25-1190717 | ||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol | Name of exchange on which registered |
Common Stock, $0.10 par value | MTX | New York Stock Exchange LLC |
Yes ☒ | No ☐ |
Yes ☒ | No ☐ |
Large Accelerated Filer ☒ | Accelerated Filer ☐ |
Smaller Reporting Company ☐ | |
Emerging Growth Company ☐ |
Yes ☐ | No ☒ |
Page No. | ||
PART I. FINANCIAL INFORMATION | ||
Item 1. | ||
Condensed Consolidated Statements of Income for the three-month | 3 | |
Condensed Consolidated Statements of Comprehensive Income for the three-month | 4 | |
Condensed Consolidated Balance Sheets as of | 5 | |
Condensed Consolidated Statements of Cash Flows for the | 6 | |
Condensed Consolidated Statements of Changes in Shareholders’ Equity for the three-month periods ended April 2, 2023 and April 3, 2022 (Unaudited) | 7 | |
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II. OTHER INFORMATION | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
28 |
ITEM 1. Financial Statements |
Three Months Ended | ||||||||
(in millions of dollars, except per share data) | Apr. 2, 2023 | Apr. 3, 2022 | ||||||
Net sales | $ | 546.1 | $ | 519.1 | ||||
Cost of goods sold | 425.4 | 397.4 | ||||||
Production margin | 120.7 | 121.7 | ||||||
Marketing and administrative expenses | 52.3 | 48.8 | ||||||
Research and development expenses | 5.3 | 5.1 | ||||||
Acquisition-related expenses | 0.1 | 1.6 | ||||||
Income from operations | 63.0 | 66.2 | ||||||
Interest expense, net | (14.2 | ) | (9.8 | ) | ||||
Other non-operating (deductions) income, net | (1.1 | ) | (0.4 | ) | ||||
Total non-operating deductions, net | (15.3 | ) | (10.2 | ) | ||||
Income before tax and equity in earnings | 47.7 | 56.0 | ||||||
Provision for taxes on income | 10.5 | 11.2 | ||||||
Equity in earnings of affiliates, net of tax | 0.9 | 0.1 | ||||||
Net income | 38.1 | 44.9 | ||||||
Less: | ||||||||
Net income attributable to non-controlling interests | 1.1 | 0.8 | ||||||
Net income attributable to Minerals Technologies Inc. | $ | 37.0 | $ | 44.1 | ||||
Earnings per share: | ||||||||
Basic: | ||||||||
Net income attributable to Minerals Technologies Inc. | $ | 1.14 | $ | 1.33 | ||||
Diluted: | ||||||||
Net income attributable to Minerals Technologies Inc. | $ | 1.14 | $ | 1.33 | ||||
Cash dividends declared per common share | $ | 0.05 | $ | 0.05 | ||||
Shares used in computation of earnings per share: | ||||||||
Basic | 32.5 | 33.1 | ||||||
Diluted | 32.5 | 33.2 |
Three Months Ended | Nine Months Ended | |||||||||||||||
Oct. 1, 2017 | Oct. 2, 2016 | Oct. 1, 2017 | Oct. 2, 2016 | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
Product sales | $ | 405.4 | $ | 379.7 | $ | 1,187.9 | $ | 1,171.1 | ||||||||
Service revenue | 19.0 | 19.8 | 55.6 | 65.6 | ||||||||||||
Total net sales | 424.4 | 399.5 | 1,243.5 | 1,236.7 | ||||||||||||
Cost of goods sold | 293.0 | 272.0 | 854.7 | 840.8 | ||||||||||||
Cost of service revenue | 12.2 | 12.3 | 36.2 | 46.9 | ||||||||||||
Total cost of sales | 305.2 | 284.3 | 890.9 | 887.7 | ||||||||||||
Production margin | 119.2 | 115.2 | 352.6 | 349.0 | ||||||||||||
Marketing and administrative expenses | 45.6 | 42.4 | 134.1 | 134.2 | ||||||||||||
Research and development expenses | 5.9 | 5.9 | 17.8 | 17.9 | ||||||||||||
Acquisition related transaction and integration costs | 0.5 | 1.9 | 2.8 | 5.1 | ||||||||||||
Restructuring and other items, net | 0.4 | (2.3 | ) | 0.9 | 27.4 | |||||||||||
Income from operations | 66.8 | 67.3 | 197.0 | 164.4 | ||||||||||||
Interest expense, net | (10.5 | ) | (13.4 | ) | (32.5 | ) | (41.4 | ) | ||||||||
Debt modification costs and fees | - | - | (3.9 | ) | - | |||||||||||
Other non-operating income (deductions), net | (1.7 | ) | (0.6 | ) | (3.4 | ) | 1.7 | |||||||||
Total non-operating deductions, net | (12.2 | ) | (14.0 | ) | (39.8 | ) | (39.7 | ) | ||||||||
Income from continuing operations before provision for taxes and equity in earnings | 54.6 | 53.3 | 157.2 | 124.7 | ||||||||||||
Provision for taxes on income | 12.1 | 11.5 | 35.6 | 26.7 | ||||||||||||
Equity in earnings of affiliates, net of tax | 0.4 | 0.7 | 0.7 | 1.6 | ||||||||||||
Consolidated net income | 42.9 | 42.5 | 122.3 | 99.6 | ||||||||||||
Less: | ||||||||||||||||
Net income attributable to non-controlling interests | 1.2 | 0.9 | 3.0 | 2.9 | ||||||||||||
Net income attributable to Minerals Technologies Inc. (MTI) | $ | 41.7 | $ | 41.6 | $ | 119.3 | $ | 96.7 | ||||||||
Earnings per share: | ||||||||||||||||
Basic: | ||||||||||||||||
Income from continuing operations attributable to MTI | $ | 1.18 | $ | 1.19 | $ | 3.40 | $ | 2.78 | ||||||||
Diluted: | ||||||||||||||||
Income from continuing operations attributable to MTI | $ | 1.17 | $ | 1.18 | $ | 3.35 | $ | 2.75 | ||||||||
Cash dividends declared per common share | $ | 0.05 | $ | 0.05 | $ | 0.15 | $ | 0.15 | ||||||||
Shares used in computation of earnings per share: | ||||||||||||||||
Basic | 35.3 | 34.9 | 35.1 | 34.8 | ||||||||||||
Diluted | 35.6 | 35.3 | 35.6 | 35.1 |
Three Months Ended | ||||||||
(in millions of dollars) | Apr. 2, 2023 | Apr. 3, 2022 | ||||||
Net income | $ | 38.1 | $ | 44.9 | ||||
Other comprehensive income (loss), net of tax: | ||||||||
Foreign currency translation adjustments | 10.0 | (8.2 | ) | |||||
Pension and postretirement plan adjustments | 0.4 | 1.2 | ||||||
Unrealized (loss) gains on cash flow hedges | (2.3 | ) | 3.1 | |||||
Total other comprehensive income (loss), net of tax | 8.1 | (3.9 | ) | |||||
Total comprehensive income including non-controlling interests | 46.2 | 41.0 | ||||||
Comprehensive income attributable to non-controlling interests | 1.4 | 0.9 | ||||||
Comprehensive income attributable to Minerals Technologies Inc. | $ | 44.8 | $ | 40.1 |
Three Months Ended | Nine Months Ended | |||||||||||||||
Oct. 1, 2017 | Oct. 2, 2016 | Oct. 1, 2017 | Oct. 2, 2016 | |||||||||||||
(millions of dollars) | ||||||||||||||||
