Minerals Technologies reports sales up 17% YoY in 2021

2022-02-03

Feb. 3, 2022 - Worldwide net sales were $476.9 million in Q4 2021, up 1 percent sequentially and 10 percent above the prior year. Reported operating income was $52.6 million. Operating income excluding special items was $54.7 million and represented 11.5 percent of sales. Operating income in the fourth quarter was impacted by approximately $5 million of unexpected logistics, labor, and operational challenges, including higher energy costs, which the Company expects to recover in the first quarter of 2022.

Worldwide net sales were $1,858.3 million in full year 2021, 17 percent above the prior year. Foreign exchange favorably impacted sales by $27 million, or 2 percentage points. Reported operating income was $235.7 million. Operating income excluding special items was $240.7 million and represented 13.0 percent of sales.

"The global MTI team performed very well on all fronts in 2021 and overcame significant external challenges to deliver record sales and earnings for the full year,” said Douglas T. Dietrich, Chairman and Chief Executive Officer. “We significantly advanced our key growth initiatives, strengthened our consumer-oriented portfolio with the acquisition of Normerica, and made substantial progress against our sustainability goals.”

Mr. Dietrich added, “This progress has transformed the company’s ability to generate more balanced and stable growth. While we faced significant logistics and inflationary challenges, the actions we have taken and have in place, along with robust demand across our product lines, set us up for a year of strong profitable growth in 2022.”

Segment Information for full year 2021

Performance Materials segment sales were $976.0 million, 18 percent above the prior year.

Segment operating income excluding special items was $126.2 million, up 16 percent versus the prior year, and operating margin was 12.9 percent of sales.

Specialty Minerals segment sales were $578.9 million, 13 percent above the prior year.

Segment operating income excluding special items was $74.0 million, 2 percent lower than the prior year. Operating margin was 12.8 percent of sales and was impacted by the timing of contractual and negotiated price increases relative to inflationary cost increases. In addition, logistics and labor challenges impacted both sales and operating performance.

Refractories segment sales were $303.4 million, 18 percent higher than the prior year.

Segment operating income was a record at $49.3 million and represented 16.2 percent of sales. Sales and operating income benefited from improved steel market conditions, strong operating performance, and new business development.