Minerals Technologies Inc. Announces 2024 Third Quarter Financial Results
Minerals Technologies (MTX) reported record third quarter results with earnings per share of $1.45, or $1.51 excluding special items. Worldwide net sales were $525 million, down 4% year-over-year. Operating income excluding special items reached $79 million, up 3% from prior year, with a 15.1% margin. The Consumer & Specialties segment saw sales of $280 million, while Engineered Solutions reported $244 million. The company announced a new $200 million share repurchase program and increased its quarterly dividend by 10% to $0.11 per share, payable December 5, 2024.
Minerals Technologies (MTX) ha riportato risultati record per il terzo trimestre, con un utile per azione di $1.45, oppure $1.51 escludendo voci eccezionali. Le vendite nette globali hanno raggiunto i $525 milioni, in calo del 4% rispetto all'anno precedente. L'utile operativo al netto delle voci eccezionali è stato di $79 milioni, in aumento del 3% rispetto all'anno scorso, con un margine del 15.1%. Il segmento Consumer & Specialties ha registrato vendite per $280 milioni, mentre Engineered Solutions ha riportato $244 milioni. L'azienda ha annunciato un nuovo programma di riacquisto di azioni da $200 milioni e ha aumentato il suo dividendo trimestrale del 10% a $0.11 per azione, pagabile il 5 dicembre 2024.
Minerals Technologies (MTX) reportó resultados récord en el tercer trimestre con ganancias por acción de $1.45, o $1.51 excluyendo partidas especiales. Las ventas netas a nivel mundial fueron de $525 millones, lo que representa una disminución del 4% en comparación con el año anterior. El ingreso operativo, excluyendo partidas especiales, alcanzó los $79 millones, un aumento del 3% respecto al año anterior, con un margen del 15.1%. El segmento Consumer & Specialties vio ventas de $280 millones, mientras que Engineered Solutions reportó $244 millones. La compañía anunció un nuevo programa de recompra de acciones por $200 millones y aumentó su dividendo trimestral en un 10% a $0.11 por acción, pagadero el 5 de diciembre de 2024.
Minerals Technologies (MTX)는 3분기 경영 성과가 기록적으로 증가하여 주당 순이익이 $1.45에 달하며, 특별 항목을 제외할 경우 $1.51이 되었습니다. 전 세계 순매출은 $525백만으로, 전년 대비 4% 감소했습니다. 특별 항목을 제외한 운영 소득은 $79백만에 달하여, 전년 대비 3% 증가했으며, 마진은 15.1%입니다. Consumer & Specialties 부문은 $280백만의 매출을 기록했고, Engineered Solutions 부문은 $244백만을 보고했습니다. 이 회사는 새로운 $200백만 규모의 자사주 매입 프로그램을 발표하고, 분기 배당금을 10% 증가시켜 주당 $0.11로 조정하며, 2024년 12월 5일에 지급할 예정입니다.
Minerals Technologies (MTX) a rapporté des résultats record pour le troisième trimestre avec un bénéfice par action de 1,45 $, ou 1,51 $ hors éléments spéciaux. Les ventes nettes mondiales se sont élevées à 525 millions de dollars, en baisse de 4 % par rapport à l'année précédente. Le bénéfice d'exploitation hors éléments spéciaux a atteint 79 millions de dollars, en hausse de 3 % par rapport à l'année précédente, avec une marge de 15,1 %. Le segment Consumer & Specialties a enregistré des ventes de 280 millions de dollars, tandis que Engineered Solutions a rapporté 244 millions de dollars. L'entreprise a annoncé un nouveau programme de rachat d'actions de 200 millions de dollars et a augmenté son dividende trimestriel de 10 % à 0,11 $ par action, payable le 5 décembre 2024.
Minerals Technologies (MTX) meldete Rekordergebnisse im dritten Quartal mit einem Gewinn pro Aktie von $1,45, bzw. $1,51 ohne Sonderposten. Der weltweite Nettoumsatz betrug $525 Millionen, was einem Rückgang von 4% im Vergleich zum Vorjahr entspricht. Das operative Ergebnis ohne Sonderposten erreichte $79 Millionen, was einem Anstieg von 3% gegenüber dem Vorjahr entspricht, mit einer Marge von 15,1%. Der Consumer & Specialties-Bereich verzeichnete einen Umsatz von $280 Millionen, während Engineered Solutions $244 Millionen meldete. Das Unternehmen kündigte ein neues Aktienrückkaufprogramm in Höhe von $200 Millionen an und erhöhte die vierteljährliche Dividende um 10% auf $0,11 pro Aktie, zahlbar am 5. Dezember 2024.
