Minerals Technologies Inc. (NYSE: MTX) (“MTI” or “the Company”)
today reported diluted earnings per share of $1.49 for the third
quarter ended October 1, 2023, excluding $85 million of special
items associated with BMI’s bankruptcy. Reported loss per share was
$0.59.
“We delivered record sales and operating income in the third
quarter. Each of our segments expanded margins both sequentially
and year-over-year as we continue to drive higher levels of
profitability and cash flow generation. Our new segments and
organizational structure are aligned and delivering towards our
long-term targets,” said Douglas T. Dietrich, Chairman and Chief
Executive Officer. “In addition, the action recently taken by BMI
to file for Chapter 11 protection was an important step towards
comprehensively resolving its talc liabilities, and will provide
the best outcome for the business, claimants, employees, customers,
and shareholders.”
Third Quarter 2023
Worldwide net sales were $548 million, up 1 percent from the
prior year. The Company reported an operating loss of $8 million
due to a $72 million non-cash impairment of BMI’s fixed assets and
$13 million of litigation costs associated with BMI’s Chapter 11
filing.
Operating income excluding special items was $77 million, up 9
percent sequentially and 15 percent above the prior year. Operating
margin excluding special items was 14.1 percent, a 130 basis point
improvement sequentially and a 170 basis point improvement
year-over-year.
Consumer & Specialties segment sales were
$291 million in the third quarter, up 2 percent over the prior
year.
Household & Personal Care sales were $129 million, up 3
percent sequentially and up 9 percent from the prior year driven by
our pricing actions and continued strong demand for our pet litter
products. Specialty Additives sales were $162 million, down 2
percent sequentially and 2 percent below the prior year.
Segment operating income was $38 million excluding special
items, up 13 percent sequentially and 23 percent over the prior
year. Operating margin excluding special items was 13.2 percent, up
150 basis points sequentially and 230 basis points above prior year
as the Company continues to execute on its margin improvement plan.
Reported segment operating loss was $46.6 million due to special
items related to BMI.
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 $257
million in the third quarter, down 2 percent sequentially and flat
to the prior year.
High-Temperature Technologies sales were $177 million, a
decrease of 3 percent sequentially and up 1 percent from the prior
year. Environmental & Infrastructure sales were $79 million, 1
percent higher sequentially but 2 percent lower than the prior year
due to the weak commercial construction market conditions in North
America.
Segment operating income was $41 million, 12 percent up from the
prior year driven by strong operating performance and continued
focus upon margin improvement. Operating margins represented 15.8
percent of sales, up 110 basis points sequentially and 160 basis
points over last year.
The Engineered Solutions segment provides advanced process
technologies and solutions that are designed to improve our
customers’ manufacturing processes and projects. This segment
includes two product lines: High-Temperature Technologies and
Environmental & Infrastructure.
Dividend Increase and Share Repurchase
Program
As previously announced, the Company increased its regular
quarterly dividend to $0.10 per share on the Company’s common
stock. This is an increase of $0.05 per share compared to the prior
quarterly dividend. The dividend is payable on December 7, 2023, to
stockholders of record at the close of business on November 1,
2023.
In addition, the Board of Directors for MTI has authorized a
new, one-year $75 million share repurchase program, effective
immediately.
"This dividend increase and new share repurchase program is a
reflection of the Board of Directors' continued confidence in the
growth and financial performance of Minerals Technologies," said
Mr. Dietrich. "These actions are consistent with our stated
balanced approach and history of returning cash to shareholders
while maintaining our ability to fund our inorganic growth
strategies."
Minerals Technologies will host a conference call
tomorrow, October 27, 2023, 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 27, 2023.
FORWARD-LOOKING STATEMENTS
This press release may contain "forward‐looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements provide current expectations
and forecasts of future events such as new products, revenues and
financial performance, and are not limited to describing historical
or current facts. They can be identified by the use of words such
as “believes,” “expects,” “plans,” “intends,” “anticipates,” and
other words and phrases of similar meaning. Forward-looking
statements are necessarily based on assumptions, estimates and
limited information available at the time they are made. A broad
variety of risks and uncertainties, both known and unknown, as well
as the inaccuracy of assumptions and estimates, can affect the
realization of the expectations or forecasts in these statements.
