|
EXHIBIT 99.1
|
|
 |
News Release
|
|
Investor Contact:
Lydia Kopylova, (212) 878-1831
|
|
|
For Immediate Release
April 27, 2023
|
Media Contact:
Jennifer Albert, (212) 878-1840
|
Minerals Technologies Reports First Quarter 2023 Earnings of $1.14 Per Share
----------
----------
|
•
|
Operating Income of $63 Million, Increased 43 Percent Sequentially
|
|
•
|
Cash Flow from Operations Improved by $33 Million from Prior Year
|
|
•
|
Reorganization and New Segmentation Implemented
|
|
•
|
Announced Three Long-term PCC Supply Agreements in Asia
|
NEW YORK, April 27, 2023 – Minerals Technologies Inc. (NYSE: MTX) (“MTI” or “the Company”) today reported earnings per share of $1.14 for the first
quarter ended April 2, 2023.
“Our performance in the first quarter is a result of the diligent and focused execution on margin recovery, improved cash flows and growth,” said Douglas T. Dietrich, Chairman and Chief Executive Officer of Minerals Technologies. “We completed the reorganization and re-segmentation of the company to
better reflect our balanced portfolio, further align business priorities and enhance growth and performance going forward.”
First Quarter 2023
Worldwide net sales were $546 million, up 8 percent sequentially and 5 percent over the prior year. On a constant currency basis, sales grew 8 percent
over the prior year, as foreign exchange had an unfavorable impact of $14 million.
Operating income was $63 million, up 43 percent sequentially driven by incremental pricing, cost and productivity improvements. Operating income was 7
percent below the prior year, primarily driven by lower economic activity in China and weaker residential construction markets in North America. Operating margin of 11.6 percent improved 290 basis points sequentially.
Segment Information
Effective January 1, 2023, the Company realigned its business reporting structure and reorganized into two segments, Consumer & Specialties and
Engineered Solutions. Following the realignment, the two new segments consist of the following businesses:
The Consumer & Specialties segment provides
technologically enhanced products to consumer-driven end markets, including mineral-to-shelf household products, as well as specialty additives that become functional components in a variety of consumer and industrial goods. This segment includes
two product lines: Household & Personal Care and Specialty Additives.
The Engineered Solutions segment provides advanced
process technologies and solutions that are designed to improve our customers’ manufacturing processes and projects. This segment includes two product lines: High-Temperature Technologies and Environmental & Infrastructure.
Prior-year reconciliations for these new segments are available in a Current Report on Form 8-K filed by the Company on March 15, 2023.
Consumer & Specialties segment
sales were $297 million in the first quarter, up 9 percent sequentially and 5 percent over the prior year. On a constant currency basis, sales were up 7 percent from the prior year, as foreign exchange had an unfavorable impact of $7 million.
Household & Personal Care sales were $129 million, up 9 percent sequentially and 7 percent above the prior year on
continued pricing actions and increased demand globally for our pet litter as well as strong demand for edible-oil purification products. Specialty Additives
sales were $168 million, up 8 percent sequentially and 3 percent over the prior year, primarily driven by higher pricing, which offset lower volumes in residential construction. In addition, the Company announced three long-term precipitated
calcium carbonate (PCC) customer agreements in Asia totaling 180,000 tons per year expected to be in operation in late 2023 and early 2024.
Segment operating income was $32 million, which reflected a significant sequential improvement and was the same level as the prior year. Operating margin
was 10.8 percent, up 470 basis points sequentially and 60 basis points below the prior year. The segment benefited from pricing actions and productivity improvements to continue to drive margin recovery.
Engineered Solutions segment sales were $249
million in the first quarter, up 6 percent sequentially and 6 percent above the prior year. On a constant currency basis, sales were up 9 percent over the prior year, as foreign exchange had an unfavorable impact of $7 million.