- Record Q3 operating income of $79M, up 3% YoY
- Operating margin improved to 15.1% of sales
- Consumer & Specialties segment operating income increased 9% YoY
- 10% dividend increase to $0.11 per share
- New $200M share repurchase program announced
- Worldwide net sales declined 4% to $525M
- Engineered Solutions segment operating income decreased 4% YoY
- Environmental & Infrastructure sales down 12% YoY
- Weakness in commercial construction markets
Insights
MTI delivered a robust Q3 with several positive developments. Record Q3 operating income of
The new
The company's margin expansion strategy and operational efficiency are offsetting volume challenges, positioning MTI well for continued earnings growth despite macro headwinds in certain end markets.
The divergence between MTI's segments reveals important market trends. The Consumer & Specialties segment's growth in pet care and consumer products indicates resilient consumer demand, while Engineered Solutions' weakness reflects broader challenges in commercial construction and industrial markets. The company's ability to expand margins despite volume pressures demonstrates strong pricing power and operational execution.
The increased capital return initiatives suggest management's confidence in sustainable cash flow generation. With
- Record Third Quarter Operating Income and Earnings Per Share Excluding Special Items
- Strong Operating Margin and Cash Flow
- Announced New
$200 Million Share Repurchase Program and Completed Previous$75 Million Program - Increased Dividend by
10%
NEW YORK, Oct. 24, 2024 (GLOBE NEWSWIRE) -- Minerals Technologies Inc. (NYSE: MTX) (“MTI” or “the Company”) today reported earnings per share for the third quarter ended September 29, 2024 of
“We delivered a record third quarter and are on track for another record year. Both operating segments have accomplished a tremendous amount this year, extending their leadership positions in each of their markets, introducing innovative new products, and expanding margins.” said Douglas T. Dietrich, Chairman and Chief Executive Officer, “MTI’s financial strength positions us well and provides multiple levers to continue to drive shareholder value.”
Worldwide net sales were
Reported operating income was
Third Quarter 2024 Segment Results
Consumer & Specialties segment sales were
Household & Personal Care sales were
driven by increased sales in pet care and other consumer-oriented products. Specialty Additives sales were
Segment operating income increased by
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.
Dividend Increase and Share Repurchase Program
As previously announced, the Company increased its regular quarterly dividend on the Company’s common stock by
In addition, MTI’s Board of Directors has authorized a new
“Increasing our dividend and authorizing a new repurchase program reflects the Board’s ongoing confidence in MTI’s financial strength as we continue to grow earnings and cash flow," said Douglas T. Dietrich, Chairman and Chief Executive Officer. “The combination of this increased dividend and new repurchase program demonstrates our commitment to shareholder returns, while maintaining the flexibility to fund inorganic growth opportunities.”
-----------------
Minerals Technologies will host a conference call tomorrow, October 25, 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 October 25, 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 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
