EXHIBIT 99.1
News
For Immediate Release
Contact:  Rick Honey
February 2, 2017
(212) 878-1831

MINERALS TECHNOLOGIES REPORTS FOURTH QUARTER EARNINGS
 OF $1.04 PER SHARE, OR $1.08 PER SHARE, EXCLUDING SPECIAL ITEMS
 ----------
Company Reports Record Annual Earnings;
2016 Reported Earnings per Share were $3.79, or
$4.47, Excluding Special Items
----------

Highlights:

·
Strong Operating Margins
·
Record Annual Earnings for Specialty Minerals and Performance Materials Segments
·
Continuing Strong China Sales Growth – 9% for Full Year
·
7% Productivity Improvement for the Year
·
$50 Million Debt Reduction in the Fourth Quarter; $190 Million for Full Year

NEW YORK, February 2, 2017 — Minerals Technologies Inc. (NYSE: MTX) today reported fourth quarter earnings of $1.08 per share, excluding special items. Reported earnings were $1.04 per share.

For the full year 2016, the company reported earnings per share of $4.47, excluding special items, compared with earnings of $4.31 per share in the prior year. Reported earnings per share were $3.79 for the full year of 2016.

"Minerals Technologies' solid financial performance resulted in our seventh consecutive year of record earnings," said Douglas T. Dietrich, chief executive officer. "We saw strong results from our Minerals-based businesses, with our two largest segments generating record operating profits."


Fourth Quarter

Worldwide net sales in the fourth quarter were $401.3 million compared with $430.0 million in the same period of 2015. Five less days in the quarter compared to the prior year resulted in an approximate 5-percent unfavorable impact on sales across all product lines. Performance Materials sales increased 3 percent but this was more than offset by the decline in Energy Services revenues due to continued weak market conditions in the oil and gas sector and the previously announced exit from several onshore service lines within that segment.

Consolidated income from operations, as reported, was $56.5 million compared with $37.7 million last year. Consolidated operating margin, as reported, was 14.1 percent of sales. The company incurred charges of $3.8 million in special items in the quarter related to incremental restructuring charges in the Energy Services segment and acquisition-related integration costs.

Operating Income, excluding special items, grew 2 percent to $60.3 million from $59.0 million in the prior year. Consolidated operating margin, excluding special items, was strong at 15.0 percent of sales.  The increase in operating margin was due to productivity gains and raw material and energy savings.

The Minerals businesses, which include the Specialty Minerals, Performance Materials and Construction Technologies segments, generated operating income of $51.0 million, or 16.3 percent of sales.

Fourth quarter sales for the Specialty Minerals segment, which consists of the Precipitated Calcium Carbonate (PCC) and Processed Minerals product lines, were $138.0 million, a decrease of 12 percent from prior year. The sales decrease was due to several previously announced paper mill closures in the U.S. as well as to fewer days in the quarter. Operating income for the segment decreased 16 percent to $21.6 million, representing 15.7 percent of sales.

Sales in the Performance Materials segment increased 3 percent to $135.7 million. The increase was due primarily to higher China Metalcasting sales and increased bulk sales of chromite in the Basic Minerals and Other Products product line.  This was partially offset by lower fabric care sales in the Household, Personal Care & Specialty Products product line.  Significant productivity gains and a favorable product mix enabled the segment to increase operating income 12 percent to a record $26.7 million and generate operating margins of 19.7 percent.  Performance Materials provides a wide range of bentonite-based and synthetic materials for industrial and consumer markets.

Sales in the Construction Technologies segment remained flat at $39.3 million in the fourth quarter compared with prior year. Environmental Products sales were $14.4 million and Building Materials & Other Products were $24.9 million, both approximately at the same levels as the prior year.  Operating Income for the segment was $2.7 million and represented 6.9 percent of sales. Lower profitability from prior year levels was due to an unfavorable product mix. Construction Technologies provides products for environmental remediation, non-residential construction, and infrastructure projects worldwide.