Consolidated net income | $ | 42.9 | $ | 42.5 | $ | 122.3 | $ | 99.6 | ||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Foreign currency translation adjustments | 8.0 | 1.2 | 33.8 | 2.0 | ||||||||||||
Pension and postretirement plan adjustments | 1.0 | 1.2 | 3.7 | 3.8 | ||||||||||||
Unrealized gains (losses) on cash flow hedges | 0.1 | 0.4 | (0.2 | ) | (0.3 | ) | ||||||||||
Total other comprehensive income (loss), net of tax | 9.1 | 2.8 | 37.3 | 5.5 | ||||||||||||
Total comprehensive income including non-controlling interests | 52.0 | 45.3 | 159.6 | 105.1 | ||||||||||||
Comprehensive income attributable to non-controlling interest | (1.3 | ) | (0.4 | ) | (3.9 | ) | (2.2 | ) | ||||||||
Comprehensive income attributable to MTI | $ | 50.7 | $ | 44.9 | $ | 155.7 | $ | 102.9 |
(in millions of dollars) | Apr. 2, 2023* | Dec. 31, 2022 ** | ||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and 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 and depletion | (1,235.7 | ) | (1,238.2 | ) | ||||
Property, plant and equipment, net | 1,057.5 | 1,050.4 | ||||||
Goodwill | 915.3 | 914.8 | ||||||
Intangible assets | 239.1 | 241.9 | ||||||
Deferred income taxes | 24.5 | 24.4 | ||||||
Other assets and deferred charges | 99.4 | 99.6 | ||||||
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, net of unamortized discount and deferred financing costs | 924.7 | 928.1 | ||||||
Deferred income taxes | 178.9 | 180.4 | ||||||
Accrued pension and post-retirement benefits | 63.2 | 63.5 | ||||||
Other non-current liabilities | 112.9 | 113.8 | ||||||
Total liabilities | 1,792.7 | 1,788.4 | ||||||
Commitments and contingencies | ||||||||
Shareholders’ equity: | ||||||||
Common stock | 4.9 | 4.9 | ||||||
Additional paid-in capital | 487.8 | 487.6 | ||||||
Retained earnings | 2,320.0 | 2,284.6 | ||||||
Accumulated other comprehensive loss | (358.8 | ) | (366.5 | ) | ||||
Less common stock held in treasury | (831.1 | ) | (831.1 | ) | ||||
Total Minerals Technologies Inc. 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 |
Oct. 1, 2017* | December 31, 2016** | |||||||
(millions of dollars) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 211.7 | $ | 188.5 | ||||
Short-term investments, at cost which approximates market | 2.8 | 2.0 | ||||||
Accounts receivable, net | 389.1 | 341.3 | ||||||
Inventories | 221.2 | 186.9 | ||||||
Prepaid expenses and other current assets | 36.0 | 32.4 | ||||||
Total current assets | 860.8 | 751.1 | ||||||
Property, plant and equipment | 2,189.1 | 2,141.4 | ||||||
Less accumulated depreciation and depletion | (1,130.0 | ) | (1,089.6 | ) | ||||
Property, plant and equipment, net | 1,059.1 | 1,051.8 | ||||||
Goodwill | 779.6 | 778.7 | ||||||
Intangible assets | 198.4 | 204.4 | ||||||
Other assets and deferred charges | 85.5 | 77.4 | ||||||
Total assets | $ | 2,983.4 | $ | 2,863.4 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Short-term debt | $ | 6.2 | $ | 6.1 | ||||
Current maturities of long-term debt | 6.5 | 6.8 | ||||||
Accounts payable | 181.0 | 144.9 | ||||||
Other current liabilities | 130.0 | 137.7 | ||||||
Total current liabilities | 323.7 | 295.5 | ||||||
Long-term debt, net of unamortized discount and deferred financing costs | 990.2 | 1,069.9 | ||||||
Deferred income taxes | 247.8 | 238.8 | ||||||
Other non-current liabilities | 219.4 | 228.3 | ||||||
Total liabilities | 1,781.1 | 1,832.5 | ||||||
Shareholders' equity: | ||||||||
Common stock | 4.9 | 4.8 | ||||||
Additional paid-in capital | 420.0 | 400.0 | ||||||
Retained earnings | 1,533.2 | 1,419.1 | ||||||
Accumulated other comprehensive loss | (184.8 | ) | (221.1 | ) | ||||
Less common stock held in treasury | (597.0 | ) | (596.3 | ) | ||||
Total MTI shareholders' equity | 1,176.3 | 1,006.5 | ||||||
Non-controlling interests | 26.0 | 24.4 | ||||||
Total shareholders' equity | 1,202.3 | 1,030.9 | ||||||
Total liabilities and shareholders' equity | $ | 2,983.4 | $ | 2,863.4 |
* | Unaudited |
** | Condensed from audited financial statements |
Three Months Ended | ||||||||
(in millions of dollars) | Apr. 2, 2023 | Apr. 3, 2022 | ||||||
Operating Activities: | ||||||||
Net income | $ | 38.1 | $ | 44.9 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation, depletion and amortization | 23.7 | 24.2 | ||||||
Reduction of right of use asset | 3.4 | 3.1 | ||||||
Other non-cash items, net | 4.2 | 5.9 | ||||||
Net changes in operating assets and liabilities | (35.7 | ) | (77.8 | ) | ||||
Net cash provided by operating activities | 33.7 | 0.3 | ||||||
Investing Activities: | ||||||||
Purchases of property, plant and equipment, net | (24.4 | ) | (19.0 | ) | ||||
Proceeds from sale of short-term investments | 1.6 | 1.9 | ||||||
Purchases of short-term investments | (2.0 | ) | (1.2 | ) | ||||
Other investing activities | 0.1 | 1.2 | ||||||
Net cash used in investing activities | (24.7 | ) | (17.1 | ) | ||||
Financing Activities: | ||||||||
Repayment of long-term debt | (3.8 | ) | (0.3 | ) | ||||
Proceeds from issuance of short-term debt | — | 30.0 | ||||||
Repayment of short-term debt | (1.2 | ) | — | |||||
Purchase of common stock for treasury | — | (16.7 | ) | |||||
Proceeds from issuance of stock under option plan | 0.2 | 0.9 | ||||||
Excess tax benefits related to stock incentive programs | (2.8 | ) | (3.3 | ) | ||||
Dividends paid to non-controlling interests | — | (0.1 | ) | |||||
Cash dividends paid | (1.6 | ) | (1.6 | ) | ||||
Net cash (used in) provided by financing activities | (9.2 | ) | 8.9 | |||||
Effect of exchange rate changes on cash and cash equivalents | 2.7 | (3.6 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 2.5 | (11.5 | ) | |||||
Cash and cash equivalents at beginning of period | 247.2 | 299.5 | ||||||
Cash and cash equivalents at end of period | $ | 249.7 | $ | 288.0 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid | $ | 19.1 | $ | 14.6 | ||||
Income taxes paid | $ | 4.7 | $ | 8.9 |