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||||||||||||||||||||
| MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES | |||||||||||||||||||||||||
| (in millions, except per share data) | |||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||
| Quarter Ended | % Growth | Nine Months Ended | % Growth | ||||||||||||||||||||||
| Sep. 29, | Jun. 30, | Oct. 1, | Sep. 29, | Oct. 1, | |||||||||||||||||||||
| 2024 | 2024 | 2023 | Prior Qtr. | Prior Year | 2024 | 2023 | Prior Year | ||||||||||||||||||
| Net sales | $ | 524.7 | $ | 541.2 | $ | 547.8 | (3 | )% | (4 | )% | $ | 1,600.4 | $ | 1,645.4 | (3 | )% | |||||||||
| Cost of goods sold | 389.5 | 397.3 | 414.7 | (2 | )% | (6 | )% | 1,185.4 | 1,263.6 | (6 | )% | ||||||||||||||
| Production margin | 135.2 | 143.9 | 133.1 | (6 | )% | 2 | % | 415.0 | 381.8 | 9 | % | ||||||||||||||
| Marketing and administrative expenses | 50.1 | 53.3 | 50.9 | (6 | )% | (2 | )% | 156.4 | 155.0 | 1 | % | ||||||||||||||
| Research and development expenses | 5.9 | 5.8 | 5.2 | 2 | % | 13 | % | 17.3 | 16.1 | 7 | % | ||||||||||||||
| Provision for credit losses | 0.0 | 30.0 | 0.0 | * | * | 30.0 | 0.0 | * | |||||||||||||||||
| Restructuring and other items, net | 0.0 | 0.0 | 0.3 | * | * | 0.0 | 6.9 | * | |||||||||||||||||
| Impairment of assets | 0.0 | 0.0 | 71.7 | * | * | 0.0 | 71.7 | * | |||||||||||||||||
| Acquisition-related expenses | 0.0 | 0.0 | 0.0 | * | * | 0.0 | 0.3 | * | |||||||||||||||||
| Litigation expenses | 2.6 | 4.2 | 12.9 | (38 | )% | (80 | )% | 8.9 | 26.8 | (67 | )% | ||||||||||||||
| Income (loss) from operations | 76.6 | 50.6 | (7.9 | ) | 51 | % | * | 202.4 | 105.0 | 93 | % | ||||||||||||||
| Interest expense, net | (14.0 | ) | (14.9 | ) | (15.3 | ) | (6 | )% | (8 | )% | (43.8 | ) | (44.0 | ) | (0 | )% | |||||||||
| Other non-operating income (deductions), net | (3.1 | ) | (1.1 | ) | 0.6 | 182 | % | * | (4.4 | ) | (1.9 | ) | 132 | % | |||||||||||
| Total non-operating deductions, net | (17.1 | ) | (16.0 | ) | (14.7 | ) | 7 | % | 16 | % | (48.2 | ) | (45.9 | ) | 5 | % | |||||||||
| Income (loss) before tax and equity in earnings | 59.5 | 34.6 | (22.6 | ) | 72 | % | * | 154.2 | 59.1 | 161 | % | ||||||||||||||
| Provision (benefit) for taxes on income | 13.7 | 15.6 | (3.5 | ) | (12 | )% | * | 43.2 | 14.5 | 198 | % | ||||||||||||||
| Equity in earnings of affiliates, net of tax | 1.9 | 1.9 | 1.0 | 0 | % | 90 | % | 5.2 | 3.0 | 73 | % | ||||||||||||||
| Net income (loss) | 47.7 | 20.9 | (18.1 | ) | 128 | % | * | 116.2 | 47.6 | 144 | % | ||||||||||||||
| Less: Net income attributable to non-controlling interests | 1.0 | 1.2 | 1.1 | (17 | )% | (9 | )% | 3.1 | 3.2 | (3 | )% | ||||||||||||||
| Net income (loss) attributable to Minerals Technologies Inc. (MTI) | $ | 46.7 | $ | 19.7 | $ | (19.2 | ) | 137 | % | * | $ | 113.1 | $ | 44.4 | 155 | % | |||||||||
| Weighted average number of common shares outstanding: | |||||||||||||||||||||||||
| Basic | 32.1 | 32.2 | 32.5 | 32.2 | 32.5 | ||||||||||||||||||||
| Diluted | 32.3 | 32.4 | 32.5 | 32.4 | 32.6 | ||||||||||||||||||||
| Earnings (loss) per share attributable to MTI: | |||||||||||||||||||||||||
| Basic | $ | 1.45 | $ | 0.61 | $ | (0.59 | ) | 138 | % | * | $ | 3.51 | $ | 1.37 | 156 | % | |||||||||
| Diluted | $ | 1.45 | $ | 0.61 | $ | (0.59 | ) | 138 | % | * | $ | 3.49 | $ | 1.36 | 157 | % | |||||||||
