Minerals Technologies Inc. (NYSE: MTX) (“MTI” or “the Company”)
today reported diluted earnings per share of $1.28 for the fourth
quarter ended December 31, 2023, excluding special items. Reported
diluted earnings per share were $1.22.
For the full year 2023, The Company reported earnings per share
of $5.21, excluding special items, compared with $4.88 in the prior
year. Reported earnings per share were $2.58.
“Our team delivered a record year of sales, operating income,
and earnings per share in 2023. The realignment of our business
segments with our key markets and core technologies highlights our
balanced portfolio of consumer and industrial businesses. It also
drives organizational efficiencies that lead to higher levels of
performance,” said Douglas T. Dietrich, Chairman and Chief
Executive Officer. “The combination of our leading business
positions, continued margin expansion, and strong cash flow
generation demonstrates the power of our business model.”
Fourth Quarter 2023
Worldwide net sales were $525 million, up 3 percent from the
prior year. Underlying sales, excluding the deconsolidation of
Barretts Minerals Inc. (BMI), grew 6 percent. Reported operating
income was $67 million. Operating income excluding special items
was $69 million representing 13.2 percent of sales.
Cash flow from operations was $95 million and free cash flow was
$73 million. The Company repurchased $14 million of shares in the
quarter and repaid $28 million of debt.
Consumer & Specialties segment sales were
$281 million in the fourth quarter, up 3 percent over the prior
year. Underlying sales, excluding the deconsolidation of BMI, grew
8 percent over the prior year.
Household & Personal Care sales were $134 million, up 13
percent from the prior year driven by continued strong demand for
our cat litter products as well as growth in other
consumer-oriented products. Specialty Additives sales were $147
million, 5 percent below the prior year. Underlying sales,
excluding the deconsolidation of BMI, grew 3 percent over the prior
year.
Segment operating income was $37 million, a significant
improvement over the prior year driven by higher volumes in
Household & Personal Care and price-cost recovery. Operating
margin excluding special items was 13.0 percent.
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 $243
million in the fourth quarter, up 4 percent over the prior
year.
High-Temperature Technologies sales were $182 million, up 7
percent from the prior year on strong demand in North America and
higher volumes in Asia. Environmental & Infrastructure sales
were $61 million, 6 percent lower than the prior year, primarily
due to commercial construction market conditions in North
America.
Segment operating income was $37 million, up 16 percent from the
prior year, driven by higher sales in High-Temperature Technologies
and a strong operating performance. Operating margin represented
15.1 percent of sales.
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.
Full Year 2023
Worldwide net sales were $2.17 billion, up 2 percent from the
prior year. Reported operating income was $172 million. Operating
income excluding special items was $280 million representing 12.9
percent of sales, 100 basis points above prior year.
Cash flow from operations was $234 million, more than double the
prior year and free cash flow improved significantly to $140
million. The Company repaid $49 million of debt and repurchased $14
million of shares. The Company’s balance sheet remains strong with
a net leverage ratio of 1.9 times EBITDA.
Consumer & Specialties segment sales were
$1.16 billion, up 3 percent over the prior year.
Household & Personal Care sales were $518 million, up 9
percent mainly driven by strong demand for our cat litter products
and growth in other high-margin consumer-oriented products.
Specialty Additives sales were $643 million, 1 percent below the
prior year. Underlying sales, excluding the deconsolidation of BMI,
grew 1 percent over prior year.
Segment operating income was $141 million excluding special
items, a significant improvement over the prior year driven by
strong operating performance and price-cost recovery across both
product lines. Operating margin excluding special items was 12.2
percent, up 210 basis points over the prior year.
Engineered Solutions segment sales were $1.01
billion, up 1 percent over the prior year.
High-Temperature Technologies sales were $721 million, up 3
percent from the prior year driven by strong demand in North
America market and volume growth in Asia in the second half of the
year. Environmental & Infrastructure sales were $289 million, 3
percent lower than the prior year due to weak commercial
construction activity.
Segment operating income excluding special items was $151
million, 3 percent up from the prior year. Operating margin
excluding special items was 15.0 percent of sales, up 30 basis
points over prior year.
Minerals Technologies will host a conference call
tomorrow, February 2, 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 February 2, 2024.