High-Temperature Technologies sales were $179 million, an increase of 5 percent, both sequentially and over the prior year driven by strong demand in
North America for foundry and refractory products, which offset weaker foundry product demand in China. Environmental & Infrastructure sales were $70 million, up 9 percent sequentially and 7 percent above the prior year on higher pricing and
strong demand for water remediation solutions.
Segment operating income was $35 million, 11 percent higher sequentially due to improved mining and operating conditions, and
5 percent lower than the prior year primarily driven by lower profits from the China foundry market. Operating margins represented 14.2 percent, an increase of 70 basis points sequentially.
Company to Host 2023 Investor Day
The Company will host an Investor Day on Wednesday, May 24th at 8:30 am EST at the New York Stock Exchange.
“Minerals Technologies has transformed over the past 5 years into a more balanced portfolio of businesses poised for long-term sustainable growth. Our
2023 Investor Day will provide details on each of our businesses, their market positions, and growth and profit drivers enabled by the company’s innovative technologies and high-performance culture. We will outline how this new operating
structure positions us to create long-term value for our stakeholders,” said Mr. Dietrich.
-----------------
Minerals Technologies will host a conference call
tomorrow, April 28, 2023, at 11 a.m. Eastern Time. The live earnings webcast can be accessed at https://investors.mineralstech.com/quarterly-results-conference-calls.
A presentation for the call will be available at the same location at approximately 10:30 a.m. Eastern Time on April 28, 2023.
-----------------
FORWARD-LOOKING STATEMENTS
This press release may contain "forward‐looking statements" within the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements provide current expectations and forecasts of future events such as new products, revenues and financial performance, and are not limited to describing historical or current facts. They can be identified by the
use of words such as “believes,” “expects,” “plans,” “intends,” “anticipates,” and other words and phrases of similar meaning. Forward-looking statements are necessarily based on assumptions, estimates and limited information available at the
time they are made. A broad variety of risks and uncertainties, both known and unknown, as well as the inaccuracy of assumptions and estimates, can affect the realization of the expectations or forecasts in these statements. Actual future results
may vary materially. Significant factors that could affect the expectations and forecasts include worldwide general economic, business, and industry conditions; the cyclicality of our customers’ businesses and their changing regional demands; our
ability to compete in very competitive industries; consolidation in customer industries, principally paper, foundry and steel; our ability to renew or extend long term sales contracts for our satellite operations; our ability to generate cash to
service our debt; our ability to comply with the covenants in the agreements governing our debt; our ability to effectively achieve and implement our growth initiatives; our ability to successfully develop new products; our ability to defend our
intellectual property; the increased risks of doing business abroad; the availability of raw materials and access to ore reserves at our mining operations, or increases in costs of raw materials, energy, or shipping; compliance with or changes to
regulation in the areas of environmental, health and safety, and tax; claims for legal, environmental and tax matters or product stewardship issues; the continuing effects of the COVID-19 pandemic and the resulting preventative measures;
operating risks and capacity limitations affecting our production facilities; seasonality of some of our businesses; cybersecurity and other threats relating to our information technology systems; and other risk factors and cautionary statements
in our 2022 Annual Report on Form 10‐K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward‐looking
statement, whether as a result of new information, future events, or otherwise.
About Minerals Technologies Inc.
New York-based Minerals Technologies Inc. (MTI) is a leading, technology-driven specialty minerals company that develops, produces, and markets a broad
range of mineral and mineral-based products, related systems, and services. MTI serves globally a wide range of consumer and industrial
markets, including household, food and pharmaceutical, paper, packaging, automotive, construction, and environmental. The company reported global sales of $2.1 billion in 2022. For further information, please visit our website at www.mineralstech.com.