| Cash dividends declared per common share | $ | 0.10 | $ | 0.10 | $ | 0.05 | $ | 0.30 | $ | 0.15 | |||||||||||||||
| * Percentage not meaningful | |||||||||||||||||||||||||
| MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES | ||||||||||||||||||||
| NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | ||||||||||||||||||||
| 1) | For comparative purposes, the quarterly periods ended September 29, 2024, June 30, 2024 and October 1, 2023 each consisted of 91 days. The nine month periods ended September 29, 2024 and October 1, 2023 consisted of 273 days and 274 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 September 29, 2024, June 30, 2024 and October 1, 2023, and the nine month periods ended September 29, 2024 and October 1, 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 | Nine Months Ended | ||||||||||||||||||
| Sep. 29, | Jun. 30, | Oct. 1, | Sep. 29, | Oct. 1, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Net income (loss) attributable to MTI | $ | 46.7 | $ | 19.7 | $ | (19.2 | ) | $ | 113.1 | $ | 44.4 | |||||||||
| % of sales | 8.9 | % | 3.6 | % | * | 7.1 | % | 2.7 | % | |||||||||||
| Special items: | ||||||||||||||||||||
| Provision for credit losses | 0.0 | 30.0 | 0.0 | 30.0 | 0.0 | |||||||||||||||
| Restructuring and other items, net | 0.0 | 0.0 | 0.3 | 0.0 | 6.9 | |||||||||||||||
| Impairment of assets | 0.0 | 0.0 | 71.7 | 0.0 | 71.7 | |||||||||||||||
| Acquisition-related expenses | 0.0 | 0.0 | 0.0 | 0.0 | 0.3 | |||||||||||||||
| Litigation expenses | 2.6 | 4.2 | 12.9 | 8.9 | 26.8 | |||||||||||||||
| Related tax effects on special items | (0.6 | ) | (0.3 | ) | (17.2 | ) | (1.4 | ) | (21.8 | ) | ||||||||||
| Net income attributable to MTI, excluding special items | $ | 48.7 | $ | 53.6 | $ | 48.5 | $ | 150.6 | $ | 128.3 | ||||||||||
| % of sales | 9.3 | % | 9.9 | % | 8.9 | % | 9.4 | % | 7.8 | % | ||||||||||
| Diluted earnings per share, excluding special items | $ | 1.51 | $ | 1.65 | $ | 1.49 | $ | 4.65 | $ | 3.94 | ||||||||||
| In the second quarter of 2024, the Company recorded a | ||||||||||||||||||||
| In the third quarter of 2023, the Company recorded a non-cash impairment of assets charge of | ||||||||||||||||||||
| 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 and third quarters 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 September 29, 2024, June 30, 2024 and October 1, 2023, and the nine month periods ended September 29, 2024 and October 1, 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 | Nine Months Ended | |||||||||||||||||||
| (millions of dollars) | Sep. 29, | Jun. 30, | Oct. 1, | Sep. 29, | Oct. 1, | |||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Cash flow from operations | $ | 60.0 | $ | 50.1 | $ | 59.1 | $ | 166.0 | $ | 138.3 | ||||||||||
| Capital expenditures | 24.7 | 20.2 | 25.1 | 61.4 | 71.0 | |||||||||||||||
| Free cash flow | $ | 35.3 | $ | 29.9 | $ | 34.0 | $ | 104.6 | $ | 67.3 | ||||||||||
| Depreciation, depletion and amortization expense | $ | 23.1 | $ | 24.0 | $ | 24.3 | $ | 70.6 | $ | 71.5 | ||||||||||
| 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 nine months ended October 1, 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 three and nine months ended September 29, 2024. Oldco sales for the three and nine month months ended October 1, 2023 were | |||||||||||||||||||