Nine Months Ended | ||||||||
Oct. 1, 2017 | Oct. 2, 2016 | |||||||
(millions of dollars) | ||||||||
Operating Activities: | ||||||||
Consolidated net income | $ | 122.3 | $ | 99.6 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation, depletion and amortization | 67.0 | 66.6 | ||||||
Impairment of assets | - | 18.5 | ||||||
Non-cash debt modification fees | 1.8 | - | ||||||
Other non-cash items | 8.9 | 8.2 | ||||||
Net changes in operating assets and liabilities | (49.4 | ) | (28.7 | ) | ||||
Net cash provided by operating activities | 150.6 | 164.2 | ||||||
Investing Activities: | ||||||||
Purchases of property, plant and equipment | (54.2 | ) | (48.9 | ) | ||||
Proceeds from sale of assets | 1.3 | 2.9 | ||||||
Proceeds from sale of short-term investments | 2.8 | 4.9 | ||||||
Purchases of short-term investments | (3.5 | ) | (6.6 | ) | ||||
Other investing activities | (0.9 | ) | - | |||||
Net cash used in investing activities | (54.5 | ) | (47.7 | ) | ||||
Financing Activities: | ||||||||
Proceeds from issuance of long-term debt | - | 1.2 | ||||||
Repayment of long-term debt | (84.9 | ) | (141.2 | ) | ||||
Net repayment of short-term debt | (0.2 | ) | (0.1 | ) | ||||
Purchase of common shares for treasury | (0.7 | ) | (2.6 | ) | ||||
Proceeds from issuance of stock under option plan | 14.4 | 4.1 | ||||||
Excess tax benefits related to stock incentive programs | (3.6 | ) | - | |||||
Dividends paid to non-controlling interests | (2.4 | ) | (1.5 | ) | ||||
Cash dividends paid | (5.3 | ) | (5.3 | ) | ||||
Net cash used in financing activities | (82.7 | ) | (145.4 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | 9.8 | (0.8 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 23.2 | (29.7 | ) | |||||
Cash and cash equivalents at beginning of period | 188.5 | 229.4 | ||||||
Cash and cash equivalents at end of period | $ | 211.7 | $ | 199.7 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid | $ | 28.9 | $ | 45.6 | ||||
Income taxes paid | $ | 35.5 | $ | 24.1 |
Equity Attributable to Minerals Technologies Inc. | ||||||||||||||||||||||||||||
(in millions of dollars) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Non-controlling Interests | Total | |||||||||||||||||||||
Balance as of December 31, 2022 | $ | 4.9 | $ | 487.6 | $ | 2,284.6 | $ | (366.5 | ) | $ | (831.1 | ) | $ | 33.7 | $ | 1,613.2 | ||||||||||||
Net income | — | — | 37.0 | — | — | 1.1 | 38.1 | |||||||||||||||||||||
Other comprehensive income, net | — | — | — | 7.7 | — | 0.4 | 8.1 | |||||||||||||||||||||
Dividends declared | — | — | (1.6 | ) | — | — | — | (1.6 | ) | |||||||||||||||||||
Issuance of shares pursuant to employee stock compensation plans | — | 0.2 | — | — | — | — | 0.2 | |||||||||||||||||||||
Stock-based compensation | — | 2.7 | — | — | — | — | 2.7 | |||||||||||||||||||||
Conversion of RSU's for tax withholding | — | (2.7 | ) | — | — | — | — | (2.7 | ) | |||||||||||||||||||
Balance as of April 2, 2023 | $ | 4.9 | $ | 487.8 | $ | 2,320.0 | $ | (358.8 | ) | $ | (831.1 | ) | $ | 35.2 | $ | 1,658.0 |
Equity Attributable to Minerals Technologies Inc. | ||||||||||||||||||||||||||||
(in millions of dollars) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Non-controlling Interests | Total | |||||||||||||||||||||
Balance as of December 31, 2021 | $ | 4.9 | $ | 474.2 | $ | 2,168.9 | $ | (333.6 | ) | $ | (775.1 | ) | $ | 40.2 | $ | 1,579.5 | ||||||||||||
Net income | — | — | 44.1 | — | — | 0.8 | 44.9 | |||||||||||||||||||||
Other comprehensive (loss) income, net | — | — | — | (4.0 | ) | — | 0.1 | (3.9 | ) | |||||||||||||||||||
Dividends declared | — | — | (1.6 | ) | — | — | — | (1.6 | ) | |||||||||||||||||||
Dividends paid to non-controlling interests | — | — | — | — | — | (0.1 | ) | (0.1 | ) | |||||||||||||||||||
Issuance of shares pursuant to employee stock compensation plans | — | 0.9 | — | — | — | — | 0.9 | |||||||||||||||||||||
Purchase of common stock for treasury | — | — | — | — | (16.7 | ) | — | (16.7 | ) | |||||||||||||||||||
Stock-based compensation | — | 2.8 | — | — | — | — | 2.8 | |||||||||||||||||||||
Conversion of RSU's for tax withholding | — | (2.8 | ) | — | — | — | — | (2.8 | ) | |||||||||||||||||||
Balance as of April 3, 2022 | $ | 4.9 | $ | 475.1 | $ | 2,211.4 | $ | (337.6 | ) | $ | (791.8 | ) | $ | 41.0 | $ | 1,603.0 |
– | The Consumer & Specialties segment serves consumer end markets directly, and also provides mineral-based solutions and technologies that are essential to our customers’ products. The two product lines in this segment are Household & Personal Care - our mineral-to-shelf products that serve pet care, personal and household care, fluid purification and other consumer oriented businesses, and Specialty Additives, delivering functional additives to a variety of consumer and industrial end markets including paper, packaging, construction, automotive, and consumer markets including food and pharmaceuticals. |
– | The Engineered Solutions segment combines all engineered systems, mineral blends, and technologies that are designed to aid in customer processes and |
(in millions of dollars) | Three Months Ended | |||||||
Net Sales | Apr. 2, 2023 | Apr. 3, 2022 | ||||||
Household & Personal Care | $ | 129.2 | $ | 120.4 | ||||
Specialty Additives | 168.1 | 163.1 | ||||||
Consumer & Specialties Segment | 297.3 | 283.5 | ||||||
High-Temperature Technologies | 178.6 | 169.9 | ||||||
Environmental & Infrastructure | 70.2 | 65.7 | ||||||
Engineered Solutions Segment | 248.8 | 235.6 | ||||||
Total | $ | 546.1 | $ | 519.1 |
Three Months Ended | ||||||||
(in millions, except per share data) | Apr. 2, 2023 | Apr. 3, 2022 | ||||||
Net income attributable to Minerals Technologies Inc. | $ | 37.0 | $ | 44.1 | ||||
Weighted average shares outstanding | 32.5 | 33.1 | ||||||
Dilutive effect of stock options and deferred restricted stock units | — | 0.1 | ||||||
Weighted average shares outstanding, adjusted | 32.5 | 33.2 | ||||||