###
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||||||
|
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
|
||||||||||||||||||||
|
(in millions, except per share data)
|
||||||||||||||||||||
|
(unaudited)
|
||||||||||||||||||||
|
Quarter Ended
|
% Growth
|
|||||||||||||||||||
|
Apr. 2,
2023
|
Dec. 31,
2022
|
Apr. 3,
2022
|
Prior Qtr.
|
Prior Year
|
||||||||||||||||
|
Net sales
|
$
|
546.1
|
$
|
507.6
|
$
|
519.1
|
8
|
%
|
5
|
%
|
||||||||||
|
Cost of goods sold
|
425.4
|
409.9
|
397.4
|
4
|
%
|
7
|
%
|
|||||||||||||
|
Production margin
|
120.7
|
97.7
|
121.7
|
24
|
%
|
(1
|
)%
|
|||||||||||||
|
Marketing and administrative expenses
|
52.3
|
48.5
|
48.8
|
8
|
%
|
7
|
%
|
|||||||||||||
|
Research and development expenses
|
5.3
|
5.2
|
5.1
|
2
|
%
|
4
|
%
|
|||||||||||||
|
Acquisition related expenses
|
0.1
|
0.4
|
1.6
|
(75
|
)%
|
(94
|
)%
|
|||||||||||||
|
Income from operations
|
63.0
|
43.6
|
66.2
|
44
|
%
|
(5
|
)%
|
|||||||||||||
|
Interest expense, net
|
(14.2
|
)
|
(12.7
|
)
|
(9.8
|
)
|
12
|
%
|
45
|
%
|
||||||||||
|
Non-cash pension settlement charge
|
0.0
|
(1.8
|
)
|
0.0
|
*
|
*
|
||||||||||||||
|
Other non-operating income deductions, net
|
(1.1
|
)
|
(1.7
|
)
|
(0.4
|
)
|
(35
|
)%
|
175
|
%
|
||||||||||
|
Total non-operating deductions, net
|
(15.3
|
)
|
(16.2
|
)
|
(10.2
|
)
|
(6
|
)%
|
50
|
%
|
||||||||||
|
Income before tax and equity in earnings
|
47.7
|
27.4
|
56.0
|
74
|
%
|
(15
|
)%
|
|||||||||||||
|
Provision for taxes on income
|
10.5
|
6.3
|
11.2
|
67
|
%
|
(6
|
)%
|
|||||||||||||
|
Equity in earnings of affiliates, net of tax
|
0.9
|
0.3
|
0.1
|
*
|
*
|
|||||||||||||||
|
Net income
|
38.1
|
21.4
|
44.9
|
78
|
%
|
(15
|
)%
|
|||||||||||||
|
Less: Net income attributable to non-controlling interests
|
1.1
|
1.4
|
0.8
|
(21
|
)%
|
38
|
%
|
|||||||||||||
|
Net Income attributable to Minerals Technologies Inc. (MTI)
|
$
|
37.0
|
$
|
20.0
|
$
|
44.1
|
85
|
%
|
(16
|
)%
|
||||||||||
|
Weighted average number of common shares outstanding:
|
||||||||||||||||||||
|
Basic
|
32.5
|
32.5
|
33.1
|
|||||||||||||||||
|
Diluted
|
32.5
|
32.5
|
33.2
|
|||||||||||||||||
|
Earnings per share attributable to MTI:
|
||||||||||||||||||||
|
Basic
|
$
|
1.14
|
$
|
0.62
|
$
|
1.33
|
84
|
%
|
(14
|
)%
|
||||||||||
|
Diluted
|
$
|
1.14
|
$
|
0.62
|
$
|
1.33
|
84
|
%
|
(14
|
)%
|
||||||||||
|
Cash dividends declared per common share
|
$
|
0.05
|
$
|
0.05
|
$
|
0.05
|
||||||||||||||
|
* Percentage not meaningful
|
||||||||||||||||||||
|
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
|
|||||||||||||||||||
|
NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
|||||||||||||||||||
|
1
|
)
|
For comparative purposes, the quarterly periods ended April 2, 2023, December 31, 2022, and April 3, 2022 consisted of 92 days, 90 days, and 93 days,
respectively.
|
|||||||||||||||||
|
2
|
)
|
On a regular basis the Company reviews its segments and the approach used by the chief decision maker to assess performance and allocate resources.