Actual future results may vary materially. Significant factors that
could affect the expectations and forecasts include worldwide
general economic, business, and industry conditions; the
cyclicality of our customers’ businesses and their changing
regional demands; our ability to compete in very competitive
industries; consolidation in customer industries, principally
paper, foundry and steel; our ability to renew or extend long term
sales contracts for our satellite operations; our ability to
generate cash to service our debt; our ability to comply with the
covenants in the agreements governing our debt; our ability to
effectively achieve and implement our growth initiatives or
consummate the transactions described in the statements; our
ability to successfully develop new products; our ability to defend
our intellectual property; the increased risks of doing business
abroad; the availability of raw materials and access to ore
reserves at our mining operations, or increases in costs of raw
materials, energy, or shipping; compliance with or changes to
regulation in the areas of environmental, health and safety, and
tax; risks and uncertainties related to the voluntary petitions for
relief under Chapter 11 of the U.S. Bankruptcy Code filed by our
subsidiaries Barretts Minerals Inc. and Barretts Ventures Texas
LLC; claims for legal, environmental and tax matters or product
stewardship issues; the continuing effects of the COVID-19 pandemic
and the resulting preventative measures; 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 2022 Annual Report on
Form 10‐K, Quarterly Reports on Form 10-Q, Current Reports on Form
8-K and other reports filed with the Securities and Exchange
Commission. The Company undertakes no obligation to publicly update
any forward‐looking statement, whether as a result of new
information, future events, or otherwise.
About Minerals Technologies
Inc.New York-based Minerals Technologies Inc. (MTI) is a
leading, technology-driven specialty minerals company that
develops, produces, and markets a broad range of mineral and
mineral-based products, related systems, and services. MTI serves
globally a wide range of consumer and industrial markets, including
household, food and pharmaceutical, paper, packaging, automotive,
construction, and environmental. The company reported global sales
of $2.1 billion in 2022. For further information, please visit our
website at www.mineralstech.com.
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CONDENSED
CONSOLIDATED STATEMENTS OF INCOME |
|
MINERALS
TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES |
|
(in
millions, except per share data) |
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(unaudited) |
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Quarter Ended |
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% Growth |
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Nine Months Ended |
|
% Growth |
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|
Oct.
1, |
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Jul.
2, |
Oct.
2, |
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Oct.
1, |
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Oct.
2, |
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2023 |
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2023 |
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2022 |
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Prior
Qtr. |
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Prior
Year |
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2023 |
|
2022 |
|
Prior
Year |
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Net sales |
$ |
547.8 |
|
$ |
551.5 |
|
$ |
541.9 |
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|
(1 |
)% |
|
1 |
% |
|
$ |
1,645.4 |
|
$ |
1,617.9 |
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|
2 |
% |
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Cost of goods sold |
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414.7 |
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|
423.5 |
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|
423.6 |
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|
(2 |
)% |
|
(2 |
)% |
|
|
1,263.6 |
|
|
1,250.6 |
|
|
1 |
% |
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|
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Production margin |
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133.1 |
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|
128.0 |
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|
118.3 |
|
|
4 |
% |
|
13 |
% |
|
|
381.8 |
|
|
367.3 |
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|
4 |
% |
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Marketing and administrative expenses |
|
50.9 |
|
|
51.8 |
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|
46.0 |
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|
(2 |
)% |
|
11 |
% |
|
|
155.0 |
|
|
143.6 |
|
|
8 |
% |
|
|
Research and development expenses |
|
5.2 |
|
|
5.6 |
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|
5.1 |
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|
(7 |
)% |
|
2 |
% |
|
|
16.1 |
|
|
15.2 |
|
|
6 |
% |
|
|
Restructuring and other items, net |
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0.3 |
|
|
6.6 |
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|
0.0 |
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|
* |
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* |
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|
6.9 |
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|
0.0 |
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|
* |
|
|
Impairment of assets |
|
71.7 |
|
|
0.0 |
|
|
0.0 |
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|
* |
|
* |
|
|
71.7 |
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|
0.0 |
|
|
* |
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|
Acquisition-related expenses |
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0.0 |
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|
0.2 |
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|
0.5 |
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|
* |
|
* |
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|
0.3 |
|
|
4.7 |
|
|
* |
|
|
Litigation expenses |
|
12.9 |
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|