Basic earnings per share attributable to Minerals Technologies Inc. | $ | 1.14 | $ | 1.33 | ||||
Diluted earnings per share attributable to Minerals Technologies Inc. | $ | 1.14 | $ | 1.33 |
Three Months Ended | Nine Months Ended | |||||||||||||||
Oct. 1, 2017 | Oct. 2, 2016 | Oct. 1, 2017 | Oct. 2, 2016 | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
Net income attributable to MTI | $ | 41.7 | $ | 41.6 | $ | 119.3 | $ | 96.7 | ||||||||
Weighted average shares outstanding | 35.3 | 34.9 | 35.1 | 34.8 | ||||||||||||
Dilutive effect of stock options and stock units | 0.3 | 0.4 | 0.5 | 0.3 | ||||||||||||
Weighted average shares outstanding, adjusted | 35.6 | 35.3 | 35.6 | 35.1 | ||||||||||||
Basic earnings per share attributable to MTI | $ | 1.18 | $ | 1.19 | $ | 3.40 | $ | 2.78 | ||||||||
Diluted earnings per share attributable to MTI | $ | 1.17 | $ | 1.18 | $ | 3.35 | $ | 2.75 |
Three Months Ended | Nine Months Ended | |||||||||||||||
Oct. 1, 2017 | Oct. 2, 2016 | Oct. 1, 2017 | Oct. 2, 2016 | |||||||||||||
(millions of dollars) | ||||||||||||||||
Restructuring Charges | $ | 1.3 | $ | 0.6 | $ | 1.8 | $ | 11.8 | ||||||||
Impairment of Assets | - | - | - | 18.5 | ||||||||||||
Other | (0.9 | ) | (2.9 | ) | (0.9 | ) | (2.9 | ) | ||||||||
Total restructuring and other items, net | $ | 0.4 | $ | (2.3 | ) | $ | 0.9 | $ | 27.4 |
(millions of dollars) | ||||
Restructuring liability, December 31, 2016 | $ | 3.6 | ||
Additional provisions | 1.8 | |||
Cash payments | (4.2 | ) | ||
Restructuring liability, October 1, 2017 | $ | 1.2 |
(in millions of dollars) | Apr. 2, 2023 | Dec. 31, 2022 | ||||||
Raw materials | $ | 170.7 | $ | 163.4 | ||||
Work-in-process | 19.7 | 15.6 | ||||||
Finished goods | 121.8 | 114.0 | ||||||
Packaging and supplies | 57.9 | 55.8 | ||||||
Total inventories | $ | 370.1 | $ | 348.8 |
Oct. 1, 2017 | December 31, 2016 | |||||||
(millions of dollars) | ||||||||
Raw materials | $ | 83.8 | $ | 70.6 | ||||
Work-in-process | 6.3 | 5.4 | ||||||
Finished goods | 95.1 | 80.5 | ||||||
Packaging and supplies | 36.0 | 30.4 | ||||||
Total inventories | $ | 221.2 | $ | 186.9 |
Note 7. Goodwill and Other Intangible Assets |
Apr. 2, 2023 | Dec. 31, 2022 | |||||||||||||||||||
(in millions of dollars) | Weighted Average Useful Life (Years) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||
Tradenames | 34 | $ | 221.7 | $ | 53.8 | $ | 221.2 | $ | 52.2 | |||||||||||
Technology | 13 | 18.8 | 13.0 | 18.8 | 12.6 | |||||||||||||||
Patents and trademarks | 19 | 6.4 | 6.4 | 6.4 | 6.4 | |||||||||||||||
Customer relationships | 21 | 78.4 | 13.0 | 78.4 | 11.7 | |||||||||||||||
29 | $ | 325.3 | $ | 86.2 | $ | 324.8 | $ | 82.9 |
Oct. 1, 2017 | Dec. 31, 2016 | |||||||||||||||||||
Weighted Average Useful Life (Years) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||
(millions of dollars) | ||||||||||||||||||||
Tradenames | 34 | $ | 199.8 | $ | 19.4 | $ | 199.8 | $ | 15.3 | |||||||||||
Technology | 12 | 18.8 | 4.5 | 18.8 | 3.6 | |||||||||||||||
Patents and trademarks | 17 | 6.4 | 5.2 | 6.4 | 4.8 | |||||||||||||||
Customer relationships | 30 | 4.5 | 2.0 | 4.5 | 1.4 | |||||||||||||||
28 | $ | 229.5 | $ | 31.1 | $ | 229.5 | $ | 25.1 |
Note 8. Derivative Financial Instruments |
● | Market approach - prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. |
● | Cost approach - amount that would be required to replace the service capacity of an asset or replacement cost. |
● | Income approach - techniques to convert future amounts to a single present amount based on market expectations, including present value techniques, option-pricing and other models. |
Note 9. Long-Term Debt and Commitments |
(in millions of dollars) | Apr. 2, 2023 | Dec. 31, 2022 | ||||||
Secured Credit Agreement: | ||||||||
Term Loan due 2027, net of unamortized deferred financing costs of $2.9 million and $3.1 million | $ | 540.2 | $ | 543.5 | ||||
Senior Notes: | ||||||||
5.00% due 2028, net of unamortized deferred financing costs of $4.5 million and $4.7 million | 395.5 | 395.3 | ||||||
Other debt | 3.5 | 3.8 | ||||||
Total | 939.2 | 942.6 | ||||||
Less: Current maturities | 14.5 | 14.5 | ||||||
Total long-term debt | $ | 924.7 | $ | 928.1 |
Oct. 1, 2017 | December 31, 2016 | |||||||
(millions of dollars) | ||||||||
Term Loan Facility-Variable Tranche due February 14, 2024, net of unamortized discount and deferred financing costs of $23.5 million and $25.8 million | $ | 684.5 | $ | 762.3 | ||||
Term Loan Facility- Fixed Tranche due May 9, 2021, net of unamortized discount of $0.5 million and $0.6 million | 299.5 | 299.4 | ||||||
Japan Loan Facilities | 5.8 | 5.8 | ||||||
China Loan Facilities | 6.9 | 9.2 | ||||||
Total | $ | 996.7 | $ | 1,076.7 | ||||
Less: Current maturities | 6.5 | 6.8 | ||||||
Long-term debt | $ | 990.2 | $ | 1,069.9 |
Pension Benefits | ||||||||
Three Months Ended | ||||||||
(in millions of dollars) | Apr. 2, 2023 | Apr. 3, 2022 | ||||||
Service cost | $ | 1.2 | $ | 1.8 | ||||
Interest cost | 3.9 | 2.4 | ||||||
Expected return on plan assets | (4.5 | ) | (5.7 | ) | ||||
Amortization: | ||||||||
Prior service cost | — | 0.1 | ||||||
Recognized net actuarial loss | 0.6 | 1.5 | ||||||
Net periodic benefit cost | $ | 1.2 | $ | 0.1 |
Post-Retirement Benefits | ||||||||
Three Months Ended | ||||||||
(in millions of dollars) | Apr. 2, 2023 | Apr. 3, 2022 | ||||||
Service cost | $ | — | $ | — | ||||
Interest cost | — | — | ||||||
Amortization: | ||||||||
Recognized net actuarial (gain) | (0.1 | ) | (0.1 | ) | ||||
Net periodic benefit cost | $ | (0.1 | ) | $ | (0.1 | ) |
Pension Benefits | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
Oct. 1, 2017 | Oct. 2, 2016 | Oct. 1, 2017 | Oct. 2, 2016 | |||||||||||||
(millions of dollars) | ||||||||||||||||
Service cost | $ | 1.4 | $ | 1.7 | $ | 5.5 | $ | 6.3 | ||||||||
Interest cost | 3.0 | 3.1 | 9.2 | 9.8 | ||||||||||||