Accordingly, in Q1 2023, the Company has realigned its business reporting structure into two segments, Consumer & Specialties and Engineered Solutions.
|
|||||||||||||||||
|
The Consumer & Specialties segment provides technologically enhanced products to consumer-driven end markets, including mineral-to-shelf household
products, as well as specialty additives that become functional components in a variety of consumer and industrial goods. This segment includes two product lines: Household & Personal Care and Specialty Additives. The Engineered
Solutions segment provides advanced process technologies and solutions that are designed to improve our customers’ manufacturing processes and projects. This segment includes two product lines: High-Temperature Technologies and
Environmental & Infrastructure.
|
|||||||||||||||||||
|
We believe the new structure better aligns our businesses and technologies with our customers and end markets and creates a more efficient and
effective management structure that reflects the way performance is evaluated and resources are allocated.
|
|||||||||||||||||||
|
For historical consolidated financial information based upon the new segment reporting structure, please see the Company's 8-K filed on March 15,
2023.
|
|||||||||||||||||||
|
3
|
)
|
To supplement the Company's consolidated financial statements presented in accordance with GAAP, the following is a presentation of the Company's
non-GAAP earnings per share, excluding special items, for the quarterly periods ended April 2, 2023, December 31, 2022, and April 3, 2022, and a reconciliation to reported earnings per share for such periods. The Company's management
believes these non-GAAP measures provide meaningful supplemental information regarding its performance as inclusion of such special items are not indicative of the ongoing operating results and thereby affect the comparability of results
between periods. The Company believes inclusion of these non-GAAP measures also provides consistency in its financial reporting and facilitates investors' understanding of historic operating trends.
|
|||||||||||||||||
|
(millions of dollars)
|
Quarter Ended
|
||||||||||||||||||
|
Apr. 2,
2023
|
Dec. 31,
2022
|
Apr. 3,
2022
|
|||||||||||||||||
|
Net income attributable to MTI
|
$
|
37.0
|
$
|
20.0
|
$
|
44.1
|
|||||||||||||
|
% of sales
|
6.8
|
%
|
3.9
|
%
|
8.5
|
%
|
|||||||||||||
|
Special items:
|
|||||||||||||||||||
|
Acquisition related expenses
|
0.1
|
0.4
|
1.6
|
||||||||||||||||
|
Non-cash pension settlement charge
|
0.0
|
1.8
|
0.0
|
||||||||||||||||
|
Related tax effects on special items
|
0.0
|
(0.5
|
)
|
(0.4
|
)
|
||||||||||||||
|
Net income attributable to MTI, excluding special items
|
$
|
37.1
|
$
|
21.7
|
$
|
45.3
|
|||||||||||||
|
% of sales
|
6.8
|
%
|
4.3
|
%
|
8.7
|
%
|
|||||||||||||
|
Diluted earnings per share, excluding special items
|
$
|
1.14
|
$
|
0.67
|
$
|
1.36
|
|||||||||||||
|
4
|
)
|
Free cash flow is defined as cash flow from operations less capital expenditures. The following is a presentation of the Company's non-GAAP free cash
flow for the quarterly periods ended April 2, 2023, December 31, 2022, and April 3, 2022 and a reconciliation to cash flow from operations for such periods. The Company's management believes this non-GAAP measure provides meaningful
supplemental information as management uses this measure to evaluate the Company's ability to maintain capital assets, satisfy current and future obligations, repurchase stock, pay dividends and fund future business opportunities. Free cash
flow is not a measure of cash available for discretionary expenditures since the Company has certain non-discretionary obligations such as debt service that are not deducted from the measure. The Company's definition of free cash flow may
not be comparable to similarly titled measures reported by other companies.
