For Immediate Release
Contact:  Rick Honey
May 4, 2017
(212) 878-1831



Strong Operating Margins in all Segments
MTI China Sales Grew 22% in the First Quarter
New Satellite PCC Contract in Indonesia
Performance Materials Segment Realignment

NEW YORK, May 4—Minerals Technologies Inc. (NYSE: MTX) today reported first quarter diluted earnings per share of $1.07, excluding special items.  Reported earnings were $0.97 per share.

"We had a solid first quarter. All of our businesses performed well and we continued to expand the Company's operating margins," said Douglas T. Dietrich, Chief Executive Officer. "We saw significant growth across all of our businesses in China this quarter and continue to grow our PCC business throughout Asia with the signing of an agreement for an additional 165,000 tons in Indonesia," said Mr. Dietrich.

Worldwide net sales in the first quarter were $405.0 million compared with $410.2 million in 2016.  Operating income, as reported, was $61.7 million and represented 15.2 percent of sales, as compared with $57.6 million, or 14.0 percent of sales in the prior year. Consolidated income from operations, excluding special items, grew 6 percent to $63.5 million compared with $60.1 million in the prior year. Operating margins, excluding special items, improved 7 percent to 15.7 percent of sales from 14.7 percent of sales in the prior year as productivity improved 8 percent over last year.

During the first quarter, the Company announced the reorganization of its Performance Materials and Construction Technologies businesses into one operating segment – Performance Materials, consisting of five focused product lines to improve customer alignment and to accelerate growth.

Sales in the Minerals businesses, which include the Specialty Minerals and Performance Materials segments, increased slightly to $316.1 million.  Operating income for the Minerals businesses was $53.2 million and represented 16.8 percent of sales compared with 17.1 percent of sales in the first quarter of 2016.

Sales in the Performance Materials segment increased 6 percent to $169.9 million compared with $159.6 million in the prior year. Sales in the Metalcasting product line increased 11 percent to $66.6 million principally due to higher volumes in China. Basic Minerals sales increased 67 percent due primarily to higher bulk sales of chromite. Household, Personal Care and Specialty Products sales were lower due to lower Fabric Care sales in China.  In addition, Building Materials and Environmental Products sales were lower due to severe weather conditions impacting several large projects in the western United States. Operating income increased 2 percent to $28.8 million and represented 17.0 percent of sales.  The Performance Materials segment provides a wide range of bentonite-based and synthetic materials for industrial and consumer markets and for non-residential construction, environmental remediation and infrastructure projects worldwide.

First quarter worldwide sales for the Specialty Minerals segment, which consists of the Precipitated Calcium Carbonate (PCC) and Processed Minerals product lines, were $146.2 million. Income from operations for the segment was $24.4 million, and operating margin improved slightly to 16.7 percent of sales.

Worldwide sales of PCC, which is used mainly in the manufacturing processes of the paper industry, were $93.4 million compared with $103.2 million in the prior year. The decrease in sales was due to several plant shutdowns which occurred in 2016 and was partially offset by 9 percent higher sales in China.

First quarter net sales of Processed Minerals products were $35.8 million, the same level as the prior year.  Ground Calcium Carbonate sales increased 4 percent and Talc sales decreased 5 percent from the prior year. Processed Minerals products are used in the building materials, polymers, ceramics, paints and coatings, glass and other manufacturing industries.

The Service-related businesses, which include the Refractories and Energy Services segments, had a strong quarter despite continued weakness in the energy sector. Sales of $88.9 million in the first quarter were 6 percent lower than the same period last year. Operating income for the Service-related businesses, excluding special items, increased 47 percent to $11.2 million in the current year and was 12.6 percent of sales compared with 8.0 percent of sales last year.

First quarter sales in the Refractories segment, which provides products and services primarily to the worldwide steel industry, increased 1 percent to $70.2 million compared with $69.2 million in the first quarter of 2016. Higher volumes of Refractories Products and increased equipment sales were partially offset by lower sales of Metallurgical Products. The Refractories segment operating income, excluding special items, increased 33 percent to $9.2 million, and was 13.1 percent of sales compared with 10.0 percent of sales in the prior year.

Energy Services segment sales were $18.7 million for the first quarter, a 28-percent decrease from the prior year, primarily due to the exit of certain on-shore service lines in the second quarter of 2016. Operating income, excluding special items, was $2.0 million compared with $0.7 million last year and represented 10.7 percent of sales as compared with 2.7 percent of sales in the prior year. Energy Services offers a range of patented technologies, products and services for off-shore filtration and well testing to the worldwide oil and gas industry.

The Company repaid $20 million of its Term Loan debt in the first quarter, for total repayments of $500 million over the past 11 quarters.  Additionally, in the first quarter of 2017, the Company refinanced the floating rate portion of its Term Loan facility, lowering the interest rate by 75 basis points and extending the maturity to 2024.

The Company incurred special charges in the quarter related to debt modification costs of $3.9 million and restructuring and acquisition-related integration costs of $1.8 million. The combined effect of these non-recurring items reduced earnings by $0.10 per share.

 "Our solid first quarter financial performance provides us with a good start to 2017," said Mr. Dietrich. "We are well-positioned to grow earnings again this year."
Minerals Technologies will host a conference call tomorrow, May 5, 2017 at 11 a.m. The conference call will be broadcast live on the company web site: www.mineralstech.com.


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 2016 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, May 4, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Minerals Technologies Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Minerals Technologies Inc.


Never Miss A New SEC Filing Again

Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.


We Highlighted This SEC Filing For You

SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.


Widen Your SEC Filing Reading Experience

Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view


Uncover Actionable Information Inside SEC Filings

SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q


Adobe PDF, Microsoft Word and Excel Downloads

Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis


FREE Financial Statements

Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator

Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not


Financial Stability Report

Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity


Get a Better Picture of a Company's Performance

Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years


Log in with your credentials


Forgot your details?

Create Account