The Service-related businesses, which include the Refractories and Energy Services segments, had sales of $88.3 million in the fourth quarter, a decrease of 13 percent from the same period last year.  This decrease was due to continued weak market conditions in the oil and gas sector and the exit from several onshore service lines within Energy Services.

Fourth quarter sales in the Refractories segment were $68.0 million, approximately the same as last year.  Operating income for the quarter was $9.8 million, an increase of 85 percent from the prior year, excluding special items, and represented 14.4 percent of sales. The increase over prior year was due primarily to higher equipment sales and overall cost control.  The Refractories segment provides products and services primarily to the worldwide steel industry.

The Energy Services segment sales were $20.3 million for the fourth quarter, a 39-percent decrease from the prior year. The sales decrease was due to continuing weak market conditions in the oil and gas sector and the exit from several onshore service lines. Operating income, as reported, for the quarter was $1.1 million and represented 5.4 percent of sales.  Operating income, excluding special items, was $2.0 million and represented 9.9 percent of sales.  Energy Services is now focused on offering its innovative, differentiated products and services for filtration and well-testing to off-shore oil and gas producers globally.

The Company repaid $50 million in principal during the fourth quarter and $190 million for the full year and intends to continue using excess cash flow to repay debt.


Full Year 2016

Worldwide sales for the full year decreased 9 percent to $1.638 billion. Foreign exchange had an unfavorable impact on sales of $34.0 million, or 2 percent. Operating income for the full year, as reported, was $220.9 million, an increase of 10 percent over the $200.3 million reported in the prior year and represented 13.5 percent of sales compared with 11.1 percent in the previous year. Operating income for the full year, excluding special items, was $257.2 million, the same level as 2015, but represented 15.7 percent of sales compared with 14.3 percent in the prior year. Cash flow from operations for the year was $225 million; and, the company paid down $190 million of acquisition-related debt in 2016.

Full-year results for the Minerals-based businesses were strong with each business recording double digit margins.  Full-year sales were $1.278 billion with operating income of $223.8 million, representing 17.5 percent of sales compared with prior year operating income of $219.2 million, representing 16.6 percent of sales.

Full-year worldwide sales for the Specialty Minerals segment decreased 5 percent to $591.5 million. Foreign exchange had an unfavorable impact in sales of $9.7 million, or 2 percent. Operating income increased 2 percent to a record $102.7 million and represented 17.4 percent of sales. Performance Materials sales in 2016 were $502.8 million with record operating income of $97.5 million, representing 19.4 percent of sales compared with 18.6 percent in the prior year.  Construction Technologies sales in 2016 were $183.3 million with operating income of $23.6 million, representing 12.9 percent of sales.

Full-year sales for our Service-based businesses decreased 25 percent to $360.4 million and operating income, excluding special items, was $39.4 million which represented 10.9 percent of sales.

Full-year sales in the Refractories segment were $274.5 million.  Operating income, excluding special items, grew 17 percent to $35.0 million, and represented 12.8 percent of sales.   Energy Services sales for the full year were $85.9 million with operating income, excluding special items of $4.4 million.

"MTI had a successful, yet challenging year in 2016," said Mr. Dietrich. "We made progress in our penetration strategy for Paper PCC and Performance Materials in China, and continued to strengthen the balance sheet—all of which positions us for growth in 2017."

Minerals Technologies will host a conference call tomorrow, February 3, 2017 at 11 a.m. The conference call will be broadcast live on the company web site: www.mineralstech.com.
-----------------


FORWARD-LOOKING STATEMENTS

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which describe or are based on current expectations. Actual results may differ materially from these expectations. In addition, any statements that are not historical fact (including statements containing the words "believes," "plans," "anticipates," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this document should be evaluated together with the many uncertainties that affect our businesses, particularly those mentioned in the risk factors and other cautionary statements in our 2015 Annual Report on Form 10-K and in our other reports filed with the Securities and Exchange Commission.


For further information about Minerals Technologies Inc. look on the internet at http://www.mineralstech.com


 

The following information was filed by Minerals Technologies Inc (MTX) on Thursday, February 2, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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