FORWARD-LOOKING STATEMENTS
This press release may contain "forward‐looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements provide current expectations
and forecasts of future events such as new products, revenues and
financial performance, and are not limited to describing historical
or current facts. They can be identified by the use of words such
as “believes,” “expects,” “plans,” “intends,” “anticipates,” and
other words and phrases of similar meaning. Forward-looking
statements are necessarily based on assumptions, estimates and
limited information available at the time they are made. A broad
variety of risks and uncertainties, both known and unknown, as well
as the inaccuracy of assumptions and estimates, can affect the
realization of the expectations or forecasts in these statements.
Actual future results may vary materially. Significant factors that
could affect the expectations and forecasts include worldwide
general economic, business, and industry conditions; the
cyclicality of our customers’ businesses and their changing
regional demands; our ability to compete in very competitive
industries; consolidation in customer industries, principally
paper, foundry and steel; our ability to renew or extend long term
sales contracts for our satellite operations; our ability to
generate cash to service our debt; our ability to comply with the
covenants in the agreements governing our debt; our ability to
effectively achieve and implement our growth initiatives or
consummate the transactions described in the statements; our
ability to successfully develop new products; our ability to defend
our intellectual property; the increased risks of doing business
abroad; the availability of raw materials and access to ore
reserves at our mining operations, or increases in costs of raw
materials, energy, or shipping; compliance with or changes to
regulation in the areas of environmental, health and safety, and
tax; risks and uncertainties related to the voluntary petitions for
relief under Chapter 11 of the U.S. Bankruptcy Code filed by our
subsidiaries Barretts Minerals Inc. and Barretts Ventures Texas
LLC; claims for legal, environmental and tax matters or product
stewardship issues; 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 $2.2 billion in 2023. For further information, please visit our
website at www.mineralstech.com.
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY
COMPANIES |
(in millions, except per share data) |
(unaudited) |
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Quarter Ended |
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% Growth |
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Twelve Months Ended |
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% Growth |
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Dec. 31, |
Oct. 1, |
Dec. 31, |
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Dec. 31, |
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Dec. 31, |
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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 |
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2022 |
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Prior Year |
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Net sales |
$ |
524.5 |
|
$ |
547.8 |
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$ |
507.6 |
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(4 |
)% |
|
3 |
% |
|
$ |
2,169.9 |
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$ |
2,125.5 |
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2 |
% |
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Cost of goods sold |
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399.2 |
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414.7 |
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409.9 |
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(4 |
)% |
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(3 |
)% |
|
|
1,662.8 |
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|
1,660.5 |
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0 |
% |
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Production margin |
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125.3 |
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133.1 |
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|
97.7 |
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(6 |
)% |
|
28 |
% |
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|
507.1 |
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|
465.0 |
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|
9 |
% |
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Marketing and administrative expenses |
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51.0 |
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|
50.9 |
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|
48.5 |
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|
0 |
% |
|
5 |
% |
|
|
206.0 |
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|
192.1 |
|
|
7 |
% |
Research and development expenses |
|
5.1 |
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|
5.2 |
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|
5.2 |
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(2 |
)% |
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(2 |
)% |
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|
21.2 |
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|
20.4 |
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|
4 |
% |
Restructuring and other items, net |
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0.0 |
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0.3 |
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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 |
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0.0 |
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|
71.7 |
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|
0.0 |
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* |
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* |
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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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0.0 |
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0.4 |
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* |
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* |
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0.3 |
|
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5.1 |
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|
(94 |
)% |
Litigation expenses |
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2.4 |
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|
12.9 |
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0.0 |
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(81 |
)% |
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* |
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|
29.2 |
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|
32.6 |
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(10 |
)% |
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Income (loss) from operations |
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66.8 |
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(7.9 |
) |
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43.6 |
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* |
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|
53 |
% |
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|
171.8 |
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|
214.8 |
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(20 |
)% |
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Interest expense, net |
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(15.2 |