13.9 |
|
|
31.1 |
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|
* |
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* |
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|
26.8 |
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|
32.6 |
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* |
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Income (loss) from operations |
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(7.9 |
) |
|
49.9 |
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|
35.6 |
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|
* |
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* |
|
|
105.0 |
|
|
171.2 |
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|
(39 |
)% |
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Interest expense, net |
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(15.3 |
) |
|
(14.5 |
) |
|
(11.0 |
) |
|
6 |
% |
|
39 |
% |
|
|
(44.0 |
) |
|
(31.2 |
) |
|
41 |
% |
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|
Debt extinguishment expenses |
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0.0 |
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|
0.0 |
|
|
(6.9 |
) |
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* |
|
* |
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0.0 |
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|
(6.9 |
) |
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* |
|
|
Non-cash pension settlement charge |
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0.0 |
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|
0.0 |
|
|
(0.2 |
) |
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* |
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* |
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|
0.0 |
|
|
(1.7 |
) |
|
* |
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|
Other non-operating income (deductions), net |
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0.6 |
|
|
(1.4 |
) |
|
(0.4 |
) |
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* |
|
* |
|
|
(1.9 |
) |
|
(2.0 |
) |
|
(5 |
)% |
|
|
|
Total non-operating deductions, net |
|
|
(14.7 |
) |
|
(15.9 |
) |
|
(18.5 |
) |
|
(8 |
)% |
|
(21 |
)% |
|
|
(45.9 |
) |
|
(41.8 |
) |
|
10 |
% |
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Income (loss) before tax and equity in earnings |
|
(22.6 |
) |
|
34.0 |
|
|
17.1 |
|
|
(166 |
)% |
|
(232 |
)% |
|
|
59.1 |
|
|
129.4 |
|
|
(54 |
)% |
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Provision (benefit) for taxes on income |
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(3.5 |
) |
|
7.5 |
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|
3.2 |
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* |
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* |
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|
14.5 |
|
|
25.8 |
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|
(44 |
)% |
|
|
Equity in earnings of affiliates, net of tax |
|
1.0 |
|
|
1.1 |
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|
0.7 |
|
|
(9 |
)% |
|
43 |
% |
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|
3.0 |
|
|
1.4 |
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|
114 |
% |
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|
Net income (loss) |
|
(18.1 |
) |
|
27.6 |
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|
14.6 |
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|
* |
|
* |
|
|
47.6 |
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|
105.0 |
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|
(55 |
)% |
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Less: Net income attributable to non-controlling interests |
|
1.1 |
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|
1.0 |
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|
1.2 |
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|
10 |
% |
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(8 |
)% |
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|
3.2 |
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|
2.6 |
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|
23 |
% |
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|
Net Income
(loss) attributable to Minerals Technologies Inc. (MTI) |
|
$ |
(19.2 |
) |
$ |
26.6 |
|
$ |
13.4 |
|
|
* |
|
* |
|
$ |
44.4 |
|
$ |
102.4 |
|
|
(57 |
)% |
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Weighted average number of common shares outstanding: |
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Basic |
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32.5 |
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|
32.5 |
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|
32.5 |
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32.5 |
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32.8 |
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Diluted |
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32.5 |
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|
32.6 |
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|
32.6 |
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|
32.6 |
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|
32.9 |
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Earnings (loss) per share attributable to MTI: |
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Basic |
$ |
(0.59 |
) |
$ |
0.82 |
|
$ |
0.41 |
|
|
(172 |
)% |
|
(244 |
)% |
|
$ |
1.37 |
|
$ |
3.12 |
|
|
(56 |
)% |
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|
Diluted |
$ |
(0.59 |
) |
$ |
0.82 |
|
$ |
0.41 |
|
|
(172 |
)% |
|
(244 |
)% |
|
$ |
1.36 |
|
$ |
3.11 |
|
|
(56 |
)% |
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Cash dividends declared per common share |
$ |
0.05 |
|
$ |
0.05 |
|
$ |
0.05 |
|
|
|
|
|
|
$ |
0.15 |
|
$ |
0.15 |
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* Percentage not meaningful |
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MINERALS TECHNOLOGIES INC. AND SUBSIDIARY
COMPANIES |
|
NOTES TO
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
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1) |
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For comparative purposes, the quarterly periods ended October 1,
2023, July 2, 2023, and October 2, 2022 each consisted of 91 days.