|
|||||||||||||||||
|
Quarter Ended
|
|||||||||||||||||||
|
(millions of dollars)
|
Apr. 2,
2023
|
Dec. 31,
2022
|
Apr. 3,
2022
|
||||||||||||||||
|
Cash flow from operations
|
$
|
33.7
|
$
|
42.3
|
$
|
0.3
|
|||||||||||||
|
Capital expenditures
|
24.5
|
22.9
|
19.0
|
||||||||||||||||
|
Free cash flow
|
$
|
9.2
|
$
|
19.4
|
$
|
(18.7
|
)
|
||||||||||||
|
Depreciation, depletion and amortization expense
|
$
|
23.7
|
$
|
23.0
|
$
|
24.2
|
|||||||||||||
|
5
|
)
|
To supplement the Company's consolidated financial statements presented in accordance with GAAP, the following is a presentation of the Company's year
over year sales growth on a constant currency basis, which is a non-GAAP measure, for the three months ended April 2, 2023, constituting a reconciliation to GAAP sales growth set forth below. Constant currency basis eliminates the exchange
rate fluctuations when calculating sales performance figures. The Company's management feels this non-GAAP measure provides meaningful supplemental information regarding its performance and facilitates investors' understanding of sales
trends for the first quarter of 2023.
|
|||||||||||||||||
|
Quarter Ended April 2, 2023
|
|||||||||||||||||||
|
Sales Growth
|
Impact of Foreign Exchange
|
Sales Growth on Constant Currency Basis
|
|||||||||||||||||
|
Consumer & Specialties
|
5
|
%
|
2
|
%
|
7
|
%
|
|||||||||||||
|
Engineered Solutions
|
6
|
%
|
3
|
%
|
9
|
%
|
|||||||||||||
|
MTI Consolidated
|
5
|
%
|
3
|
%
|
8
|
%
|
|||||||||||||
|
6
|
)
|
“Adjusted EBITDA” is a non-GAAP financial measure and refers to earnings before interest, taxes, depreciation and amortization (EBITDA), excluding
special items. The following is a presentation of the Company's non-GAAP EBITDA and Adjusted EBITDA for the quarterly periods ended April 2, 2023, December 31, 2022, and April 3, 2022 and a reconciliation to net income for such periods. The
Company's management believes these non-GAAP measures provide meaningful supplemental information regarding its performance and facilitates investors' understanding of historic operating trends.
|
|||||||||||||||||
|
Quarter Ended
|
|||||||||||||||||||
|
(millions of dollars)
|
Apr. 2,
2023
|
Dec. 31,
2022
|
Apr. 3,
2022
|
||||||||||||||||
|
Net income
|
$
|
37.0
|
$
|
20.0
|
$
|
44.1
|
|||||||||||||
|
Add back:
|
|||||||||||||||||||
|
Depreciation, depletion and amortization
|
23.7
|
23.0
|
24.2
|
||||||||||||||||
|
Interest expense, net
|
14.2
|
12.7
|
9.8
|
||||||||||||||||
|
Equity in earnings of affiliates, net of tax
|
(0.9
|
)
|
(0.3
|
)
|
(0.1
|
)
|
|||||||||||||
|
Net income attributable to non-controlling interests
|
1.1
|
1.4
|
0.8
|
||||||||||||||||
|
Provision for taxes on income
|
10.5
|
6.3
|
11.2
|
||||||||||||||||
|
EBITDA
|
85.6
|
63.1
|
90.0
|
||||||||||||||||
|
Add special items:
|
|||||||||||||||||||
|
Acquisition related transaction expenses
|
0.1
|
0.4
|
1.6
|
||||||||||||||||
|
Non-cash pension settlement charge
|
0.0
|
1.8
|
0.0
|
||||||||||||||||
|
Adjusted EBITDA
|
$
|
85.7
|
$
|
65.3
|
$
|
91.6
|
|||||||||||||
|
% of sales
|
15.7
|
%
|
12.9
|
%
|
17.6
|
%
|
|||||||||||||
|
7
|
)
|
The following table reflects the components of non-operating income and deductions:
|
|||||||||||||||||
|
(millions of dollars)
|
Quarter Ended
|
||||||||||||||||||
|
Apr. 2,
2023
|
Dec. 31,
2022
|
Apr. 3,
2022
|
|||||||||||||||||
|
Interest income
|
$
|
0.7
|
$
|
0.7
|
$
|
0.8
|
|||||||||||||
|
Interest expense
|
(14.9
|
)
|
(13.4
|
)
|
(10.6
|
)
|
|||||||||||||
|
Non-cash pension settlement charge
|
0.0
|
(1.8
|
)
|
0.0
|
|||||||||||||||
|
Foreign exchange gains (losses)
|
0.2
|
(0.1
|
)
|
0.9
|
|||||||||||||||
|
Other deductions
|
(1.3
|
)
|
(1.6
|
)
|
(1.3
|
)
|
|||||||||||||
|
Non-operating deductions, net
|
$
|
(15.3
|
)
|
$
|
(16.2
|
)
|
$
|
(10.2
|
)
|
||||||||||
|
Included in non-operating deductions for the three-month period ended December 31, 2022 is a net non-cash pension settlement charge of $1.8 million
associated with some of our pension plans in the U.S.
|
|||||||||||||||||||
|
8
|
)
|
The analyst conference call to discuss operating results for the first quarter is scheduled for Friday, April 28, 2023 at 11:00 am and will be
broadcast over the Company's website (www.mineralstech.com). The broadcast will remain on the Company's website for no less than one year.
|
|||||||||||||||||
|
SUPPLEMENTARY DATA
|
||||||||||||||||||||||||||||||||
|
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
|
||||||||||||||||||||||||||||||||
|
(millions of dollars)
|
||||||||||||||||||||||||||||||||
|
(unaudited)
|
||||||||||||||||||||||||||||||||
|
Quarter Ended
|
% Growth
|
|||||||||||||||||||||||||||||||
|
SALES DATA
|
Apr. 2,
2023
|
% of
Total Sales
|
Dec. 31,
2022
|
% of
Total Sales
|
Apr. 3,
2022
|
% of
Total Sales
|
Prior Qtr.
|
Prior Year
|
||||||||||||||||||||||||
|
United States
|
$
|
288.0
|
53
|
%
|
$
|
273.0
|
54
|
%
|
$
|
269.7
|
52
|
%
|
5
|
%
|
7
|
%
|
||||||||||||||||
|
International
|
258.1
|
47
|
%
|
234.6
|
46
|
%
|
249.4
|
48
|
%
|
10
|
%
|
3
|
%
|
|||||||||||||||||||
|
Net Sales
|
$
|
546.1
|
100
|
%
|
$
|
507.6
|
100
|
%
|
$
|
519.1
|
100
|
%
|
8
|
%
|
5
|
%
|
||||||||||||||||
|
Household & Personal Care
|
$
|
129.2
|
23
|
%
|
$
|
118.2
|
23
|
%
|
$
|
120.4
|
23
|
%
|
9
|
%
|
7
|
%
|
||||||||||||||||
|
Specialty Additives
|
168.1
|
31
|
%
|
155.1
|
31
|
%
|
163.1
|
32
|
%
|
8
|
%
|
3
|
%
|
|||||||||||||||||||
|
Consumer & Specialties Segment
|
$
|
297.3
|
54
|
%
|
$
|
273.3
|
54
|
%
|
$
|
283.5
|
55
|
%
|
9
|
%
|
5
|
%
|
||||||||||||||||
|
High-Temperature Technologies
|
$
|
178.6
|
33
|
%
|
$
|
169.8
|
33
|
%
|
$
|
169.9
|
33
|
%
|
5
|
%
|
5
|
%
|
||||||||||||||||
|
Environmental & Infrastructure
|
70.2
|
13
|
%
|
64.5
|
13
|
%
|
65.7
|
12
|
%
|
9
|
%
|
7
|
%
|
|||||||||||||||||||
|
Engineered Solutions Segment
|
$
|
248.8
|
46
|
%
|
$
|
234.3
|
46
|
%
|
$
|
235.6
|
45
|
%
|
6
|
%
|
6
|
%
|
||||||||||||||||
|
MTI Consolidated Net Sales
|
$
|
546.1
|
100
|
%
|
$
|
507.6
|
100
|
%
|
$
|
519.1
|
100
|
%
|
8
|
%
|
5
|
%
|
||||||||||||||||
|
SUPPLEMENTARY DATA
|
||||||||||||||||||||
|
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
|
||||||||||||||||||||
|
(millions of dollars)
|
||||||||||||||||||||
|
(unaudited)
|
||||||||||||||||||||
|
Quarter Ended
|
% Growth
|
|||||||||||||||||||
|
Apr. 2,
2023
|
Dec. 31,
2022
|
Apr. 3,
2022
|
Prior
Qtr.