Expected return on plan assets | (4.5 | ) | (4.6 | ) | (13.6 | ) | (13.9 | ) | ||||||||
Amortization: | ||||||||||||||||
Prior service cost | 0.5 | 0.2 | 1.7 | 0.6 | ||||||||||||
Recognized net actuarial loss | 2.1 | 2.5 | 6.3 | 7.6 | ||||||||||||
Net periodic benefit cost | $ | 2.5 | $ | 2.9 | $ | 9.1 | $ | 10.4 |
Other Benefits | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
Oct. 1, 2017 | Oct. 2, 2016 | Oct. 1, 2017 | Oct. 2, 2016 | |||||||||||||
(millions of dollars) | ||||||||||||||||
Service cost | $ | 0.1 | $ | 0.1 | $ | 0.2 | $ | 0.3 | ||||||||
Interest cost | 0.1 | 0.1 | 0.2 | 0.3 | ||||||||||||
Amortization: | ||||||||||||||||
Prior service cost | (0.8 | ) | (0.8 | ) | (2.3 | ) | (2.3 | ) | ||||||||
Recognized net actuarial (gain) loss | (0.1 | ) | (0.1 | ) | (0.2 | ) | (0.2 | ) | ||||||||
Net periodic benefit cost | $ | (0.7 | ) | $ | (0.7 | ) | $ | (2.1 | ) | $ | (1.9 | ) |
Note 11. Comprehensive Income |
Three Months Ended | ||||||||
(in millions of dollars) | Apr. 2, 2023 | Apr. 3, 2022 | ||||||
Amortization of pension items: | ||||||||
Pre-tax amount | $ | 0.5 | $ | 1.5 | ||||
Tax | (0.1 | ) | (0.3 | ) | ||||
Net of tax | $ | 0.4 | $ | 1.2 |
Three Months Ended | Nine Months Ended | |||||||||||||||
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) | Oct. 1, 2017 | Oct. 2, 2016 | Oct. 1, 2017 | Oct. 2, 2016 | ||||||||||||
(millions of dollars) | ||||||||||||||||
Amortization of pension items: | ||||||||||||||||
Pre-tax amount | $ | 1.7 | $ | 1.8 | $ | 5.5 | $ | 5.7 | ||||||||
Tax | (0.7 | ) | (0.6 | ) | (1.8 | ) | (1.9 | ) | ||||||||
Net of tax | $ | 1.0 | $ | 1.2 | $ | 3.7 | $ | 3.8 |
(in millions of dollars) | Foreign Currency Translation Adjustment | Unrecognized Pension Costs | Net Gain (Loss) on Derivative Instruments | Total | ||||||||||||
Balance as of December 31, 2022 | $ | (345.7 | ) | $ | (34.4 | ) | $ | 13.6 | $ | (366.5 | ) | |||||
Other comprehensive income (loss) before reclassifications | 9.7 | — | (2.4 | ) | 7.3 | |||||||||||
Amounts reclassified from AOCI | — | 0.4 | — | 0.4 | ||||||||||||
Net current period other comprehensive income (loss) | 9.7 | 0.4 | (2.4 | ) | 7.7 | |||||||||||
Balance as of April 2, 2023 | $ | (336.0 | ) | $ | (34.0 | ) | $ | 11.2 | $ | (358.8 | ) |
Foreign Currency Translation Adjustment | Unrecognized Pension Costs | Net Gain (Loss) on Cash Flow Hedges | Total | |||||||||||||
(millions of dollars) | ||||||||||||||||
Balance as of December 31, 2016 | $ | (147.3 | ) | $ | (78.0 | ) | $ | 4.2 | $ | (221.1 | ) | |||||
Other comprehensive income (loss) before reclassifications | 32.8 | - | (0.2 | ) | 32.6 | |||||||||||
Amounts reclassified from AOCI | - | 3.7 | - | 3.7 | ||||||||||||
Net current period other comprehensive income (loss) | 32.8 | 3.7 | (0.2 | ) | 36.3 | |||||||||||
Balance as of October 1, 2017 | $ | (114.5 | ) | $ | (74.3 | ) | $ | 4.0 | $ | (184.8 | ) |
(millions of dollars) | ||||
Asset retirement liability, December 31, 2016 | $ | 21.5 | ||
Accretion expense | 2.4 | |||
Payments | (1.8 | ) | ||
Foreign currency translation | 0.4 | |||
Asset retirement liability, October 1, 2017 | $ | 22.5 |
Equity Attributable to MTI | ||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Non-controlling Interests | Total | ||||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||||||
Balance as of December 31, 2016 | $ | 4.8 | $ | 400.0 | $ | 1,419.1 | $ | (221.1 | ) | $ | (596.3 | ) | $ | $ 24.4 | $ | 1,030.9 | ||||||||||||
Net income | - | - | 119.3 | - | - | 3.0 | 122.3 | |||||||||||||||||||||
Other comprehensive income (loss) | - | - | - | 36.3 | - | 1.0 | 37.3 | |||||||||||||||||||||
Dividends declared | - | - | (5.3 | ) | - | - | - | (5.3 | ) | |||||||||||||||||||
Dividends to non-controlling interests | - | - | - | - | - | (2.4 | ) | (2.4 | ) | |||||||||||||||||||
Issuance of shares pursuant to employee stock compensation plans | 0.1 | 14.4 | - | - | - | - | 14.5 | |||||||||||||||||||||
Stock based compensation | - | 5.6 | - | - | - | - | 5.6 | |||||||||||||||||||||
Purchase of common stock | - | - | - | (0.7 | ) | - | (0.7 | ) | ||||||||||||||||||||
Balance as of October 1, 2017 | $ | 4.9 | $ | 420.0 | $ | 1,533.2 | $ | (184.8 | ) | $ | (597.0 | ) | $ | 26.0 | $ | 1,202.3 |
Note 13. Segment and Related Information |
2016 Quarters | Full Year | |||||||||||||||||||
First | Second | Third | Fourth | 2016 | ||||||||||||||||
(millions of dollars ) | ||||||||||||||||||||
Net sales | ||||||||||||||||||||
Metalcasting | $ | 60.0 | $ | 68.0 | $ | 63.1 | $ | 66.9 | $ | 258.0 | ||||||||||
Household, Personal Care & Specialty Products | 45.3 | 44.0 | 42.1 | 39.8 | 171.2 | |||||||||||||||
Environmental Products | 13.4 | 26.5 | 24.6 | 14.4 | 78.9 | |||||||||||||||
Building Materials | 20.4 | 19.7 | 16.9 | 17.1 | 74.1 | |||||||||||||||
Basic Minerals | 20.5 | 24.3 | 22.3 | 36.8 | 103.9 | |||||||||||||||
Performance Materials Segment | $ | 159.6 | $ | 182.5 | $ | 169.0 | $ | 175.0 | $ | 686.1 | ||||||||||
Income from operations | ||||||||||||||||||||
Performance Materials Segment | $ | 28.2 | $ | 33.3 | $ | 30.2 | $ | 29.4 | $ | 121.1 | ||||||||||
% of Sales | 17.7 | % | 18.2 | % | 17.9 | % | 16.8 | % | 17.7 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||
Oct. 1, 2017 | Oct. 2, 2016 | Oct. 1, 2017 | Oct. 2, 2016 | |||||||||||||
(millions of dollars) | ||||||||||||||||
Net Sales | ||||||||||||||||
Specialty Minerals | $ | 147.7 | $ | 147.3 | $ | 440.9 | $ | 453.5 | ||||||||
Refractories | 68.9 | 63.4 | 208.0 | 206.5 | ||||||||||||
Performance Materials | 188.8 | 169.0 | 539.0 | 511.1 | ||||||||||||
Energy Services | 19.0 | 19.8 | 55.6 | 65.6 | ||||||||||||
Total | $ | 424.4 | $ | 399.5 | $ | 1,243.5 | $ | 1,236.7 | ||||||||
Income (Loss) from Operations | ||||||||||||||||
Specialty Minerals | $ | 26.6 | $ | 27.8 | $ | 77.9 | $ | 81.1 | ||||||||
Refractories | 9.9 | 10.1 | 29.6 | 27.2 | ||||||||||||