) |
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(15.3 |
) |
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(12.7 |
) |
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(1 |
)% |
|
20 |
% |
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|
(59.2 |
) |
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(43.9 |
) |
|
35 |
% |
Debt extinguishment expenses |
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0.0 |
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0.0 |
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0.0 |
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* |
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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 |
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(1.8 |
) |
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* |
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* |
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0.0 |
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(3.5 |
) |
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* |
|
Other non-operating income (deductions), net |
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(3.0 |
) |
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0.6 |
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(1.7 |
) |
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* |
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* |
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(4.9 |
) |
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(3.8 |
) |
|
29 |
% |
|
Total non-operating deductions, net |
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(18.2 |
) |
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(14.7 |
) |
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(16.2 |
) |
|
24 |
% |
|
12 |
% |
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(64.1 |
) |
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(58.1 |
) |
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10 |
% |
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Income (loss) before tax and equity in earnings |
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48.6 |
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(22.6 |
) |
|
27.4 |
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* |
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|
77 |
% |
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|
107.7 |
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|
156.7 |
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(31 |
)% |
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Provision (benefit) for taxes on income |
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9.2 |
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(3.5 |
) |
|
6.3 |
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* |
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|
46 |
% |
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|
23.7 |
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|
32.1 |
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(26 |
)% |
Equity in earnings of affiliates, net of tax |
|
1.4 |
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1.0 |
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0.3 |
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|
40 |
% |
|
367 |
% |
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4.3 |
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1.7 |
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|
153 |
% |
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Net income (loss) |
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40.8 |
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(18.1 |
) |
|
21.4 |
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* |
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|
91 |
% |
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|
88.3 |
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|
126.3 |
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|
(30 |
)% |
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Less: Net income attributable to non-controlling interests |
|
1.0 |
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|
1.1 |
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1.4 |
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(9 |
)% |
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(29 |
)% |
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|
4.2 |
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|
4.1 |
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2 |
% |
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Net Income (loss) attributable to Minerals Technologies Inc.
(MTI) |
|
$ |
39.8 |
|
$ |
(19.2 |
) |
$ |
20.0 |
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|
* |
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|
99 |
% |
|
$ |
84.1 |
|
$ |
122.2 |
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|
(31 |
)% |
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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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32.7 |
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Diluted |
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32.5 |
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|
32.5 |
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|
32.5 |
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32.6 |
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32.8 |
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Earnings (loss) per share attributable to MTI: |
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Basic |
$ |
1.22 |
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$ |
(0.59 |
) |
$ |
0.62 |
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|
* |
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|
97 |
% |
|
$ |
2.59 |
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$ |
3.74 |
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|
(31 |
)% |
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Diluted |
$ |
1.22 |
|
$ |
(0.59 |
) |
$ |
0.62 |
|
|
* |
|
|
97 |
% |
|
$ |
2.58 |
|
$ |
3.73 |
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|
(31 |
)% |
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Cash dividends declared per common share |
$ |
0.10 |
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$ |
0.05 |
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$ |
0.05 |
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$ |
0.25 |
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$ |
0.20 |
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* Percentage not meaningful |
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MINERALS TECHNOLOGIES INC. AND SUBSIDIARY
COMPANIES |
|
|
NOTES TO
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
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1 |
) |
For comparative
purposes, the quarterly periods ended December 31, 2023, October 1,
2023, and December 31, 2022 each consisted of 91 days, 91 days and
90 days, respectively. The twelve month periods ended December 31,
2023 and December 31, 2022 each consisted of 365 days,
respectively. |
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2 |
) |
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 |
) |
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 December 31, 2023, October 1, 2023, and
December 31, 2022, and the twelve month periods ended December 31,
2023 and December 31, 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 |
|
|
Twelve Months Ended |
|
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|
Dec. 31, |
|
|
Oct. 1, |
|
|
Dec. 31, |
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Dec.
31, |
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Dec.
