2022-08-01
Aug. 1, 2022 - Minerals Technologies Inc. (NYSE: MTX) (“MTI” or “the Company”) today reported diluted earnings per share of $1.50, excluding special items, for the second quarter ended July 3, 2022, compared with $1.29 in the prior year. Reported diluted earnings per share were $1.36 compared with $1.23 in the prior year.
“We continued on our track of sales and earnings growth and delivered another record quarter. Strong market demand, acquisitions and pricing drove sales 27 percent higher to a record level. MTI’s culture of operational excellence and the established agility of our team converted these sales into record earnings,” said Douglas T. Dietrich, Chairman of the Board and Chief Executive Officer. “Our broad-based growth in the quarter is the result of the disciplined execution of our strategy over the last several years. We are well positioned to continue on a strong trajectory.”
Mr. Dietrich added, “Our combination of leading technologies, world-class application expertise, and global reserves uniquely positions MTI to succeed with our customers and in the markets we serve.”
Second Quarter 2022
Worldwide net sales were $557.0 million, up 7 percent sequentially and 22 percent above the prior year on continued execution of strategic growth initiatives, strong demand across all segments, and continued pricing actions. On a constant currency basis, sales grew 27 percent, as foreign exchange had an unfavorable impact on sales of $21 million.
Operating income excluding special items was $73.5 million, a record second quarter, up 8 percent sequentially and 15 percent above the prior year. Operating margin excluding special items was 13.2 percent of sales, up 10 basis points sequentially. Reported operating income was $69.4 million and 12.5 percent of sales.
Segment Information
Performance Materials segment sales were $299.6 million in the second quarter, up 10 percent sequentially and 26 percent above the prior year.
Specialty Minerals segment sales, which consist of Precipitated Calcium Carbonate (PCC) Products and Processed Minerals Products, were $164.3 million in the second quarter, 1 percent higher sequentially and 15 percent above the prior year.
Refractories segment sales were $93.1 million in the second quarter, up 11 percent sequentially and 25 percent higher than the prior year on new business volumes and stable steel market conditions in North America and Europe. Segment operating income was $16.2 million, relatively flat sequentially and 38 percent above the prior year. Operating margin remained strong at 17.4 percent of sales, driven by pricing actions and operational efficiencies. The Refractories segment provides products and services primarily to the worldwide steel industry.
Sponsored by: ACRI (The Association of China Refractories Industry), Tangshan YinNaiLian E-Business Co., Ltd.
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