Performance Materials | 30.6 | 30.2 | 91.6 | 91.7 | ||||||||||||
Energy Services | 2.3 | 2.6 | 4.8 | (27.0 | ) | |||||||||||
Total | $ | 69.4 | $ | 70.7 | $ | 203.9 | $ | 173.0 |
Three Months Ended | ||||||||
(in millions of dollars) | Apr. 2, 2023 | Apr. 3, 2022 | ||||||
Net Sales | ||||||||
Consumer & Specialties | $ | 297.3 | $ | 283.5 | ||||
Engineered Solutions | 248.8 | 235.6 | ||||||
Total | $ | 546.1 | $ | 519.1 | ||||
Income from Operations | ||||||||
Consumer & Specialties | $ | 32.2 | $ | 31.3 | ||||
Engineered Solutions | 35.3 | 37.3 | ||||||
Total | $ | 67.5 | $ | 68.6 |
Three Months Ended | ||||||||
(in millions of dollars) | Apr. 2, 2023 | Apr. 3, 2022 | ||||||
Income from operations for reportable segments | $ | 67.5 | $ | 68.6 | ||||
Acquisition related expenses | (0.1 | ) | (1.6 | ) | ||||
Unallocated and other corporate expenses | (4.4 | ) | (0.8 | ) | ||||
Consolidated income from operations | 63.0 | 66.2 | ||||||
Non-operating deductions, net | (15.3 | ) | (10.2 | ) | ||||
Income before tax and equity in earnings | $ | 47.7 | $ | 56.0 |
Income From Operations Before Provision For Taxes on Income | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
Oct. 1, 2017 | Oct. 2, 2016 | Oct. 1, 2017 | Oct. 2, 2016 | |||||||||||||
(millions of dollars) | ||||||||||||||||
Income from operations for reportable segments | $ | 69.4 | $ | 70.7 | $ | 203.9 | $ | 173.0 | ||||||||
Acquisition related transaction and integration costs | (0.5 | ) | (1.9 | ) | (2.8 | ) | (5.1 | ) | ||||||||
Unallocated corporate expenses | (2.1 | ) | (1.5 | ) | (4.1 | ) | (3.5 | ) | ||||||||
Consolidated income from operations | 66.8 | 67.3 | 197.0 | 164.4 | ||||||||||||
Non-operating deductions, net | (12.2 | ) | (14.0 | ) | (39.8 | ) | (39.7 | ) | ||||||||
Income from continuing operations before provision for taxes on income | $ | 54.6 | $ | 53.3 | $ | 157.2 | $ | 124.7 |
Three Months Ended | Nine Months Ended | |||||||||||||||
Oct. 1, 2017 | Oct. 2, 2016 | Oct. 1, 2017 | Oct. 2, 2016 | |||||||||||||
(millions of dollars) | ||||||||||||||||
Paper PCC | $ | 96.3 | $ | 95.3 | $ | 282.0 | $ | 295.5 | ||||||||
Specialty PCC | 16.4 | 16.4 | 50.8 | 50.2 | ||||||||||||
Talc | 12.7 | 13.9 | 41.0 | 42.7 | ||||||||||||
Ground Calcium Carbonate | 22.3 | 21.7 | 67.1 | 65.1 | ||||||||||||
Refractory Products | 56.6 | 51.0 | 169.4 | 163.3 | ||||||||||||
Metallurgical Products | 12.3 | 12.4 | 38.6 | 43.2 | ||||||||||||
Metalcasting | 73.6 | 63.1 | 215.9 | 191.1 | ||||||||||||
Household, Personal Care & Specialty Products | 42.5 | 42.1 | 123.3 | 131.4 | ||||||||||||
Basic Minerals | 31.2 | 22.3 | 90.5 | 67.1 | ||||||||||||
Environmental Products | 21.6 | 24.6 | 51.8 | 64.5 | ||||||||||||
Building Materials | 19.9 | 16.9 | 57.5 | 57.0 | ||||||||||||
Energy Services | 19.0 | 19.8 | 55.6 | 65.6 | ||||||||||||
Total | $ | 424.4 | $ | 399.5 | $ | 1,243.5 | $ | 1,236.7 |
Three Months Ended | ||||||||
(in millions of dollars) | Apr. 2, 2023 | Apr. 3, 2022 | ||||||
Household & Personal Care | $ | 129.2 | $ | 120.4 | ||||
Specialty Additives | 168.1 | 163.1 | ||||||
High-Temperature Technologies | 178.6 | 169.9 | ||||||
Environmental & Infrastructure | 70.2 | 65.7 | ||||||
Total | $ | 546.1 | $ | 519.1 |
● | Deploy new products in pet care such as lightweight litter. |
● | Increase our sales of calcium carbonate products by further penetration into filling and coating applications in the |
● | Deploy new calcium carbonate products in paint, coating and packaging applications. |
● | Continue developing products and processes for waste management and recycling opportunities to reduce the environmental impact |
Develop new mineral-based solutions for personal care applications. |
● | Increase our |
● | Expand our bentonite product solutions for animal health applications. |
● | Increase our presence and |
Increase our presence and gain penetration of our |
Deploy value-added formulations of refractory materials that not only reduce costs but improve performance. |
Deploy our laser measurement technologies into new applications. |
Expand our refractory maintenance model to other steel makers globally. |
Continue the development of our |
Pursue opportunities for our products in environmental and building and construction markets in the Middle East, Asia Pacific and South America regions. |
Increase our presence and market share for geosynthetic clay liners |
Continue to explore selective acquisitions to fit our |
Three Months Ended | ||||||||||||
(in millions of dollars) | Apr. 2, 2023 | Apr. 3, 2022 | % Change | |||||||||
Net sales | $ | 546.1 | $ | 519.1 | 5 | % | ||||||
Cost of sales | 425.4 | 397.4 | 7 | % | ||||||||
Production margin | 120.7 | 121.7 | (1 | )% | ||||||||
Production margin % | 22.1 | % | 23.4 | % | ||||||||
Marketing and administrative expenses | 52.3 | 48.8 | 7 | % | ||||||||
Research and development expenses | 5.3 | 5.1 | 4 | % | ||||||||
Acquisition related expenses | 0.1 | 1.6 | (94 | )% | ||||||||
Income from operations | 63.0 | 66.2 | (5 | )% | ||||||||
Operating margin % | 11.5 | % | 12.8 | % | ||||||||
Interest expense, net | (14.2 | ) | (9.8 | ) | 45 | % | ||||||
Other non-operating deductions, net | (1.1 | ) | (0.4 | ) | 175 | % | ||||||
Total non-operating deductions, net | (15.3 | ) | (10.2 | ) | 50 | % | ||||||
Income before tax and equity in earnings | 47.7 | 56.0 | (15 | )% | ||||||||
Provision for taxes on income | 10.5 | 11.2 | (6 | )% | ||||||||
Effective tax rate | 22.0 | % | 20.0 | % | ||||||||
Equity in earnings of affiliates, net of tax | 0.9 | 0.1 | * | |||||||||
Net income | 38.1 | 44.9 | (15 | )% | ||||||||
Net income attributable to non-controlling interests | 1.1 | 0.8 | 38 | % | ||||||||
Net income attributable to Minerals Technologies Inc. | $ | 37.0 | $ | 44.1 | (16 | )% |
* | Not meaningful |
Three Months Ended | Growth | |||||||||||
Oct. 1, 2017 | Oct. 2, 2016 | % | ||||||||||
(Dollars in millions) | ||||||||||||