The nine month periods ended October 1, 2023 and October 2, 2022
consisted of 274 days and 275 days, respectively. |
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2) |
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On a regular basis the Company reviews its segments and the
approach used by the chief decision maker to assess performance and
allocate resources. Accordingly, in Q1 2023, the Company realigned
its business reporting structure into two segments, Consumer &
Specialties and Engineered Solutions. |
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|
The Consumer & Specialties segment provides technologically
enhanced products to consumer-driven end markets, including
mineral-to-shelf 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. 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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We believe the new structure better aligns our businesses and
technologies with our customers and end markets and creates a more
efficient and effective management structure that reflects the way
performance is evaluated and resources are allocated. |
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For historical consolidated financial information based upon the
new segment reporting structure, please see the Company's Form 8-K
filed on March 15, 2023. |
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3) |
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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 October 1, 2023, July 2,
2023, and October 2, 2022, and the nine month periods ended October
1, 2023 and October 2, 2022 and a reconciliation to reported
earnings per share for such periods. The Company's management
believes these non-GAAP measures provide meaningful supplemental
information regarding its performance as inclusion of such special
items are not indicative of the ongoing operating results and
thereby affect the comparability of results between periods. The
Company believes inclusion of these non-GAAP measures also provides
consistency in its financial reporting and facilitates investors'
understanding of historic operating trends. |
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(millions of
dollars) |
|
Quarter Ended |
|
|
Nine Months Ended |
|
|
|
Oct. 1, |
|
Jul. 2, |
|
Oct. 2, |
|
|
|
Oct. 1, |
|
Oct. 2, |
|
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|
2023 |
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|
2023 |
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|
2022 |
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|
2023 |
|
|
2022 |
|
|
|
Net income
(loss) attributable to MTI |
$ |
(19.2 |
) |
$ |
26.6 |
|
$ |
13.4 |
|
|
|
$ |
44.4 |
|
$ |
102.4 |
|
|
|
% of
sales |
|
* |
|
4.8 |
% |
|
2.5 |
% |
|
|
|
2.7 |
% |
|
6.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and other items, net |
|
0.3 |
|
|
6.6 |
|
|
0.0 |
|
|
|
|
6.9 |
|
|
0.0 |
|
|
|
Impairment
of assets |
|
71.7 |
|
|
0.0 |
|
|
0.0 |
|
|
|
|
71.7 |
|
|
0.0 |
|
|
|
Acquisition-related expenses |
|
0.0 |
|
|
0.2 |
|
|
0.5 |
|
|
|
|
0.3 |
|
|
4.7 |
|
|
|
Litigation
expenses |
|
12.9 |
|
|
13.9 |
|
|
31.1 |
|
|
|
|
26.8 |
|
|
32.6 |
|
|
|
Debt
extinguishment expenses |
|
0.0 |
|
|
0.0 |
|
|
6.9 |
|
|
|
|
0.0 |
|
|
6.9 |
|
|
|
Non-cash
pension settlement charge |
|
0.0 |
|
|
0.0 |
|
|
0.2 |
|
|
|
|
0.0 |
|
|
1.7 |
|
|
|
Related tax
effects on special items |
|
(17.2 |
) |
|
(4.6 |
) |
|
(8.0 |
) |
|
|
|
(21.8 |
) |
|
(9.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to MTI, excluding special items |
$ |
48.5 |
|
$ |
42.7 |
|
$ |
44.1 |
|
|
|
$ |
128.3 |
|
$ |
138.6 |
|
|
|
% of
sales |
|
8.9 |
% |
|
7.7 |
% |
|
8.1 |
% |
|
|
|
7.8 |
% |
|
8.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share, excluding special items |
$ |
1.49 |
|
$ |
1.31 |
|
$ |
1.35 |
|
|
|
$ |
3.94 |
|
$ |