31, |
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2023 |
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2023 |
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|
2022 |
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|
2023 |
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|
2022 |
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|
Net income
(loss) attributable to MTI |
$ |
39.8 |
|
$ |
(19.2 |
) |
$ |
20.0 |
|
|
|
$ |
84.1 |
|
$ |
122.2 |
|
|
|
|
% of
sales |
|
7.59% |
|
|
* |
|
|
3.9% |
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|
3.9% |
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5.7% |
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Special
items: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and other items, net |
|
0.0 |
|
|
0.3 |
|
|
0.0 |
|
|
|
|
6.9 |
|
|
0.0 |
|
|
|
|
Impairment
of assets |
|
0.0 |
|
|
71.7 |
|
|
0.0 |
|
|
|
|
71.7 |
|
|
0.0 |
|
|
|
|
Acquisition-related expenses |
|
0.0 |
|
|
0.0 |
|
|
0.4 |
|
|
|
|
0.3 |
|
|
5.1 |
|
|
|
|
Litigation
expenses |
|
2.4 |
|
|
12.9 |
|
|
0.0 |
|
|
|
|
29.2 |
|
|
32.6 |
|
|
|
|
Debt
extinguishment expenses |
|
0.0 |
|
|
0.0 |
|
|
0.0 |
|
|
|
|
0.0 |
|
|
6.9 |
|
|
|
|
Non-cash
pension settlement charge |
|
0.0 |
|
|
0.0 |
|
|
1.8 |
|
|
|
|
0.0 |
|
|
3.5 |
|
|
|
|
Related tax
effects on special items |
|
(0.5 |
) |
|
(17.2 |
) |
|
(0.5 |
) |
|
|
|
(22.3 |
) |
|
(10.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to MTI, excluding special items |
$ |
41.7 |
|
$ |
48.5 |
|
$ |
21.7 |
|
|
|
$ |
169.9 |
|
$ |
160.1 |
|
|
|
|
% of
sales |
|
8.0% |
|
|
8.9% |
|
|
4.3% |
|
|
|
|
7.8% |
|
|
7.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share, excluding special items |
$ |
1.28 |
|
$ |
1.49 |
|
$ |
0.67 |
|
|
|
$ |
5.21 |
|
$ |
4.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 $6.9 million related to severance and other costs
for the twelve months ended December 31, 2023. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in litigation
expenses for the twelve month periods ended December 31, 2023, the
Company recorded incremental litigation costs of $29.2 million 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 expenses for the
twelve month periods ended December 31, 2022 are costs of $32.6
million, 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 December 31, 2023, October 1,
2023, and December 31, 2022, and the twelve month periods ended
December 31, 2023 and December 31, 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 |
|
|
Twelve Months Ended |
|
|
(millions of
dollars) |
|
Dec. 31, |
|
|
Oct. 1, |
|
|
Dec. 31, |
|
|
|
|
Dec.
31, |
|
|
Dec.
31, |
|
|
|
|
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
|
|
2023 |
|
|
2022 |
|
|
|
|
Cash flow
from operations |
$ |
95.3 |
|
$ |
59.1 |
|
$ |
42.3 |
|
|
$ |
|
233.6 |
|
$ |
105.9 |
|
|
|
|
Capital
expenditures |
|
22.5 |
|
|
25.1 |
|
|
22.9 |
|
|
|
|
93.5 |
|
|
82.3 |
|
|
|
|
Free cash
flow |
$ |
72.8 |
|
$ |
34.0 |
|
$ |
19.4 |
|
|
$ |
|
140.1 |
|
$ |
23.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization expense |
$ |
23.5 |
|
$ |
24.3 |
|
$ |
23.0 |
|
|
$ |
|
95.0 |
|
$ |
94.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
) |
To supplement the
Company's consolidated financial statements presented in accordance
with GAAP, the following is a presentation of the Company's year
over year sales growth, excluding the sales of Barretts Minerals
Inc. for the three months ended December 31, 2022, constituting a
reconciliation to GAAP sales growth set forth below. On October 2,
2023, Barretts Minerals Inc. filed for relief under Chapter 11 of
the U.S. Bankruptcy Code and as such the results of Barretts
Minerals are not included the the Company's consolidated results
for the fourth quarter of 2023. Barretts Minerals sales for the
fourth quarter of 2022 were $12.0 million. The Company's management
feels this non-GAAP measure provides meaningful supplemental
information regarding its performance and facilitates investors'
understanding of sales trends for the fourth quarter of 2023. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
December 31, 2023 |
|
|
Year Ended December
31, 2023 |
|
|
|
Sales |
|
Impact of |
|
|
|
|
|
Sales |
|
Impact of |
|
|
|
Year over
Year Sales Growth |
|
Growth |
|
BMI Q4 |
|
Underlying |
|
|
Growth |
|
BMI Q4 |
|
Underlying |
|
|
|
As Reported |
|
Deconsolidation |
|
Sales Growth |
|
|
As Reported |
|
Deconsolidation |
Sales Growth |
|
Specialty Additives |
|
(5 |
)% |
|
(8 |
)% |
|
3 |
% |
|
|
|
(1 |
)% |
|
(2 |
)% |
|
1 |
% |
|
Consumer
& Specialties |
|
3 |
% |
|
(5 |
)% |
|
8 |
% |
|
|
|
3 |
% |
|
(1 |
)% |
|
4 |
% |
|
MTI
Consolidated |
|
3 |
% |
|
(3 |
)% |
|
6 |
% |
|
|
|
2 |
% |
|
(1 |
)% |
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
) |
“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 December
31, 2023, October 1, 2023, and December 31, 2022, and the twelve
month periods ended December 31, 2023 and December 31, 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 |
|
|
Twelve Months Ended |
|
|
(millions of
dollars) |
|
Dec. 31, |
|
|
Oct. 1, |
|
|
Dec. 31, |
|
|
|
|
Dec.