| Quarter Ended Sep. 29, 2024 | Nine Months Ended Sep. 29, 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 | (8 | )% | 9 | % | 1 | % | (6 | )% | 8 | % | 2 | % | ||||||||
| Consumer & Specialties | (4 | )% | 5 | % | 1 | % | (2 | )% | 5 | % | 3 | % | ||||||||
| MTI Consolidated | (4 | )% | 2 | % | (2 | )% | (3 | )% | 3 | % | 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 September 29, 2024, June 30, 2024 and October 1, 2023, and the nine month periods ended September 29, 2024 and October 1, 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 | Nine Months Ended | |||||||||||||||||||
| (millions of dollars) | Sep. 29, | Jun. 30, | Oct. 1, | Sep. 29, | Oct. 1, | |||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Net income (loss) | $ | 46.7 | $ | 19.7 | $ | (19.2 | ) | $ | 113.1 | $ | 44.4 | |||||||||
| Add back: | ||||||||||||||||||||
| Depreciation, depletion and amortization | 23.1 | 24.0 | 24.3 | 70.6 | 71.5 | |||||||||||||||
| Interest expense, net | 14.0 | 14.9 | 15.3 | 43.8 | 44.0 | |||||||||||||||
| Equity in earnings of affiliates, net of tax | (1.9 | ) | (1.9 | ) | (1.0 | ) | (5.2 | ) | (3.0 | ) | ||||||||||
| Net income attributable to non-controlling interests | 1.0 | 1.2 | 1.1 | 3.1 | 3.2 | |||||||||||||||
| Provision (benefit) for taxes on income | 13.7 | 15.6 | (3.5 | ) | 43.2 | 14.5 | ||||||||||||||
| EBITDA | 96.6 | 73.5 | 17.0 | 268.6 | 174.6 | |||||||||||||||
| Add special items: | ||||||||||||||||||||
| Provision for credit losses | 0.0 | 30.0 | 0.0 | 30.0 | 0.0 | |||||||||||||||
| Restructuring and other items, net | 0.0 | 0.0 | 0.3 | 0.0 | 6.9 | |||||||||||||||
| Impairment of assets | 0.0 | 0.0 | 71.7 | 0.0 | 71.7 | |||||||||||||||
| Acquisition-related expenses | 0.0 | 0.0 | 0.0 | 0.0 | 0.3 | |||||||||||||||
| Litigation expenses | 2.6 | 4.2 | 12.9 | 8.9 | 26.8 | |||||||||||||||
| Adjusted EBITDA | $ | 99.2 | $ | 107.7 | $ | 101.9 | $ | 307.5 | $ | 280.3 | ||||||||||
| % of sales | 18.9 | % | 19.9 | % | 18.6 | % | 19.2 | % | 17.0 | % | ||||||||||
| 6) | The following table reflects the components of non-operating income and deductions: | |||||||||||||||||||
| (millions of dollars) | Quarter Ended | Nine Months Ended | ||||||||||||||||||
| Sep. 29, | Jun. 30, | Oct. 1, | Sep. 29, | Oct. 1, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Interest income | $ | 1.4 | $ | 1.4 | $ | 1.2 | $ | 3.9 | $ | 2.7 | ||||||||||
| Interest expense | (15.4 | ) | (16.3 | ) | (16.5 | ) | (47.7 | ) | (46.7 | ) | ||||||||||
| Foreign exchange gains (losses) | (1.8 | ) | 0.2 | 1.8 | (0.7 | ) | 3.3 | |||||||||||||
| Other deductions | (1.3 | ) | (1.3 | ) | (1.2 | ) | (3.7 | ) | (5.2 | ) | ||||||||||
| Non-operating deductions, net | $ | (17.1 | ) | $ | (16.0 | ) | $ | (14.7 | ) | $ | (48.2 | ) | $ | (45.9 | ) | |||||
| 7) | The analyst conference call to discuss operating results for the third quarter is scheduled for Friday, October 25, 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 | Nine Months Ended | % Growth | |||||||||||||||||||||||||||||||||||||
| SALES DATA | Sep. 29, | % of | Jun. 30, | % of | Oct. 1, | % of | Sep. 29, | % of | Oct. 1, | % of | ||||||||||||||||||||||||||||||
| 2024 | Total Sales | 2024 | Total Sales | 2023 | Total Sales | Prior Qtr. | Prior Year | 2024 | Total Sales | 2023 | Total Sales | Prior Year | ||||||||||||||||||||||||||||
| United States | $ | 268.3 | 51 | % | $ | 281.3 | 52 | % | $ | 291.6 | 53 | % | (5 | )% | (8 | )% | $ | 824.7 | 52 | % | $ | 874.3 | 53 | % | (6 | )% | ||||||||||||||