|
Prior
Year
|
||||||||||||||||
|
SEGMENT OPERATING INCOME DATA
|
||||||||||||||||||||
|
Consumer & Specialties Segment
|
$
|
32.2
|
$
|
16.4
|
$
|
31.3
|
96
|
%
|
3
|
%
|
||||||||||
|
% of Sales
|
10.8
|
%
|
6.0
|
%
|
11.0
|
%
|
||||||||||||||
|
Engineered Solutions Segment
|
$
|
35.3
|
$
|
31.7
|
$
|
37.3
|
11
|
%
|
(5
|
)%
|
||||||||||
|
% of Sales
|
14.2
|
%
|
13.5
|
%
|
15.8
|
%
|
||||||||||||||
|
Unallocated and Other Corporate Expenses
|
$
|
(4.5
|
)
|
$
|
(4.5
|
)
|
$
|
(2.4
|
)
|
*
|
*
|
|||||||||
|
MTI Consolidated
|
$
|
63.0
|
$
|
43.6
|
$
|
66.2
|
44
|
%
|
(5
|
)%
|
||||||||||
|
% of Sales
|
11.5
|
%
|
8.6
|
%
|
12.8
|
%
|
||||||||||||||
|
SPECIAL ITEMS
|
||||||||||||||||||||
|
Consumer & Specialties Segment
|
$
|
0.0
|
$
|
0.3
|
$
|
1.0
|
*
|
*
|
||||||||||||
|
Engineered Solutions Segment
|
$
|
0.0
|
$
|
0.0
|
$
|
0.0
|
*
|
*
|
||||||||||||
|
Unallocated and Other Corporate Expenses
|
$
|
0.1
|
$
|
0.1
|
$
|
0.6
|
*
|
*
|
||||||||||||
|
MTI Consolidated
|
$
|
0.1
|
$
|
0.4
|
$
|
1.6
|
*
|
*
|
||||||||||||
|
To supplement the Company's consolidated financial statements presented in accordance with GAAP, the following is a presentation of the Company's
non-GAAP operating income, excluding special items (set forth in the above table), for the quarterly periods ended April 2, 2023, December 31, 2022 and April 3, 2022, constituting a reconciliation to GAAP operating income set forth above.