31, |
|
|
Dec.
31, |
|
|
|
|
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) |
$ |
39.8 |
|
$ |
(19.2 |
) |
$ |
20.0 |
|
|
|
$ |
84.1 |
|
$ |
122.2 |
|
|
|
|
Add
back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
23.5 |
|
|
24.3 |
|
|
23.0 |
|
|
|
|
95.0 |
|
|
94.2 |
|
|
|
|
Interest
expense, net |
|
15.2 |
|
|
15.3 |
|
|
12.7 |
|
|
|
|
59.2 |
|
|
43.9 |
|
|
|
|
Equity in
earnings of affiliates, net of tax |
|
(1.4 |
) |
|
(1.0 |
) |
|
(0.3 |
) |
|
|
|
(4.3 |
) |
|
(1.7 |
) |
|
|
|
Net income
attributable to non-controlling interests |
|
1.0 |
|
|
1.1 |
|
|
1.4 |
|
|
|
|
4.2 |
|
|
4.1 |
|
|
|
|
Provision
(benefit) for taxes on income |
|
9.2 |
|
|
(3.5 |
) |
|
6.3 |
|
|
|
|
23.7 |
|
|
32.1 |
|
|
|
|
EBITDA |
|
87.3 |
|
|
17.0 |
|
|
63.1 |
|
|
|
|
261.9 |
|
|
294.8 |
|
|
|
|
Add special
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and other items, net |
|
0.0 |
|
|
0.3 |
|
|
0.0 |
|
|
|
|
6.9 |
|
|
0.0 |
|
|
|
|
Impairment
of assets |
|
0.0 |
|
|
71.7 |
|
|
0.0 |
|
|
|
|
71.7 |
|
|
0.0 |
|
|
|
|
Acquisition-related expenses |
|
0.0 |
|
|
0.0 |
|
|
0.4 |
|
|
|
|
0.3 |
|
|
5.1 |
|
|
|
|
Litigation
expenses |
|
2.4 |
|
|
12.9 |
|
|
0.0 |
|
|
|
|
29.2 |
|
|
32.6 |
|
|
|
|
Debt
extinguishment expenses |
|
0.0 |
|
|
0.0 |
|
|
0.0 |
|
|
|
|
0.0 |
|
|
6.9 |
|
|
|
|
Non-cash
pension settlement charge |
|
0.0 |
|
|
0.0 |
|
|
1.8 |
|
|
|
|
0.0 |
|
|
3.5 |
|
|
|
|
Adjusted
EBITDA |
$ |
89.7 |
|
$ |
101.9 |
|
$ |
65.3 |
|
|
|
$ |
370.0 |
|
$ |
342.9 |
|
|
|
|
% of
sales |
|
17.1% |
|
|
18.6% |
|
|
12.9% |
|
|
|
|
17.1% |
|
|
16.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 |
) |
The following table reflects the components of non-operating income
and deductions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(millions of
dollars) |
|
Quarter Ended |
|
|
Twelve Months Ended |
|
|
|
|
Dec. 31, |
|
|
Oct. 1, |
|
|
Dec. 31, |
|
|
|
|
Dec.
31, |
|
|
Dec.