| International | 256.4 | 49 | % | 259.9 | 48 | % | 256.2 | 47 | % | (1 | )% | 0 | % | 775.7 | 48 | % | 771.1 | 47 | % | 1 | % | |||||||||||||||||||
| Net Sales | $ | 524.7 | 100 | % | $ | 541.2 | 100 | % | $ | 547.8 | 100 | % | (3 | )% | (4 | )% | $ | 1,600.4 | 100 | % | $ | 1,645.4 | 100 | % | (3 | )% | ||||||||||||||
| Household & Personal Care | $ | 130.9 | 25 | % | $ | 126.8 | 24 | % | $ | 128.9 | 23 | % | 3 | % | 2 | % | $ | 396.1 | 25 | % | $ | 383.6 | 23 | % | 3 | % | ||||||||||||||
| Specialty Additives | 149.4 | 28 | % | 157.5 | 29 | % | 162.3 | 30 | % | (5 | )% | (8 | )% | 465.4 | 29 | % | 495.2 | 30 | % | (6 | )% | |||||||||||||||||||
| Consumer & Specialties Segment | $ | 280.3 | 53 | % | $ | 284.3 | 53 | % | $ | 291.2 | 53 | % | (1 | )% | (4 | )% | $ | 861.5 | 54 | % | $ | 878.8 | 53 | % | (2 | )% | ||||||||||||||
| High-Temperature Technologies | $ | 174.8 | 34 | % | $ | 184.7 | 34 | % | $ | 177.4 | 32 | % | (5 | )% | (1 | )% | $ | 536.8 | 33 | % | $ | 538.6 | 33 | % | (0 | )% | ||||||||||||||
| Environmental & Infrastructure | 69.6 | 13 | % | 72.2 | 13 | % | 79.2 | 15 | % | (4 | )% | (12 | )% | 202.1 | 13 | % | 228.0 | 14 | % | (11 | )% | |||||||||||||||||||
| Engineered Solutions Segment | $ | 244.4 | 47 | % | $ | 256.9 | 47 | % | $ | 256.6 | 47 | % | (5 | )% | (5 | )% | $ | 738.9 | 46 | % | $ | 766.6 | 47 | % | (4 | )% | ||||||||||||||
| Net Sales | $ | 524.7 | 100 | % | $ | 541.2 | 100 | % | $ | 547.8 | 100 | % | (3 | )% | (4 | )% | $ | 1,600.4 | 100 | % | $ | 1,645.4 | 100 | % | (3 | )% | ||||||||||||||
| SUPPLEMENTARY DATA | |||||||||||||||||||||||||
| MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES | |||||||||||||||||||||||||
| (millions of dollars) | |||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||
| Quarter Ended | % Growth | Nine Months Ended | % Growth | ||||||||||||||||||||||
| Sep. 29, | Jun. 30, | Oct. 1, | Prior | Prior | Sep. 29, | Oct. 1, | |||||||||||||||||||
| SEGMENT OPERATING INCOME (LOSS) DATA | 2024 | 2024 | 2023 | Qtr. | Year | 2024 | 2023 | Prior Year | |||||||||||||||||
| Consumer & Specialties Segment | $ | 41.7 | $ | 43.9 | $ | (46.6 | ) | (5 | )% | * | $ | 127.6 | $ | 5.0 | * | ||||||||||
| % of Sales | 14.9 | % | 15.4 | % | * | 14.8 | % | 0.6 | % | ||||||||||||||||
| Engineered Solutions Segment | $ | 38.8 | $ | 44.7 | $ | 40.6 | (13 | )% | (4 | )% | $ | 122.0 | $ | 111.1 | 10 | % | |||||||||
| % of Sales | 15.9 | % | 17.4 | % | 15.8 | % | 16.5 | % | 14.5 | % | |||||||||||||||
| Unallocated and Other Corporate Expenses | $ | (3.9 | ) | $ | (38.0 | ) | $ | (1.9 | ) | * | * | $ | (47.2 | ) | $ | (11.1 | ) | * | |||||||
| Consolidated | $ | 76.6 | $ | 50.6 | $ | (7.9 | ) | 51 | % | * | $ | 202.4 | $ | 105.0 | 93 | % | |||||||||
| % of Sales | 14.6 | % | 9.3 | % | * | 12.6 | % | 6.4 | % | ||||||||||||||||
| SPECIAL ITEMS | |||||||||||||||||||||||||
| Consumer & Specialties Segment | $ | 0.0 | $ | 0.0 | $ | 84.9 | * | * | $ | 0.0 | $ | 99.4 | * | ||||||||||||
| Engineered Solutions Segment | $ | 0.0 | $ | 0.0 | $ | 0.0 | * | * | $ | 0.0 | $ | 3.2 | * | ||||||||||||
| Unallocated and Other Corporate Expenses | $ | 2.6 | $ | 34.2 | $ | 0.0 | * | * | $ | 38.9 | $ | 3.1 | * | ||||||||||||
| Consolidated | $ | 2.6 | $ | 34.2 | $ | 84.9 | * | * | $ | 38.9 | $ | 105.7 | * | ||||||||||||