Net sales | $ | 424.4 | $ | 399.5 | 6 | % | ||||||
Cost of sales | 305.2 | 284.3 | 7 | % | ||||||||
Production margin | 119.2 | 115.2 | 3 | % | ||||||||
Production margin % | 28.1 | % | 28.8 | % | ||||||||
Marketing and administrative expenses | 45.6 | 42.4 | 8 | % | ||||||||
Research and development expenses | 5.9 | 5.9 | 0 | % | ||||||||
Acquisition related integration costs | 0.5 | 1.9 | -74 | % | ||||||||
Restructuring and other items, net | 0.4 | (2.3 | ) | * | ||||||||
Income from operations | 66.8 | 67.3 | -1 | % | ||||||||
Operating margin % | 15.7 | % | 16.8 | % | ||||||||
Interest expense, net | (10.5 | ) | (13.4 | ) | -22 | % | ||||||
Other non-operating income (deductions), net | (1.7 | ) | (0.6 | ) | * | |||||||
Total non-operating deductions, net | (12.2 | ) | (14.0 | ) | -13 | % | ||||||
Income from continuing operations before provision for taxes and equity in earnings | 54.6 | 53.3 | 2 | % | ||||||||
Provision for taxes on income | 12.1 | 11.5 | 5 | % | ||||||||
Effective tax rate | 22.2 | % | 21.6 | % | ||||||||
Equity in earnings of affiliates, net of tax | 0.4 | 0.7 | -43 | % | ||||||||
Net income | 42.9 | 42.5 | 1 | % | ||||||||
Net income attributable to non-controlling interests | 1.2 | 0.9 | 33 | % | ||||||||
Net income attributable to Minerals Technologies Inc. (MTI) | $ | 41.7 | $ | 41.6 | 0 | % |
Three Months Ended Oct. 1, 2017 | Three Months Ended Oct. 2, 2016 | Three Months Ended Apr. 2, 2023 | Three Months Ended Apr. 3, 2022 | |||||||||||||||||||||||||||||||||||||
Net Sales | % of Total Sales | % Growth | Net Sales | % of Total Sales | ||||||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||
(in millions of dollars) | Net Sales | % of Total Sales | % Change | Net Sales | % of Total Sales | |||||||||||||||||||||||||||||||||||
U.S. | $ | 243.6 | 57.4 | % | 6 | % | $ | 229.0 | 57.3 | % | $ | 288.0 | 52.7 | % | 7 | % | $ | 269.7 | 52.0 | % | ||||||||||||||||||||
International | 180.8 | 42.6 | % | 6 | % | 170.5 | 42.7 | % | 258.1 | 47.3 | % | 3 | % | 249.4 | 48.0 | % | ||||||||||||||||||||||||
Total sales | $ | 424.4 | 100.0 | % | 6 | % | $ | 399.5 | 100.0 | % | $ | 546.1 | 100.0 | % | 5 | % | $ | 519.1 | 100.0 | % | ||||||||||||||||||||
Specialty Minerals Segment | $ | 147.7 | 34.8 | % | 0 | % | $ | 147.3 | 36.9 | % | ||||||||||||||||||||||||||||||
Refractories Segment | 68.9 | 16.2 | % | 9 | % | 63.4 | 15.9 | % | ||||||||||||||||||||||||||||||||
Performance Materials Segment | 188.8 | 44.5 | % | 12 | % | 169.0 | 42.3 | % | ||||||||||||||||||||||||||||||||
Energy Services Segment | 19.0 | 4.5 | % | -4 | % | 19.8 | 5.0 | % | ||||||||||||||||||||||||||||||||
Consumer & Specialties Segment | $ | 297.3 | 54.4 | % | 5 | % | $ | 283.5 | 54.6 | % | ||||||||||||||||||||||||||||||
Engineered Solutions Segment | 248.8 | 45.6 | % | 6 | % | 235.6 | 45.4 | % | ||||||||||||||||||||||||||||||||
Total sales | $ | 424.4 | 100.0 | % | 6 | % | $ | 399.5 | 100.0 | % | $ | 546.1 | 100.0 | % | 5 | % | $ | 519.1 | 100.0 | % |
Three Months Ended | ||||||||||||
Specialty Minerals Segment | Oct. 1, 2017 | Oct. 2, 2016 | Growth | |||||||||
(millions of dollars) | ||||||||||||
Net Sales | ||||||||||||
Paper PCC | $ | 96.3 | $ | 95.3 | 1 | % | ||||||
Specialty PCC | 16.4 | 16.4 | 0 | % | ||||||||
PCC Products | $ | 112.7 | $ | 111.7 | 1 | % | ||||||
Talc | $ | 12.7 | $ | 13.9 | -9 | % | ||||||
Ground Calcium Carbonate | 22.3 | 21.7 | 3 | % | ||||||||
Processed Minerals Products | $ | 35.0 | $ | 35.6 | -2 | % | ||||||
Total net sales | $ | 147.7 | $ | 147.3 | 0 | % | ||||||
Income from operations | $ | 26.6 | $ | 27.8 | -4 | % | ||||||
% of net sales | 18.0 | % | 18.9 | % |
Three Months Ended | ||||||||||||
Performance Materials Segment | Oct. 1, 2017 | Oct. 2, 2016 | Growth | |||||||||
(millions of dollars) | ||||||||||||
Net Sales | ||||||||||||
Metalcasting | $ | 73.6 | $ | 63.1 | 17 | % | ||||||
Household, Personal Care & Specialty Products | 42.5 | 42.1 | 1 | % | ||||||||
Environmental Products | 21.6 | 24.6 | -12 | % | ||||||||
Building Materials | 19.9 | 16.9 | 18 | % | ||||||||
Basic Minerals | 31.2 | 22.3 | 40 | % | ||||||||
Total net sales | $ | 188.8 | $ | 169.0 | 12 | % | ||||||
Income from operations | $ | 30.6 | $ | 30.2 | ||||||||
% of net sales | 16.2 | % | 17.9 | % |
Three Months Ended | ||||||||||||
Refractories Segment | Oct. 1, 2017 | Oct. 2, 2016 | Growth | |||||||||
(millions of dollars) | ||||||||||||
Net Sales | ||||||||||||
Refractory Products | $ | 56.6 | $ | 51.0 | 11 | % | ||||||
Metallurgical Products | 12.3 | 12.4 | -1 | % | ||||||||
Total net sales | $ | 68.9 | $ | 63.4 | 9 | % | ||||||
Income from operations | $ | 9.9 | $ | 10.1 | -2 | % | ||||||
% of net sales | 14.4 | % | 15.9 | % |
Three Months Ended | ||||||||||||
Energy Services Segment | Oct. 1, 2017 | Oct. 2, 2016 | Growth | |||||||||
(millions of dollars) | ||||||||||||
Net Sales | $ | 19.0 | $ | 19.8 | -4 | % | ||||||
Income from operations | $ | 2.3 | $ | 2.6 | -12 | % | ||||||
% of net sales | 12.1 | % | 13.1 | % |
Nine Months Ended | Growth | |||||||||||
Oct. 1, 2017 | Oct. 2, 2016 | % | ||||||||||
(Dollars in millions) | ||||||||||||
Net sales | $ | 1,243.5 | $ | 1,236.7 | 1 | % | ||||||
Cost of sales | 890.9 | 887.7 | 0 | % | ||||||||
Production margin | 352.6 | 349.0 | 1 | % | ||||||||
Production margin % | 28.4 | % | 28.2 | % | ||||||||
Marketing and administrative expenses | 134.1 | 134.2 | 0 | % | ||||||||
Research and development expenses | 17.8 | 17.9 | -1 | % | ||||||||
Acquisition related transaction and integration costs | 2.8 | 5.1 | -45 | % | ||||||||
Restructuring and other items, net | 0.9 | 27.4 | -97 | % | ||||||||
Income from operations | 197.0 | 164.4 | 20 | % | ||||||||
Operating margin % | 15.8 | % | 13.3 | % | ||||||||
Interest expense, net | (32.5 | ) | (41.4 | ) | -21 | % | ||||||
Debt modification cost and fees | (3.9 | ) | - | * | ||||||||
