Minerals Technologies reports sales up 15% YoY in Q1 2022

2022-05-02

May. 2, 2022 - Worldwide net sales of Minerals Technologies were $519.1 million, up 9 percent sequentially and 15 percent above the prior year on continued execution of strategic growth initiatives, strong demand across all segments, and continued pricing actions. Foreign exchange had an unfavorable impact on sales of $16 million, or 4 percentage points versus the prior year.

Operating income excluding special items was $67.8 million, a record first quarter, up 24 percent sequentially and 15 percent above the prior year. Operating margin excluding special items of 13.1 percent of sales improved 160 basis points sequentially and 10 basis points versus the prior year.

“MTI’s record performance in the first quarter is the result of successful execution on several fronts. We are realizing the benefits of our strategic growth initiatives – driven by multi-year advancements in new product development, geographic expansion, and acquisitions. In addition, we delivered a solid operating performance and implemented pricing actions that more than offset inflationary costs,” said Douglas T. Dietrich, Chairman of the Board and Chief Executive Officer. “We see this level of growth and solid performance continuing through 2022, setting us up for another record year.”

Mr. Dietrich added, “Over the past few years, we have transformed MTI’s portfolio of businesses into one with structurally higher growth potential. Our expanded consumer specialty product lines, combined with our leading industrial positions, provide a solid platform for continued profitable growth.”

Refractories segment sales were $83.9 million in the first quarter, up 6 percent sequentially and 14 percent higher than the prior year on the ramp up of new business volumes and stable steel market conditions in North America and Europe.

Segment operating income was $16.5 million, 33 percent higher sequentially and 38 percent above the prior year. Operating margin was strong at 19.7 percent of sales, primarily driven by pricing actions and operational efficiencies. The Refractories segment provides products and services primarily to the worldwide steel industry.