For Immediate Release
Contact:  Rick Honey
August 3, 2017
(212) 878-1831



Strong Operating Margins of 16.5 percent
Continued Strong China Sales Growth – 17 percent in the Second Quarter
Productivity Improvement of 4 percent
Continued Debt Reduction in the Second Quarter

NEW YORK, August 3—Minerals Technologies Inc. (NYSE: MTX) today reported second quarter diluted earnings per share of $1.23, excluding special items.  Reported earnings were $1.21 per share.

"The Company had another strong quarter. We saw continued growth in China driven by our Metalcasting and PCC product lines and improved performance from several other product lines globally," said Douglas T. Dietrich, Chief Executive Officer. "Our Operational Excellence activities continued to drive lower manufacturing costs and productivity gains across all of our businesses resulting in strong operating margins."

Worldwide net sales in the second quarter were $414 million compared with $427 million in 2016 with foreign exchange having an unfavorable impact on sales of $3 million.  Operating income, as reported, was $68.5 million and represented 16.5 percent of sales, as compared with $39.5 million, or 9.3 percent of sales in the prior year. In 2016, we incurred restructuring charges relating to the exit of certain service lines in the Energy Services segment. Operating income, excluding special items, was $69.5 million and decreased 1 percent from 2016. However, operating margins, excluding special items, improved 2 percent.

Sales in the Minerals businesses, which include the Specialty Minerals and Performance Materials segments, were $327 million compared with $333 million in the prior year.  Operating income for the Minerals businesses was $59.1 million and operating margins represented 18.1 percent of sales.

Sales in the Performance Materials segment decreased 1 percent to $180.3 million compared with $182.5 million in the prior year. Sales in the Metalcasting product line increased 11 percent to $75.7 million principally due to higher volumes in China and North America. Basic Minerals and Building Materials sales both increased 3 percent. These sales increases were offset by lower Fabric Care sales in Asia which affected the Household, Personal Care & Specialty Products product line and to lower Environmental Products sales from several large projects in 2016 in the U.S. and Brazil that did not reoccur in 2017. Operating income decreased 3 percent to $32.2 million and represented 17.9 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.

Second quarter worldwide sales for the Specialty Minerals segment, which consists of the Precipitated Calcium Carbonate (PCC) and Processed Minerals product lines, were $147.0 million compared with $150.6 million in the prior year. Income from operations for the segment was $26.9 million, and operating margins were the same as last year at 18.3 percent of sales.

Worldwide sales of PCC, which is used mainly in the manufacturing processes of the paper industry, were $109.7 million compared with $114.1 million in the prior year. The decrease in sales was due to several paper mill machine shutdowns in North America that occurred in 2016 and was partially offset by 6 percent higher sales in China.

Second quarter net sales of Processed Minerals products increased 2 percent to $37.3 million as Ground Calcium Carbonate sales increased 3 percent and Talc sales increased 1 percent over the prior year due to higher volumes in the construction and automotive markets. 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, improved their performance despite continued weakness in the energy sector. Sales of $86.8 million in the second quarter were 8 percent lower than the same period last year. However, operating income for the Service-related businesses, excluding special items, increased 20 percent to $11.5 million in the current year from $9.6 million last year.  Operating margins were 13.2 percent of sales compared with 10.2 percent of sales last year.

Second quarter sales in the Refractories segment, which provides products and services primarily to the worldwide steel industry, were $68.9 million and decreased 7 percent from last year.  Higher margin equipment sales were offset by lower Metallurgical Product sales and reduced Refractory consumption due to improved steel furnace vessel lining conditions. The Refractories segment operating income increased 2 percent to $10.5 million, and was 15.2 percent of sales compared with 13.9 percent of sales in the prior year.

Energy Services segment sales were $17.9 million in the second quarter, an 11 percent decrease from the prior year, primarily due to continued weak market conditions in the oil and gas sector and the exit of certain on-shore service lines in the second quarter of 2016. Operating income, excluding special items, was $1.0 million and represented 5.6 percent of sales. 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.

 "We had both a solid second quarter and first half of 2017," said Mr. Dietrich. "MTI continues to strengthen its operating foundation and we remain focused on activities to accelerate sales growth."
Minerals Technologies will host a conference call tomorrow, August 4, 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, August 3, 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.

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