Minerals Technologies Reports First Quarter Earnings of $0.97 Per Share, or $1.07 Per Share, Excluding Special Items
Highlights:
- 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
“We had a solid first quarter. All of our businesses performed well and we continued to expand the Company’s operating margins,” said
Worldwide net sales in the first quarter were
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
Sales in the Performance Materials segment increased 6 percent to
First quarter worldwide sales for the Specialty Minerals segment, which consists of the Precipitated Calcium Carbonate (PCC) and Processed Minerals product lines, were
Worldwide sales of PCC, which is used mainly in the manufacturing processes of the paper industry, were
First quarter net sales of Processed Minerals products were
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
First quarter sales in the Refractories segment, which provides products and services primarily to the worldwide steel industry, increased 1 percent to
Energy Services segment sales were
The Company repaid
The Company incurred special charges in the quarter related to debt modification costs of
“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.”
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 2016 Annual Report on Form 10-K and in our other reports filed with the
For further information about
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES | ||||||||||||||||||||
(in millions, except per share data) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Quarter Ended | % Growth | |||||||||||||||||||
Apr. 2, | Dec. 31, | Apr. 3, | ||||||||||||||||||
2017 | 2016 | 2016 | Prior Qtr. |
Prior Year |
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Net sales | ||||||||||||||||||||
Product sales | $ | 386.3 | $ | 381.0 | $ | 384.4 | 1 | % | 0 | % | ||||||||||
Service revenue | 18.7 | 20.3 | 25.8 | (8 | )% | (28 | )% | |||||||||||||
Total net sales | 405.0 | 401.3 | 410.2 | 1 | % | (1 | )% | |||||||||||||
Cost of sales | ||||||||||||||||||||
Cost of goods sold | 279.0 | 276.9 | 277.6 | 1 | % | 1 | % | |||||||||||||
Cost of service revenue | 12.3 | 13.0 | 19.9 | (5 | )% | (38 | )% | |||||||||||||
Total cost of sales | 291.3 | 289.9 | 297.5 | 0 | % | (2 | )% | |||||||||||||
Production margin | 113.7 | 111.4 | 112.7 | 2 | % | 1 | % | |||||||||||||
Marketing and administrative expenses | 44.4 | 45.2 | 46.7 | (2 | )% | (5 | )% | |||||||||||||
Research and development expenses | 5.8 | 5.9 | 5.9 | (2 | )% | (2 | )% | |||||||||||||
Acquisition related transaction and integration costs | 1.5 | 2.9 | 1.6 | (48 | )% | (6 | )% | |||||||||||||
Restructuring charges | 0.3 | 0.9 | 0.9 | * | * | |||||||||||||||
Income from operations | 61.7 | 56.5 | 57.6 | 9 | % | 7 | % | |||||||||||||
Interest expense, net | (11.8 | ) | (13.0 | ) | (14.1 | ) | (9 | )% | (16 | )% | ||||||||||
Debt modification costs and fees | (3.9 | ) | 0.0 | 0.0 | * | * | ||||||||||||||
Other non-operating income (deductions), net | (0.5 | ) | 2.1 | 1.7 | * | * | ||||||||||||||
Total non-operating deductions, net | (16.2 | ) | (10.9 | ) | (12.4 | ) | 49 | % | 31 | % | ||||||||||
Income from continuing operations before tax and equity in earnings | 45.5 | 45.6 | 45.2 | (0 | )% | 1 | % | |||||||||||||
Provision for taxes on income | 10.1 | 8.6 | 10.7 | 17 | % | (6 | )% | |||||||||||||
Equity in earnings of affiliates, net of tax | 0.2 | 0.5 | 0.3 | (60 | )% | (33 | )% | |||||||||||||
Consolidated net income | 35.6 | 37.5 | 34.8 | (5 | )% | 2 | % | |||||||||||||
Less: Net income attributable to non-controlling interests | 1.0 | 0.8 | 0.9 | 25 | % | 11 | % | |||||||||||||
Net Income attributable to Minerals Technologies Inc. (MTI) | $ | 34.6 | $ | 36.7 | $ | 33.9 | (6 | )% | 2 | % | ||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||||||
Basic | 35.0 | 34.9 | 34.8 | |||||||||||||||||
Diluted | 35.6 | 35.4 | 34.9 | |||||||||||||||||
Earnings per share attributable to MTI: | ||||||||||||||||||||
Basic | $ | 0.99 | $ | 1.05 | $ | 0.97 | (6 | )% | 2 | % | ||||||||||
Diluted: | $ | 0.97 | $ | 1.04 | $ | 0.97 | (7 | )% | 0 | % | ||||||||||
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, 2017, December 31, 2016, and April 3, 2016 consisted of 92 days, 90 days, and 94 days, respectively. |