Other non-operating (deductions) income, net | (3.4 | ) | 1.7 | * | ||||||||
Total non-operating deductions, net | (39.8 | ) | (39.7 | ) | 0 | % | ||||||
Income from continuing operations before provision for taxes and equity in earnings | 157.2 | 124.7 | 26 | % | ||||||||
Provision for taxes on income | 35.6 | 26.7 | 33 | % | ||||||||
Effective tax rate | 22.6 | % | 21.4 | % | ||||||||
Equity in earnings of affiliates, net of tax | 0.7 | 1.6 | -56 | % | ||||||||
Net income | 122.3 | 99.6 | 23 | % | ||||||||
Net income attributable to non-controlling interests | 3.0 | 2.9 | 3 | % | ||||||||
Net income attributable to Minerals Technologies Inc. (MTI) | $ | 119.3 | $ | 96.7 | 23 | % |
Nine Months Ended Oct. 1, 2017 | Nine Months Ended Oct. 2, 2016 | |||||||||||||||||||
Net Sales | % of Total Sales | % Growth | Net Sales | % of Total Sales | ||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
U.S. | $ | 705.1 | 56.7 | % | -2 | % | $ | 718.7 | 58.1 | % | ||||||||||
International | 538.4 | 43.3 | % | 4 | % | 518.0 | �� | 41.9 | % | |||||||||||
Total sales | $ | 1,243.5 | 100.0 | % | 1 | % | $ | 1,236.7 | 100.0 | % | ||||||||||
Specialty Minerals Segment | $ | 440.9 | 35.5 | % | -3 | % | $ | 453.5 | 36.7 | % | ||||||||||
Refractories Segment | 208.0 | 16.7 | % | 1 | % | 206.5 | 16.7 | % | ||||||||||||
Performance Materials Segment | 539.0 | 43.3 | % | 5 | % | 511.1 | 41.3 | % | ||||||||||||
Energy Services Segment | 55.6 | 4.5 | % | -15 | % | 65.6 | 5.3 | % | ||||||||||||
Total sales | $ | 1,243.5 | 100.0 | % | 1 | % | $ | 1,236.7 | 100.0 | % |
Nine Months Ended | ||||||||||||
Specialty Minerals Segment | Oct. 1, 2017 | Oct. 2, 2016 | Growth | |||||||||
(millions of dollars) | ||||||||||||
Net Sales | ||||||||||||
Paper PCC | $ | 282.0 | $ | 295.5 | -5 | % | ||||||
Specialty PCC | 50.8 | 50.2 | 1 | % | ||||||||
PCC Products | $ | 332.8 | $ | 345.7 | -4 | % | ||||||
Talc | $ | 41.0 | $ | 42.7 | -4 | % | ||||||
Ground Calcium Carbonate | 67.1 | 65.1 | 3 | % | ||||||||
Processed Minerals Products | $ | 108.1 | $ | 107.8 | 0 | % | ||||||
Total net sales | $ | 440.9 | $ | 453.5 | -3 | % | ||||||
Income from operations | $ | 77.9 | $ | 81.1 | -4 | % | ||||||
% of net sales | 17.7 | % | 17.9 | % |
Nine Months Ended | ||||||||||||
Performance Materials Segment | Oct. 1, 2017 | Oct. 2, 2016 | Growth | |||||||||
(millions of dollars) | ||||||||||||
Net Sales | ||||||||||||
Metalcasting | $ | 215.9 | $ | 191.1 | 13 | % | ||||||
Household, Personal Care & Specialty Products | 123.3 | 131.4 | -6 | % | ||||||||
Environmental Products | 51.8 | 64.5 | -20 | % | ||||||||
Building Materials | 57.5 | 57.0 | 1 | % | ||||||||
Basic Minerals | 90.5 | 67.1 | 35 | % | ||||||||
Total net sales | $ | 539.0 | $ | 511.1 | 5 | % | ||||||
Income from operations | $ | 91.6 | $ | 91.7 | ||||||||
% of net sales | 17.0 | % | 17.9 | % |
Three Months Ended | ||||||||||||
Consumer & Specialties Segment | Apr. 2, 2023 | Apr. 3, 2022 | % Change | |||||||||
(in millions of dollars) | ||||||||||||
Net Sales | ||||||||||||
Household & Personal Care | $ | 129.2 | $ | 120.4 | 7 | % | ||||||
Special Additives | 168.1 | 163.1 | 3 | % | ||||||||
Total net sales | $ | 297.3 | $ | 283.5 | 5 | % | ||||||
Income from operations | $ | 32.2 | $ | 31.3 | 3 | % | ||||||
% of net sales | 10.8 | % | 11.0 | % |
Nine Months Ended | Three Months Ended | |||||||||||||||||||||||
Refractories Segment | Oct. 1, 2017 | Oct. 2, 2016 | Growth | |||||||||||||||||||||
Engineered Solutions Segment | Apr. 2, 2023 | Apr. 3, 2022 | % Change | |||||||||||||||||||||
(millions of dollars) | (in millions of dollars) | |||||||||||||||||||||||
Net Sales | ||||||||||||||||||||||||
Refractory Products | $ | 169.4 | $ | 163.3 | 4 | % | ||||||||||||||||||
Metallurgical Products | 38.6 | 43.2 | -11 | % | ||||||||||||||||||||
High-Temperature Technologies | $ | 178.6 | $ | 169.9 | 5 | % | ||||||||||||||||||
Environmental & Infrastructure | 70.2 | 65.7 | 7 | % | ||||||||||||||||||||
Total net sales | $ | 208.0 | $ | 206.5 | 1 | % | $ | $ 248.8 | $ | $ 235.6 | 6 | % | ||||||||||||
Income from operations | $ | 29.6 | $ | 27.2 | 9 | % | $ | 35.3 | $ | 37.3 | (5 | )% | ||||||||||||
% of net sales | 14.2 | % | 13.2 | % | 14.2 | % | 15.8 | % |
Nine Months Ended | ||||||||||||
Energy Services Segment | Oct. 1, 2017 | Oct. 2, 2016 | Growth | |||||||||
(millions of dollars) | ||||||||||||
Net Sales | $ | 55.6 | $ | 65.6 | -15 | % | ||||||
Income (loss) from operations | $ | 4.8 | $ | (27.0 | ) | * | ||||||
% of net sales | 8.6 | % | * |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of the Publicly Announced Program | Dollar Value of Shares that May Yet be Purchased Under the Program | ||||||||||||
July 3 - July 30 | - | $ | - | - | $ | 147,354,267 | ||||||||||
July 31 - August 27 | - | $ | - | - | $ | 147,354,267 | ||||||||||
August 28 - October 1 | 10,552 | $ | 66.63 | 64,650 | $ | 146,651,232 | ||||||||||
Total | 10,552 | $ | 66.63 |
Exhibit No. | Exhibit Title | ||
Letter Regarding Unaudited Interim Financial Information. | |||
Rule 13a-14(a)/15d-14(a) Certification executed by the Company’s principal executive officer. | |||
Rule 13a-14(a)/15d-14(a) Certification executed by the Company’s principal financial officer. | |||
Section 1350 Certifications. | |||
Information concerning Mine Safety Violations | |||
Risk Factors | |||
101.INS | XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). | ||
101.SCH | Inline XBRL Taxonomy Extension Schema | ||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | ||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | ||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | ||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | ||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contain in Exhibit 101). |
Minerals Technologies Inc. | ||
By: | /s/ | |
Senior Vice President, Finance and Treasury, | ||
Chief Financial Officer | ||
April 28, 2023 |