The Company's management believe these non-GAAP measures provide meaningful supplemental information regarding its performance as inclusion of such special items are not indicative of ongoing operating results and thereby affect the
comparability of results between periods. The Company believes inclusion of these non-GAAP measures also provides consistency in its financial reporting and facilitates investors' understanding of historic operating trends.
|
||||||||||||||||||||
|
Quarter Ended
|
% Growth
|
|||||||||||||||||||
|
SEGMENT OPERATING INCOME,
|
Apr. 2,
2023
|
Dec. 31,
2022
|
Apr. 3,
2022
|
Prior Qtr.
|
Prior Year
|
|||||||||||||||
|
EXCLUDING SPECIAL ITEMS
|
||||||||||||||||||||
|
Consumer & Specialties Segment
|
$
|
32.2
|
$
|
16.7
|
$
|
32.3
|
93
|
%
|
(0
|
)%
|
||||||||||
|
% of Sales
|
10.8
|
%
|
6.1
|
%
|
11.4
|
%
|
||||||||||||||
|
Engineered Solutions Segment
|
$
|
35.3
|
$
|
31.7
|
$
|
37.3
|
11
|
%
|
(5
|
)%
|
||||||||||
|
% of Sales
|
14.2
|
%
|
13.5
|
%
|
15.8
|
%
|
||||||||||||||
|
Unallocated and Other Corporate Expenses
|
$
|
(4.4
|
)
|
$
|
(4.4
|
)
|
$
|
(1.8
|
)
|
*
|
*
|
|||||||||
|
MTI Consolidated
|
$
|
63.1
|
$
|
44.0
|
$
|
67.8
|
43
|
%
|
(7
|
)%
|
||||||||||
|
% of Sales
|
11.6
|
%
|
8.7
|
%
|
13.1
|
%
|
||||||||||||||
|
* Percentage not meaningful
|
||||||||||||||||||||
|
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
|
|||||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|||||||||
|
ASSETS
|
|||||||||
|
(In Millions of Dollars)
|
|||||||||
|
April 2,
2023
|
December 31,
2022
|
||||||||
|
*
|
**
|
||||||||
|
Current assets:
|
|||||||||
|
Cash & cash equivalents
|
$
|
249.7
|
$
|
247.2
|
|||||
|
Short-term investments
|
6.2
|
5.6
|
|||||||
|
Accounts receivable, net
|
421.1
|
404.0
|
|||||||
|
Inventories
|
370.1
|
348.8
|
|||||||
|
Prepaid expenses and other current assets
|
67.8
|
64.9
|
|||||||
|
Total current assets
|
1,114.9
|
1,070.5
|
|||||||
|
Property, plant and equipment
|
2,293.2
|
2,288.6
|
|||||||
|
Less accumulated depreciation
|
1,235.7
|
1,238.2
|
|||||||
|
Net property, plant & equipment
|
1,057.5
|
1,050.4
|
|||||||
| Goodwill | 915.3 |
914.8 |
|||||||
|
Intangible assets
|
239.1
|
241.9
|
|||||||
|
Other assets and deferred charges
|
123.9
|
124.0
|
|||||||
|
Total assets
|
$
|
3,450.7
|
$
|
3,401.6
|
|||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|||||||||
|
Current liabilities:
|
|||||||||
|
Short-term debt
|
$
|
118.6
|
$
|
119.7
|
|||||
|
Current maturities of long-term debt
|
14.5
|
14.5
|
|||||||
|
Accounts payable
|
225.7
|
193.8
|
|||||||
|
Other current liabilities
|
154.2
|
174.6
|
|||||||
|
Total current liabilities
|
513.0
|
502.6
|
|||||||
|
Long-term debt
|
924.7
|
928.1
|
|||||||
|
Deferred income taxes
|
178.9
|
180.4
|
|||||||
|
Other non-current liabilities
|
176.1
|
177.3
|
|||||||
|
Total liabilities
|
1,792.7
|
1,788.4
|
|||||||
|
Total MTI shareholders' equity
|
1,622.8
|
1,579.5
|
|||||||
|
Non-controlling Interests
|
35.2
|
33.7
|
|||||||
|
Total shareholders' equity
|
1,658.0
|
1,613.2
|
|||||||
|
Total liabilities and shareholders' equity
|
$
|
3,450.7
|
$
|
3,401.6
|
|||||
|
*
|
Unaudited
|
||||||||
|
**
|
Condensed from audited financial statements.
|
||||||||