4.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In the third quarter of 2023, the Company recorded a non-cash
impairment of assets charge of $71.7 million associated with the
Chapter 11 filing of Barretts Minerals Inc. within the Consumer
& Specialties segment. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 recent resegmentation. Accordingly, the Company
recorded restructuring and other charges of $6.6 million related to
severance and other costs. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In the second and third quarters of 2023, the Company recorded
incremental litigation costs of $13.9 million and $12.9 million,
respectively, incurred to defend against, opportunistically settle,
and restore our reserve for claims associated with certain talc
products from our Barretts Minerals Inc. subsidiary. Included in
litigation costs for the three month and nine month periods ended
October 2, 2022 are costs of $31.1 million and $32.6 million,
respectively, incurred to defend against, opportunistically settle,
and establish a reserve for claims associated with certain talc
products from our Barretts Minerals Inc. subsidiary. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4) |
|
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 October 1,
2023, July 2, 2023, and October 2, 2022, and the nine month periods
ended October 1, 2023 and October 2, 2022 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) |
|
Oct. 1, |
|
Jul. 2, |
|
Oct. 2, |
|
|
|
Oct. 1, |
|
Oct. 2, |
|
|
|
|
2023 |
|
2023 |
|
2022 |
|
|
|
2023 |
|
2022 |
|
|
Cash flow
from operations |
$ |
59.1 |
|
$ |
45.5 |
|
$ |
30.4 |
|
|
$ |
|
138.3 |
|
$ |
63.6 |
|
|
|
Capital
expenditures |
|
25.1 |
|
|
21.4 |
|
|
19.2 |
|
|
|
|
71.0 |
|
|
59.4 |
|
|
|
Free cash
flow |
$ |
34.0 |
|
$ |
24.1 |
|
$ |
11.2 |
|
|
$ |
|
67.3 |
|
$ |
4.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization expense |
$ |
24.3 |
|
$ |
23.5 |
|
$ |
23.3 |
|
|
$ |
|
71.5 |
|
$ |
71.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 October 1, 2023, July 2, 2023, and October
2, 2022, and the nine month periods ended October 1, 2023 and
October 2, 2022, 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) |
|
Oct. 1, |
|
Jul. 2, |
|
Oct. 2, |
|
|
|
Oct. 1, |
|
Oct. 2, |
|
|
|
|
2023 |
|
2023 |
|
2022 |
|
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) |
$ |
(19.2 |
) |
$ |
26.6 |
|
$ |
13.4 |
|
|
|
$ |
44.4 |
|
$ |
102.4 |
|
|
|
Add
back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
24.3 |
|
|
23.5 |
|
|
23.3 |
|
|
|
|
71.5 |
|
|
71.2 |
|
|
|
Interest expense, net |
|
15.3 |
|
|
14.5 |
|
|
11.0 |
|
|
|
|
44.0 |
|
|
31.2 |
|
|
|
Equity in earnings of affiliates, net of tax |
|
(1.0 |
) |
|
(1.1 |
) |
|
(0.7 |
) |
|
|
|
(3.0 |
) |
|
(1.4 |
) |
|
|
Net income attributable to non-controlling interests |
|
1.1 |
|
|
1.0 |
|
|
1.2 |
|
|
|
|
3.2 |
|
|
2.6 |
|
|
|
Provision (benefit) for taxes on income |
|
(3.5 |
) |
|
7.5 |
|
|
3.2 |
|
|
|
|
14.5 |
|
|
25.8 |
|
|
|
EBITDA |
|
17.0 |
|
|
72.0 |
|
|
51.4 |
|
|
|
|
174.6 |
|
|
231.8 |
|
|
|
Add special
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and other items, net |
|
0.3 |
|
|
6.6 |
|
|
0.0 |
|
|
|
|
6.9 |
|
|
0.0 |
|
|
|
Impairment of assets |
|
71.7 |
|
|
0.0 |
|
|
0.0 |
|
|
|
|
71.7 |
|
|
0.0 |
|
|
|
Acquisition-related expenses |
|
0.0 |
|
|
0.2 |
|
|
0.5 |
|
|
|
|
0.3 |
|
|
4.7 |
|
|
|
Litigation expenses |
|
12.9 |
|
|
13.9 |
|
|
31.1 |
|
|
|
|
26.8 |
|
|
32.6 |
|
|
|
Debt extinguishment expenses |
|
0.0 |
|
|
0.0 |
|
|
6.9 |
|
|
|
|
0.0 |
|
|
6.9 |
|
|
|
Non-cash pension settlement charge |
|
0.0 |
|
|
0.0 |
|
|
0.2 |
|
|
|
|
0.0 |
|
|
1.7 |
|
|
|
Adjusted EBITDA |
$ |
101.9 |
|
$ |
92.7 |
|
$ |
90.1 |
|
|
|
$ |
280.3 |
|
$ |
277.7 |
|
|
|
%
of sales |
|
18.6 |
% |
|
16.8 |
% |
|
16.6 |
% |
|
|
|
17.0 |
% |
|
17.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6) |
|
The following table reflects the components of non-operating income
