | $ | 587.6 | 54 | % | (1 | )% | |||||||||
| High-Temperature Technologies | $ | 184.7 | 34 | % | $ | 177.3 | 33 | % | $ | 182.6 | 33 | % | 4 | % | 1 | % | $ | 362.0 | 34 | % | $ | 361.2 | 33 | % | 0 | % | |||||||||
| Environmental & Infrastructure | 72.2 | 13 | % | 60.3 | 11 | % | 78.6 | 14 | % | 20 | % | (8 | )% | 132.5 | 12 | % | 148.8 | 13 | % | (11 | )% | ||||||||||||||
| Engineered Solutions Segment | $ | 256.9 | 47 | % | $ | 237.6 | 44 | % | $ | 261.2 | 47 | % | 8 | % | (2 | )% | $ | 494.5 | 46 | % | $ | 510.0 | 46 | % | (3 | )% | |||||||||
| Net Sales | $ | 541.2 | 100 | % | $ | 534.5 | 100 | % | $ | 551.5 | 100 | % | 1 | % | (2 | )% | $ | 1,075.7 | 100 | % | $ | 1,097.6 | 100 | % | (2 | )% | |||||||||
| SUPPLEMENTARY DATA | |||||||||||||||||||||||||
| MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES | |||||||||||||||||||||||||
| (millions of dollars) | |||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||
| Quarter Ended | % Growth | Six Months Ended | % Growth | ||||||||||||||||||||||
| SEGMENT OPERATING INCOME DATA | Jun. 30, 2024 | Mar. 31, 2024 | Jul. 2, 2023 | Prior Qtr. | Prior Year | Jun. 30, 2024 | Jul. 2, 2023 | Prior Year | |||||||||||||||||
| Consumer & Specialties Segment | $ | 43.9 | $ | 42.0 | $ | 19.4 | 5 | % | 126 | % | $ | 85.9 | $ | 51.6 | 66 | % | |||||||||
| % of Sales | 15.4 | % | 14.1 | % | 6.7 | % | 14.8 | % | 8.8 | % | |||||||||||||||
| Engineered Solutions Segment | $ | 44.7 | $ | 38.5 | $ | 35.2 | 16 | % | 27 | % | $ | 83.2 | $ | 70.5 | 18 | % | |||||||||
| % of Sales | 17.4 | % | 16.2 | % | 13.5 | % | 16.8 | % | 13.8 | % | |||||||||||||||
| Unallocated and Other Corporate Expenses | $ | (38.0 | ) | $ | (5.3 | ) | $ | (4.7 | ) | * | * | $ | (43.3 | ) | $ | (9.2 | ) | * | |||||||
| Consolidated | $ | 50.6 | $ | 75.2 | $ | 49.9 | (33 | )% | 1 | % | $ | 125.8 | $ | 112.9 | 11 | % | |||||||||
| % of Sales | 9.3 | % | 14.1 | % | 9.0 | % | 11.7 | % | 10.3 | % | |||||||||||||||
| SPECIAL ITEMS | |||||||||||||||||||||||||
| Consumer & Specialties Segment | $ | 0.0 | $ | 0.0 | $ | 14.5 | * | * | $ | 0.0 | $ | 14.5 | * | ||||||||||||
| Engineered Solutions Segment | $ | 0.0 | $ | 0.0 | $ | 3.2 | * | * | $ | 0.0 | $ | 3.2 | * | ||||||||||||
| Unallocated and Other Corporate Expenses | $ | 34.2 | $ | 2.1 | $ | 3.0 | * | * | $ | 36.3 | $ | 3.1 | * | ||||||||||||
| Consolidated | $ | 34.2 | $ | 2.1 | $ | 20.7 | * | * | $ | 36.3 | $ | 20.8 | * | ||||||||||||
| 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 June 30, 2024, March 31, 2024 and July 2, 2023, and the six month periods ended June 30, 2024 and July 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 | Six Months Ended | % Growth | ||||||||||||||||||||||
| SEGMENT OPERATING INCOME, | Jun. 30, | Mar. 31, | Jul. 2, | Jun. 30, | Jul. 2, | ||||||||||||||||||||
