Minerals Technologies reports sales up 14% YoY in 2022

2023-02-02

Feb. 2, 2023 - Minerals Technologies Inc. (NYSE: MTX) (“MTI” or “the Company”) today reported earnings per share of $4.88, excluding special items, For the full year 2022, compared with $5.02 in the prior year. Reported earnings per share were $3.73 compared with $4.86 for the full year 2021.

“We had a challenging finish to an otherwise strong year, with several acute factors impacting our fourth quarter results. Inflationary costs in Europe were higher, and the combination of severe weather in the U.S. and COVID-related shutdowns in China significantly hampered our operations and shipments in the quarter,” says Douglas T. Dietrich, Chairman and CEO. “Our teams navigated through significant challenges throughout the year to deliver solid performance in 2022. We continued to advance our growth strategy, we more than offset historic levels of inflation with price increases, and we continued to balance our portfolio for more stable growth with the acquisition of Concept Pet. Looking ahead, the company is well-positioned to continue to deliver higher levels of profitable growth.”

Worldwide net sales were $2,125.5 million, 14 percent above the prior year. On a constant currency basis, sales grew 20 percent versus the prior year, as foreign exchange had an unfavorable impact of $100 million. Reported operating income was $214.8 million. Operating income excluding special items was $252.5 million and represented 11.9 percent of sales.

Segment Information

Performance Materials segment sales were $1,127.7 million, 16 percent above the prior year. On a constant currency basis, sales grew 22 percent, as foreign exchange had an unfavorable impact of $61 million.

Segment operating income excluding special items was $130.8 million, up 4 percent versus the prior year, and operating margin was 11.6 percent of sales.

Specialty Minerals segment sales were $648.4 million, 12 percent above the prior year. On a constant currency basis, sales grew 16 percent, as foreign exchange had an unfavorable impact of $21 million.

Segment operating income was $41.3 million, and $72.4 million excluding special items, 2 percent lower than the prior year. Operating margin was 11.2 percent of sales and was impacted by higher energy costs and the timing of contractual price adjustments.

Refractories segment sales were $349.4 million, 15 percent higher than the prior year. On a constant currency basis, sales grew 21 percent, as foreign exchange had an unfavorable impact of $19 million.

Segment operating income was a record at $57.6 million and represented 16.5 percent of sales. Sales and operating income benefited from strong operating performance and new business development.