and deductions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(millions of
dollars) |
|
Quarter Ended |
|
|
Nine Months Ended |
|
|
|
Oct. 1, |
|
Jul. 2, |
|
Oct. 2, |
|
|
|
Oct. 1, |
|
Oct. 2, |
|
|
|
|
2023 |
|
2023 |
|
2022 |
|
|
|
2023 |
|
2022 |
|
|
Interest income |
$ |
1.2 |
|
$ |
0.8 |
|
$ |
1.1 |
|
|
|
$ |
2.7 |
|
$ |
2.7 |
|
|
|
Interest expense |
|
(16.5 |
) |
|
(15.3 |
) |
|
(12.1 |
) |
|
|
|
(46.7 |
) |
|
(33.9 |
) |
|
|
Non-cash pension settlement charge |
|
0.0 |
|
|
0.0 |
|
|
(0.2 |
) |
|
|
|
0.0 |
|
|
(1.7 |
) |
|
|
Debt extinguishment expenses |
|
0.0 |
|
|
0.0 |
|
|
(6.9 |
) |
|
|
|
0.0 |
|
|
(6.9 |
) |
|
|
Foreign exchange gains |
|
1.8 |
|
|
1.3 |
|
|
0.7 |
|
|
|
|
3.3 |
|
|
2.2 |
|
|
|
Other deductions |
|
(1.2 |
) |
|
(2.7 |
) |
|
(1.1 |
) |
|
|
|
(5.2 |
) |
|
(4.2 |
) |
|
|
Non-operating deductions, net |
$ |
(14.7 |
) |
$ |
(15.9 |
) |
$ |
(18.5 |
) |
|
|
$ |
(45.9 |
) |
$ |
(41.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in non-operating deductions for the three and nine month
periods ended October 2, 2022 are non-cash pension settlement
charges associated with some of our pension plans in the U.S of
$0.2 million and $1.7 million, respectively. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7) |
|
The analyst conference call to discuss operating results for the
third quarter is scheduled for Friday, October 27, 2023 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 |
|
Oct. 1, |
|
%
of |
|
Jul. 2, |
|
%
of |
|
Oct. 2, |
|
%
of |
|
|
|
|
|
|
Oct. 1, |
|
%
of |
|
Oct. 2, |
|
%
of |
|
|
|
|
|
2023 |
|
Total
Sales |
|
2023 |
|
Total
Sales |
|
2022 |
|
Total
Sales |
|
Prior
Qtr. |
Prior
Year |
|
|
2023 |
|
Total
Sales |
|
2022 |
|
Total
Sales |
|
Prior
Year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
$ |
291.6 |
|
53 |
% |
$ |
294.7 |
|
53 |
% |
$ |
279.9 |
|
52 |
% |
|
(1 |
)% |
|
4 |
% |
|
$ |
874.3 |
|
53 |
% |
$ |
852.6 |
|
53 |
% |
|
3 |
% |
|
International |
|
256.2 |
|
47 |
% |
|
256.8 |
|
47 |
% |
|
262.0 |
|
48 |
% |
|
(0 |
)% |
|
(2 |
)% |
|
|
771.1 |
|
47 |
% |
|
765.3 |
|
47 |
% |
|
1 |
% |
|
Net Sales |
$ |
547.8 |
|
100 |
% |
$ |
551.5 |
|
100 |
% |
$ |
541.9 |
|
100 |
% |
|
(1 |
)% |
|
1 |
% |
|
$ |
1,645.4 |
|
100 |
% |
$ |
1,617.9 |
|
100 |
% |
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Household
& Personal Care |
$ |
128.9 |
|
23 |
% |
$ |
125.5 |
|
23 |
% |
$ |
118.7 |
|
22 |
% |
|
3 |
% |
|
9 |
% |
|
$ |
383.6 |
|
23 |
% |
$ |
358.0 |
|
22 |
% |
|
7 |
% |
|
Specialty
Additives |
|
162.3 |
|
30 |
% |
|
164.8 |
|
30 |
% |
|
166.0 |
|
30 |
% |
|
(2 |
)% |
|
(2 |
)% |
|
|
495.2 |
|
30 |
% |
|
493.4 |
|
31 |
% |
|
0 |
% |
|
Consumer & Specialties Segment |
$ |
291.2 |
|
53 |
% |
$ |
290.3 |
|
53 |
% |
$ |
284.7 |
|
52 |
% |
|
0 |
% |
|
2 |
% |
|
$ |
878.8 |
|
53 |
% |
$ |
851.4 |
|
53 |
% |
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High-Temperature Technologies |
$ |
177.4 |
|
32 |
% |
$ |
182.6 |
|
33 |
% |
$ |
176.1 |
|
33 |
% |
|
(3 |
)% |
|
1 |
% |
|
$ |
538.6 |
|
33 |
% |
$ |
532.7 |
|
33 |
% |
|
1 |
% |
|
Environmental & Infrastructure |
|
79.2 |
|
15 |
% |
|
78.6 |
|
14 |
% |
|
81.1 |
|
15 |
% |
|
1 |
% |
|
(2 |
)% |
|
|
228.0 |
|
14 |
% |
|
233.8 |
|
14 |
% |
|
(2 |
)% |
|
Engineered Solutions Segment |
$ |
256.6 |
|
47 |
% |
$ |
261.2 |
|
47 |
% |
$ |
257.2 |
|
48 |
% |
|
(2 |
)% |
|
(0 |
)% |
|
$ |
766.6 |
|
47 |
% |
$ |
766.5 |
|
47 |
% |
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
$ |
547.8 |
|
100 |
% |
$ |
551.5 |
|
100 |
% |
$ |
541.9 |
|
100 |
% |
|
(1 |
)% |
|
1 |
% |
|
$ |
1,645.4 |
|
100 |
% |
$ |
1,617.9 |
|
100 |
% |
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTARY DATA |
|
|
MINERALS
TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES |
|
|
(millions of
dollars) |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
% Growth |
|
|
Nine Months Ended |
|
% Growth |
|
|
|
Oct.
