Minerals Technologies reports sales up 15% YoY in Q3 2022

2022-11-02

Nov. 2, 2022 - Worldwide net sales of Minerals Technologies Inc. (“MTI” or “the Company”) for the third quarter of 2022 were $541.9 million, up 15 percent versus the prior year and 3 percent lower sequentially. On a constant currency basis, sales grew 22 percent versus the prior year, as foreign exchange had an unfavorable impact on sales of $33 million, or 7 percentage points.

Operating income excluding special items was $67.2 million and represented 12.4 percent of sales. Reported operating income was $35.6 million.

“MTI delivered another solid quarter, with both top- and bottom-line growth despite softer demand in Europe, higher energy costs, and a slow rebound in China. We continue to navigate today’s environment by controlling costs, offsetting inflation with pricing actions, and maintaining operational discipline,” said Douglas T. Dietrich, Chairman of the Board and Chief Executive Officer. “We remained focused on our strategic growth initiatives and our results this quarter further demonstrate MTI’s resilient portfolio and higher growth potential.”

Performance Materials segment sales were $290.4 million in the third quarter, up 16 percent versus the prior year and 3 percent lower sequentially. On a constant currency basis, sales grew 24 percent versus the prior year, as foreign exchange had an unfavorable impact on sales of $20 million, or 8 percentage points.

Specialty Minerals segment sales, which consist of Precipitated Calcium Carbonate (PCC) Products and Processed Minerals Products, were $166.0 million in the third quarter, 13 percent above the prior year and 1 percent higher sequentially. On a constant currency basis, sales grew 18 percent versus the prior year, as foreign exchange had an unfavorable impact on sales of $7 million, or 5 percentage points.

Refractories segment sales were $85.5 million in the third quarter, up 13 percent versus the prior year on the continued ramp-up of new business volumes and higher pricing to cover inflationary cost increases. Sales were 8 percent lower sequentially due to softer global steel conditions. On a constant currency basis, sales grew 20 percent versus the prior year, as foreign exchange had an unfavorable impact on sales of $6 million, or 7 percentage points.

Refractories segment operating income was $12.4 million and remained strong at 14.5 percent of sales. The Refractories segment provides products and services primarily to the worldwide steel industry.