31, |
|
|
|
|
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
|
|
2023 |
|
|
2022 |
|
|
|
|
Interest
income |
$ |
1.2 |
|
$ |
1.2 |
|
$ |
0.7 |
|
|
|
$ |
3.9 |
|
$ |
3.4 |
|
|
|
|
Interest
expense |
|
(16.4 |
) |
|
(16.5 |
) |
|
(13.4 |
) |
|
|
|
(63.1 |
) |
|
(47.3 |
) |
|
|
|
Non-cash
pension settlement charge |
|
0.0 |
|
|
0.0 |
|
|
(1.8 |
) |
|
|
|
0.0 |
|
|
(3.5 |
) |
|
|
|
Debt
extinguishment expenses |
|
0.0 |
|
|
0.0 |
|
|
0.0 |
|
|
|
|
0.0 |
|
|
(6.9 |
) |
|
|
|
Foreign
exchange gains (losses) |
|
(0.6 |
) |
|
1.8 |
|
|
(0.1 |
) |
|
|
|
2.7 |
|
|
2.1 |
|
|
|
|
Other
deductions |
|
(2.4 |
) |
|
(1.2 |
) |
|
(1.6 |
) |
|
|
|
(7.6 |
) |
|
(5.9 |
) |
|
|
|
Non-operating deductions, net |
$ |
(18.2 |
) |
$ |
(14.7 |
) |
$ |
(16.2 |
) |
|
|
$ |
(64.1 |
) |
$ |
(58.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in
non-operating deductions for the three and twelve month periods
ended December 31, 2022 are non-cash pension settlement charges
associated with some of our pension plans in the U.S of $1.8
million and $3.5 million, respectively. In addition, included in
non-operating deductions for the twelve month periods ended
December 31, 2022 are debt extinguishment expenses of $6.9 million
related to the refinancing of our credit facilities. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
) |
The analyst conference
call to discuss operating results for the fourth quarter is
scheduled for Friday, February 2, 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 |
|
|
Twelve Months Ended |
|
% Growth |
SALES DATA |
|
Dec. 31, |
|
% of |
|
Oct. 1, |
|
% of |
|
Dec. 31, |
|
% of |
|
|
|
|
|
|
Dec. 31, |
|
% of |
|
Dec. 31, |
|
% of |
|
|
|
|
2023 |
|
Total Sales |
|
2023 |
|
Total Sales |
|
2022 |
|
Total Sales |
|
Prior Qtr. |
Prior Year |
|
|
2023 |
|
Total Sales |
|
2022 |
|
Total Sales |
|
Prior Year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
$ |
269.7 |
|
51 |
% |
$ |
291.6 |
|
53 |
% |
$ |
273.0 |
|
54 |
% |
|
(8 |
)% |
|
(1 |
)% |
|
$ |
1,144.0 |
|
53 |
% |
$ |
1,135.6 |
|
53 |
% |
|
1 |
% |
International |
|
254.8 |
|
49 |
% |
|
256.2 |
|
47 |
% |
|
234.6 |
|
46 |
% |
|
(1 |
)% |
|
9 |
% |
|
|
1,025.9 |
|
47 |
% |
|
989.9 |
|
47 |
% |
|
4 |
% |
Net Sales |
$ |
524.5 |
|
100 |
% |
$ |
547.8 |
|
100 |
% |
$ |
507.6 |
|
100 |
% |
|
(4 |
)% |
|
3 |
% |
|
$ |
2,169.9 |
|
100 |
% |
$ |
2,125.5 |
|
100 |
% |
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Household & Personal Care |
$ |
134.0 |
|
26 |
% |
$ |
128.9 |
|
24 |
% |
$ |
118.2 |
|
23 |
% |
|
4 |
% |
|
13 |
% |
|
$ |
517.6 |
|
24 |
% |
$ |
476.2 |
|
22 |
% |
|
9 |
% |
Specialty Additives |
|
147.4 |
|
28 |
% |
|
162.3 |
|
30 |
% |
|
155.1 |
|
31 |
% |
|
(9 |
)% |
|
(5 |
)% |
|
|
642.6 |
|
30 |
% |
|
648.4 |
|
31 |
% |
|
(1 |
)% |
Consumer & Specialties Segment |
$ |
281.4 |
|
54 |
% |
$ |
291.2 |
|
54 |
% |
$ |
273.3 |
|
54 |
% |
|
(3 |
)% |
|
3 |
% |
|
$ |
1,160.2 |
|
54 |
% |
$ |
1,124.6 |
|
53 |
% |
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High-Temperature Technologies |
$ |
182.3 |