1, |
|
Jul.
2, |
|
Oct.
2, |
|
Prior |
|
Prior |
|
|
Oct.
1, |
|
Oct.
2, |
|
|
|
|
SEGMENT OPERATING INCOME(LOSS) DATA |
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
Qtr. |
|
Year |
|
|
2023 |
|
|
2022 |
|
|
Prior
Year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer & Specialties Segment |
$ |
(46.6 |
) |
$ |
19.4 |
|
$ |
(0.3 |
) |
|
* |
|
* |
|
$ |
5.0 |
|
$ |
62.6 |
|
|
(92 |
)% |
|
|
% of
Sales |
|
* |
|
6.7 |
% |
|
* |
|
|
|
|
|
|
0.6 |
% |
|
7.4 |
% |
|
|
|
|
Engineered Solutions Segment |
$ |
40.6 |
|
$ |
35.2 |
|
$ |
36.4 |
|
|
15 |
% |
|
12 |
% |
|
$ |
111.1 |
|
$ |
115.4 |
|
|
(4 |
)% |
|
|
% of
Sales |
|
15.8 |
% |
|
13.5 |
% |
|
14.2 |
% |
|
|
|
|
|
|
14.5 |
% |
|
15.1 |
% |
|
|
|
|
Unallocated and Other Corporate Expenses |
$ |
(1.9 |
) |
$ |
(4.7 |
) |
$ |
(0.5 |
) |
|
(60 |
)% |
|
280 |
% |
|
$ |
(11.1 |
) |
$ |
(6.8 |
) |
|
63 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
$ |
(7.9 |
) |
$ |
49.9 |
|
$ |
35.6 |
|
|
* |
|
* |
|
$ |
105.0 |
|
$ |
171.2 |
|
|
(39 |
)% |
|
|
% of
Sales |
|
* |
|
9.0 |
% |
|
6.6 |
% |
|
|
|
|
|
|
6.4 |
% |
|
10.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPECIAL ITEMS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer & Specialties Segment |
$ |
84.9 |
|
$ |
14.5 |
|
$ |
31.4 |
|
|
* |
|
* |
|
$ |
99.4 |
|
$ |
34.4 |
|
|
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered Solutions Segment |
$ |
0.0 |
|
$ |
3.2 |
|
$ |
0.0 |
|
|
* |
|
* |
|
$ |
3.2 |
|
$ |
0.0 |
|
|
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated and Other Corporate Expenses |
$ |
0.0 |
|
$ |
3.0 |
|
$ |
0.2 |
|
|
* |
|
* |
|
$ |
3.1 |
|
$ |
2.9 |
|
|
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
$ |
84.9 |
|
$ |
20.7 |
|
$ |
31.6 |
|
|
* |
|
* |
|
$ |
105.7 |
|
$ |
37.3 |
|
|
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 October 1,
2023, July 2, 2023, and October 2, 2022, and the nine month periods
ended October 1, 2023 and October 2, 2022, 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 |
|
|
Nine Months Ended |
|
% Growth |
|
SEGMENT OPERATING INCOME, |
|
Oct.
1, |
|
Jul.
2, |
|
Oct.
2, |
|
|
|
|
|
|
Oct.
1, |
|
Oct.