| 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 September 29, 2024, June 30, 2024 and October 1, 2023, and the nine month periods ended September 29, 2024 and October 1, 2023, constituting a reconciliation to GAAP operating income (loss) 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 | Nine Months Ended | % Growth | ||||||||||||||||||||||
| SEGMENT OPERATING INCOME, | Sep. 29, | Jun. 30, | Oct. 1, | Sep. 29, | Oct. 1, | ||||||||||||||||||||
| EXCLUDING SPECIAL ITEMS | 2024 | 2024 | 2023 | Prior Qtr. | Prior Year | 2024 | 2023 | Prior Year | |||||||||||||||||
| Consumer & Specialties Segment | $ | 41.7 | $ | 43.9 | $ | 38.3 | (5 | )% | 9 | % | $ | 127.6 | $ | 104.4 | 22 | % | |||||||||
| % of Sales | 14.9 | % | 15.4 | % | 13.2 | % | 14.8 | % | 11.9 | % | |||||||||||||||
| Engineered Solutions Segment | $ | 38.8 | $ | 44.7 | $ | 40.6 | (13 | )% | (4 | )% | $ | 122.0 | $ | 114.3 | 7 | % | |||||||||
| % of Sales | 15.9 | % | 17.4 | % | 15.8 | % | 16.5 | % | 14.9 | % | |||||||||||||||
| Unallocated Corporate Expenses | $ | (1.3 | ) | $ | (3.8 | ) | $ | (1.9 | ) | 66 | % | 32 | % | $ | (8.3 | ) | $ | (8.0 | ) | (4 | )% | ||||
| Consolidated | $ | 79.2 | $ | 84.8 | $ | 77.0 | (7 | )% | 3 | % | $ | 241.3 | $ | 210.7 | 15 | % | |||||||||
| % of Sales | 15.1 | % | 15.7 | % | 14.1 | % | 15.1 | % | 12.8 | % | |||||||||||||||
| * Percentage not meaningful | |||||||||||||||||||||||||
| MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| ASSETS | |||||||
| (In Millions of Dollars) | |||||||
| September 29, | December 31, | ||||||
| 2024* | 2023** | ||||||
| Current assets: | |||||||
| Cash & cash equivalents | $ | 317.1 | $ | 317.2 | |||
| Short-term investments | 7.4 | 4.3 | |||||
| Accounts receivable, net | 412.5 | 399.1 | |||||
| Inventories | 342.2 | 325.4 | |||||
| Prepaid expenses and other current assets | 61.6 | 53.0 | |||||
| Total current assets | 1,140.8 | 1,099.0 | |||||
| Property, plant and equipment | 2,250.5 | 2,190.1 | |||||
| Less accumulated depreciation | 1,256.8 | 1,203.3 | |||||
| Net property, plant & equipment | 993.7 | 986.8 | |||||
| Goodwill | 914.3 | 913.6 | |||||
| Intangible assets | 222.1 | 231.0 | |||||
| Other assets and deferred charges | 123.1 | 116.2 | |||||
| Total assets | $ | 3,394.0 | $ | 3,346.6 | |||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
| Current liabilities: | |||||||
| Short-term debt | $ | 60.0 | $ | 85.4 | |||
| Current maturities of long-term debt | 28.2 | 18.0 | |||||
| Accounts payable | 189.8 | 188.7 | |||||
| Other current liabilities | 186.0 | 165.2 | |||||
| Total current liabilities | 464.0 | 457.3 | |||||
| Long-term debt | 894.7 | 911.1 | |||||
| Deferred income taxes | 137.4 | 139.3 | |||||
| Other non-current liabilities | 153.1 | 152.2 | |||||
| Total liabilities | 1,649.2 | 1,659.9 | |||||
| Total MTI shareholders' equity | 1,706.0 | 1,652.0 | |||||
| Non-controlling interests | 38.8 | 34.7 | |||||
| Total shareholders' equity | 1,744.8 | 1,686.7 | |||||
| Total liabilities and shareholders' equity | $ | 3,394.0 | $ | 3,346.6 | |||
| * | Unaudited | ||||||
| ** | Condensed from audited financial statements. | ||||||
Investor Contact:
Lydia Kopylova, (212) 878-1831
Media Contact:
Jennifer Albert, (212) 878-1840
FAQ
What was MTX's earnings per share for Q3 2024?
How much is MTX's new share repurchase program worth?
What is the new quarterly dividend amount for MTX stock?
What was MTX's operating margin in Q3 2024?