|
35 |
% |
$ |
177.4 |
|
32 |
% |
$ |
169.8 |
|
33 |
% |
|
3 |
% |
|
7 |
% |
|
$ |
720.9 |
|
33 |
% |
$ |
702.5 |
|
33 |
% |
|
3 |
% |
Environmental & Infrastructure |
|
60.8 |
|
11 |
% |
|
79.2 |
|
14 |
% |
|
64.5 |
|
13 |
% |
|
(23 |
)% |
|
(6 |
)% |
|
|
288.8 |
|
13 |
% |
|
298.4 |
|
14 |
% |
|
(3 |
)% |
Engineered Solutions Segment |
$ |
243.1 |
|
46 |
% |
$ |
256.6 |
|
46 |
% |
$ |
234.3 |
|
46 |
% |
|
(5 |
)% |
|
4 |
% |
|
$ |
1,009.7 |
|
46 |
% |
$ |
1,000.9 |
|
47 |
% |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
$ |
524.5 |
|
100 |
% |
$ |
547.8 |
|
100 |
% |
$ |
507.6 |
|
100 |
% |
|
(4 |
)% |
|
3 |
% |
|
$ |
2,169.9 |
|
100 |
% |
$ |
2,125.5 |
|
100 |
% |
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTARY DATA |
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY
COMPANIES |
(millions of dollars) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
% Growth |
|
|
Twelve Months Ended |
|
% Growth |
SEGMENT OPERATING INCOME(LOSS) DATA |
|
Dec. 31, |
|
|
Oct. 1, |
|
|
Dec. 31, |
|
|
Prior |
|
Prior |
|
|
Dec. 31, |
|
|
Dec. 31, |
|
|
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
Qtr. |
|
Year |
|
|
2023 |
|
|
2022 |
|
|
Prior Year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer & Specialties Segment |
$ |
36.6 |
|
$ |
(46.6 |
) |
$ |
16.4 |
|
|
* |
|
|
123% |
|
|
$ |
41.6 |
|
$ |
79.0 |
|
|
(47 |
)% |
% of Sales |
|
13.0% |
|
|
* |
|
|
6.0% |
|
|
|
|
|
|
|
3.6% |
|
|
7.0% |
|
|
|
Engineered Solutions Segment |
$ |
36.7 |
|
$ |
40.6 |
|
$ |
31.7 |
|
|
(10 |
)% |
|
16% |
|
|
$ |
147.8 |
|
$ |
147.1 |
|
|
0 |
% |
% of Sales |
|
15.1% |
|
|
15.8% |
|
|
13.5% |
|
|
|
|
|
|
|
14.6% |
|
|
14.7% |
|
|
|
Unallocated and Other Corporate Expenses |
$ |
(6.5 |
) |
$ |
(1.9 |
) |
$ |
(4.5 |
) |
|
242 |
% |
|
44% |
|
|
$ |
(17.6 |
) |
$ |
(11.3 |
) |
|
56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
$ |
66.8 |
|
$ |
(7.9 |
) |
$ |
43.6 |
|
|
* |
|
|
53% |
|
|
$ |
171.8 |
|
$ |
214.8 |
|
|
(20 |
)% |
% of Sales |
|
12.7% |
|
|
* |
|
|
8.6% |
|
|
|
|
|
|
|
7.9% |
|
|
10.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPECIAL ITEMS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer & Specialties Segment |
$ |
0.0 |
|
$ |
84.9 |
|
$ |
0.3 |
|
|
* |
|
|
* |
|
|
$ |
99.4 |
|
$ |
34.7 |
|
|
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered Solutions Segment |
$ |
0.0 |
|
$ |
0.0 |
|
$ |
0.0 |
|
|
* |
|
|
* |
|
|
$ |
3.2 |
|
$ |
0.0 |
|
|
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated and Other Corporate Expenses |
$ |
2.4 |
|
$ |
0.0 |
|
$ |
0.1 |
|
|
* |
|
|
* |
|
|
$ |
5.5 |
|
$ |
3.0 |
|
|
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
$ |
2.4 |
|
$ |
84.9 |
|
$ |
0.4 |
|
|
* |
|
|
* |
|
|
$ |
108.1 |
|
$ |
37.7 |
|
|
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 December 31, 2023, October 1, 2023, and December 31, 2022,
and the twelve month periods ended December 31, 2023 and December
31, 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 |
|
|
Twelve Months Ended |
|
% Growth |
SEGMENT OPERATING INCOME, |
|