| EXCLUDING SPECIAL ITEMS | 2024 | 2024 | 2023 | Prior Qtr. | Prior Year | 2024 | 2023 | Prior Year | |||||||||||||||||
| Consumer & Specialties Segment | $ | 43.9 | $ | 42.0 | $ | 33.9 | 5 | % | 29 | % | $ | 85.9 | $ | 66.1 | 30 | % | |||||||||
| % of Sales | 15.4 | % | 14.1 | % | 11.7 | % | 14.8 | % | 11.2 | % | |||||||||||||||
| Engineered Solutions Segment | $ | 44.7 | $ | 38.5 | $ | 38.4 | 16 | % | 16 | % | $ | 83.2 | $ | 73.7 | 13 | % | |||||||||
| % of Sales | 17.4 | % | 16.2 | % | 14.7 | % | 16.8 | % | 14.5 | % | |||||||||||||||
| Unallocated Corporate Expenses | $ | (3.8 | ) | $ | (3.2 | ) | $ | (1.7 | ) | (19 | )% | (124 | )% | $ | (7.0 | ) | $ | (6.1 | ) | (15 | )% | ||||
| Consolidated | $ | 84.8 | $ | 77.3 | $ | 70.6 | 10 | % | 20 | % | $ | 162.1 | $ | 133.7 | 21 | % | |||||||||
| % of Sales | 15.7 | % | 14.5 | % | 12.8 | % | 15.1 | % | 12.2 | % | |||||||||||||||
| * Percentage not meaningful | |||||||||||||||||||||||||
| MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES | ||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
| ASSETS | ||||
| (In Millions of Dollars) | ||||
| June 30, | December 31, | |||
| 2024* | 2023** | |||
| Current assets: | ||||
| Cash & cash equivalents | $ | 310.6 | $ | 317.2 |
| Short-term investments | 5.8 | 4.3 | ||
| Accounts receivable, net | 405.1 | 399.1 | ||
| Inventories | 333.0 | 325.4 | ||
| Prepaid expenses and other current assets | 59.3 | 53.0 | ||
| Total current assets | 1,113.8 | 1,099.0 | ||
| Property, plant and equipment | 2,192.3 | 2,190.1 | ||
| Less accumulated depreciation | 1,218.5 | 1,203.3 | ||
| Net property, plant & equipment | 973.8 | 986.8 | ||
| Goodwill | 912.8 | 913.6 | ||
| Intangible assets | 224.7 | 231.0 | ||
| Other assets and deferred charges | 120.9 | 116.2 | ||
| Total assets | $ | 3,346.0 | $ | 3,346.6 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
| Current liabilities: | ||||
| Short-term debt | $ | 69.0 | $ | 85.4 |
| Current maturities of long-term debt | 24.7 | 18.0 | ||
| Accounts payable | 184.4 | 188.7 | ||
| Other current liabilities | 175.5 | 165.2 | ||
| Total current liabilities | 453.6 | 457.3 | ||
| Long-term debt | 897.7 | 911.1 | ||
| Deferred income taxes | 146.6 | 139.3 | ||
| Other non-current liabilities | 150.6 | 152.2 | ||
| Total liabilities | 1,648.5 | 1,659.9 | ||
| Total MTI shareholders' equity | 1,662.6 | 1,652.0 | ||
| Non-controlling interests | 34.9 | 34.7 | ||
| Total shareholders' equity | 1,697.5 | 1,686.7 | ||
| Total liabilities and shareholders' equity | $ | 3,346.0 | $ | 3,346.6 |
* Unaudited
** Condensed from audited financial statements.
FAQ
What was Minerals Technologies' (MTX) earnings per share for Q2 2024?
How did Minerals Technologies' (MTX) net sales perform in Q2 2024?
What was the operating income for Minerals Technologies (MTX) in Q2 2024?
How did Minerals Technologies' (MTX) Consumer & Specialties segment perform in Q2 2024?