2, |
|
|
|
|
EXCLUDING SPECIAL ITEMS |
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
Prior
Qtr. |
Prior
Year |
|
2023 |
|
|
2022 |
|
|
Prior
Year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer & Specialties Segment |
$ |
38.3 |
|
$ |
33.9 |
|
$ |
31.1 |
|
|
13 |
% |
|
23 |
% |
|
$ |
104.4 |
|
$ |
97.0 |
|
|
8 |
% |
|
|
% of
Sales |
|
13.2 |
% |
|
11.7 |
% |
|
10.9 |
% |
|
|
|
|
|
|
11.9 |
% |
|
11.4 |
% |
|
|
|
|
Engineered Solutions Segment |
$ |
40.6 |
|
$ |
38.4 |
|
$ |
36.4 |
|
|
6 |
% |
|
12 |
% |
|
$ |
114.3 |
|
$ |
115.4 |
|
|
(1 |
)% |
|
|
% of
Sales |
|
15.8 |
% |
|
14.7 |
% |
|
14.2 |
% |
|
|
|
|
|
|
14.9 |
% |
|
15.1 |
% |
|
|
|
|
Unallocated Corporate Expenses |
$ |
(1.9 |
) |
$ |
(1.7 |
) |
$ |
(0.3 |
) |
|
12 |
% |
|
* |
|
$ |
(8.0 |
) |
$ |
(3.9 |
) |
|
(105 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
$ |
77.0 |
|
$ |
70.6 |
|
$ |
67.2 |
|
|
9 |
% |
|
15 |
% |
|
$ |
210.7 |
|
$ |
208.5 |
|
|
1 |
% |
|
|
% of
Sales |
|
14.1 |
% |
|
12.8 |
% |
|
12.4 |
% |
|
|
|
|
|
|
12.8 |
% |
|
12.9 |
% |
|
|
|
|
* Percentage
not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MINERALS
TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES |
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions of Dollars) |
|
|
|
|
|
|
|
|
|
|
October 1, |
|
December
31, |
|
|
|
|
|
2023* |
|
2022** |
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash & cash equivalents |
$ |
268.4 |
$ |
247.2 |
|
|
|
Short-term investments |
|
9.8 |
|
5.6 |
|
|
|
Accounts receivable, net |
|
418.3 |
|
404.0 |
|
|
|
Inventories |
|
337.5 |
|
348.8 |
|
|
|
Prepaid expenses and other current assets |
|
60.2 |
|
64.9 |
|
|
|
|
Total
current assets |
|
1,094.2 |
|
1,070.5 |
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment |
|
2,146.9 |
|
2,288.6 |
|
|
|
Less accumulated depreciation |
|
1,169.3 |
|
1,238.2 |
|
|
|
|
Net
property, plant & equipment |
|
977.6 |
|
1,050.4 |
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
913.6 |
|
914.8 |
|
|
|
Intangible assets |
|
232.2 |
|
241.9 |
|
|
|
Other assets and deferred charges |
|
127.1 |
|
124.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
$ |
3,344.7 |
$ |
3,401.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Short-term debt |
$ |
109.2 |
$ |
119.7 |
|
|
|
Current maturities of long-term debt |
|
14.4 |
|
14.5 |
|
|
|
Accounts payable |
|
184.8 |
|
193.8 |
|
|
|
Other current liabilities |
|
165.1 |
|
174.6 |
|
|
|
|
Total
current liabilities |
|
473.5 |
|
502.6 |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
918.0 |
|
928.1 |
|
|
|
Deferred income taxes |
|
163.7 |
|
180.4 |
|
|
|
Other non-current liabilities |
|
166.9 |
|
177.3 |
|
|
|
|
Total
liabilities |
|
1,722.1 |
|
1,788.4 |
|
|
|
|
|
|
|
|
|
|
|
|
Total MTI shareholders' equity |
|
1,589.1 |
|
1,579.5 |
|
|
|
Non-controlling Interests |
|
33.5 |
|
33.7 |
|
|
|
|
Total
shareholders' equity |
|
1,622.6 |
|
1,613.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity |
$ |
3,344.7 |
$ |
3,401.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Unaudited |
|
|
|
|
|
|
** |
Condensed from audited financial statements. |
|
|
|
|
|
Investor Contact: |
Lydia Kopylova, (212)
878-1831 |
Media Contact: |
Jennifer Albert, (212)
878-1840 |
Minerals Technologies (NYSE:MTX)
Graphique Historique de l'Action
De Août 2024 à Oct 2024
Minerals Technologies (NYSE:MTX)
Graphique Historique de l'Action
De Oct 2023 à Oct 2024