Dec. 31, |
|
|
Oct. 1, |
|
|
Dec. 31, |
|
|
|
|
|
|
|
Dec. 31, |
|
|
Dec. 31, |
|
|
|
EXCLUDING SPECIAL
ITEMS |
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
Prior Qtr. |
Prior Year |
|
2023 |
|
|
2022 |
|
|
Prior Year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer & Specialties Segment |
$ |
36.6 |
|
$ |
38.3 |
|
$ |
16.7 |
|
|
(5 |
)% |
|
119 |
% |
|
$ |
141.0 |
|
$ |
113.7 |
|
|
24 |
% |
% of Sales |
|
13.0% |
|
|
13.2% |
|
|
6.1% |
|
|
|
|
|
|
|
12.2% |
|
|
10.1% |
|
|
|
Engineered Solutions Segment |
$ |
36.7 |
|
$ |
40.6 |
|
$ |
31.7 |
|
|
(10 |
)% |
|
16 |
% |
|
$ |
151.0 |
|
$ |
147.1 |
|
|
3 |
% |
% of Sales |
|
15.1% |
|
|
15.8% |
|
|
13.5% |
|
|
|
|
|
|
|
15.0% |
|
|
14.7% |
|
|
|
Unallocated Corporate Expenses |
$ |
(4.1 |
) |
$ |
(1.9 |
) |
$ |
(4.4 |
) |
|
116 |
% |
|
(7 |
)% |
|
$ |
(12.1 |
) |
$ |
(8.3 |
) |
|
(46 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
$ |
69.2 |
|
$ |
77.0 |
|
$ |
44.0 |
|
|
(10 |
)% |
|
57 |
% |
|
$ |
279.9 |
|
$ |
252.5 |
|
|
11 |
% |
% of Sales |
|
13.2% |
|
|
14.1% |
|
|
8.7% |
|
|
|
|
|
|
|
12.9% |
|
|
11.9% |
|
|
|
* Percentage not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY
COMPANIES |
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
(In Millions of Dollars) |
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
|
|
2023* |
|
|
2022** |
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash & cash equivalents |
$ |
317.2 |
|
$ |
247.2 |
|
|
Short-term investments |
|
4.3 |
|
|
5.6 |
|
|
Accounts receivable, net |
|
399.1 |
|
|
404.0 |
|
|
Inventories |
|
325.4 |
|
|
348.8 |
|
|
Prepaid expenses and other current assets |
|
53.0 |
|
|
64.9 |
|
|
Total current assets |
|
|
1,099.0 |
|
|
1,070.5 |
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment |
|
2,190.1 |
|
|
2,288.6 |
|
|
Less accumulated depreciation |
|
1,203.3 |
|
|
1,238.2 |
|
|
Net property, plant & equipment |
|
|
986.8 |
|
|
1,050.4 |
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
913.6 |
|
|
914.8 |
|
|
Intangible assets |
|
231.0 |
|
|
241.9 |
|
|
Other assets and deferred charges |
|
116.2 |
|
|
124.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
3,346.6 |
|
$ |
3,401.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Short-term debt |
$ |
85.4 |
|
$ |
119.7 |
|
|
Current maturities of long-term debt |
|
18.0 |
|
|
14.5 |
|
|
Accounts payable |
|
188.7 |
|
|
193.8 |
|
|
Other current liabilities |
|
165.2 |
|
|
174.6 |
|
|
Total current liabilities |
|
|
457.3 |
|
|
502.6 |
|
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
911.1 |
|
|
928.1 |
|
|
Deferred income taxes |
|
139.3 |
|
|
180.4 |
|
|
Other non-current liabilities |
|
152.2 |
|
|
177.3 |
|
|
Total liabilities |
|
|
1,659.9 |
|
|
1,788.4 |
|
|
|
|
|
|
|
|
|
|
|
Total MTI shareholders' equity |
|
1,652.0 |
|
|
1,579.5 |
|
|
Non-controlling Interests |
|
34.7 |
|
|
33.7 |
|
|
Total shareholders' equity |
|
|
1,686.7 |
|
|
1,613.2 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
3,346.6 |
|
$ |
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