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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 2017, in order to generate greater alignment, speed decision making and accelerate growth, the Company reorganized the management structure for its Performance Materials and Construction Technologies business segments to better reflect the way performance is evaluated and resources are allocated. As a result, all of the product lines within these business segments were combined into one operating segment. Presented below are the restated financial results, by product line, for each of the quarters of 2016 of this operating segment to conform to the current management structure. |
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Full Year | ||||||||||||||||||||||
Quarter Ended | Ended | |||||||||||||||||||||
Apr. 3, | Jul. 3, | Sep. 27, | Dec. 31, | Dec. 31, | ||||||||||||||||||
2016 | 2016 | 2016 | 2016 | 2016 | ||||||||||||||||||
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 & Other Products | 20.5 | 24.3 | 22.3 | 36.8 | 103.9 | |||||||||||||||||
Performance Materials Segment | $ | 159.6 | $ | 182.5 | $ | 169.0 | $ | 175.0 | $ | 686.1 | ||||||||||||
Operating Income | ||||||||||||||||||||||
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 | % | ||||||||||||
3 | ) | During the first quarter of 2016, the company incurred restructuring charges for lease termination costs and other restructuring costs due to the fourth quarter 2015 exit from the Coiled Tubing product line in the Energy Services segment. In the first quarter of 2017, the company recorded additional restructuring costs related to exited businesses in the Energy Services segment. |
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(millions of dollars) | Quarter Ended | |||||||||||||||||||||
Apr. 2, | Dec. 31, | Apr. 3, | ||||||||||||||||||||
2017 | 2016 | 2016 | ||||||||||||||||||||
Restructuring costs | ||||||||||||||||||||||
Severance and other employee benefits | ||||||||||||||||||||||
Refractories | $ | 0.0 | 0.0 | $ | 0.1 | |||||||||||||||||
Energy Services | 0.3 | 0.9 | 0.8 | |||||||||||||||||||
$ | 0.3 | 0.9 | 0.9 | |||||||||||||||||||
Total restructuring costs | $ | 0.3 | $ | 0.9 | $ | 0.9 | ||||||||||||||||
4 | ) | 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, 2017, December 31, 2016, and April 3, 2016, 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. |
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(millions of dollars) | Quarter Ended | |||||||||||||||||||||
Apr. 2, | Dec. 31, | Apr. 3, | ||||||||||||||||||||
2017 | 2016 | 2016 | ||||||||||||||||||||
Income from continuing operations attributable to MTI | $ | 34.6 | $ | 36.7 | $ | 33.9 | ||||||||||||||||
Special items: | ||||||||||||||||||||||
Acquisition related transaction and integration costs | 1.5 | 2.9 | 1.6 | |||||||||||||||||||
Restructuring and other charges | 0.3 | 0.9 | 0.9 | |||||||||||||||||||
Debt modification costs and fees | 3.9 | 0.0 | 0.0 | |||||||||||||||||||
Related tax effects on special items | (2.2 | ) | (2.1 | ) | (0.9 | ) | ||||||||||||||||
Income from continuing operations attributable to MTI, excluding special items | $ | 38.1 | $ | 38.4 | $ | 35.5 | ||||||||||||||||
Diluted earnings per share, excluding special items | $ | 1.07 | $ | 1.08 | $ | 1.02 | ||||||||||||||||
5 | ) | Free cash flow is defined as cash flow from continuing 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, 2017, December 31, 2016, and April 3, 2016 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. |
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Quarter Ended | ||||||||||||||||||||||
(millions of dollars) | Apr. 2, | Dec. 31, | Apr. 3, | |||||||||||||||||||
2017 | 2016 | 2016 | ||||||||||||||||||||
Cash flow from continuing operations | $ | 15.9 | $ | 60.8 | $ | 41.8 | ||||||||||||||||
Capital expenditures | 13.1 | 13.5 | 15.7 | |||||||||||||||||||
Free cash flow | $ | 2.8 | $ | 47.3 | $ | 26.1 | ||||||||||||||||
6 | ) | The following table reflects the components of non-operating income and deductions: | ||||||||||||||||||||
(millions of dollars) | Quarter Ended | |||||||||||||||||||||
Apr. 2, | Dec. 31, | Apr. 3, | ||||||||||||||||||||
2017 | 2016 | 2016 | ||||||||||||||||||||
Interest income | $ | 0.4 | $ | 0.4 | $ | 0.6 | ||||||||||||||||
Interest expense | (12.2 | ) | (13.4 | ) | (14.6 | ) | ||||||||||||||||
Premium on early extinguishment of debt | (3.9 | ) | 0.0 | 0.0 | ||||||||||||||||||
Foreign exchange gains (losses) | 0.6 | 2.6 | 2.4 | |||||||||||||||||||
Other deductions | (1.1 | ) | (0.5 | ) | (0.8 | ) | ||||||||||||||||
Non-operating income (deductions), net | $ | (16.2 | ) | $ | (10.9 | ) | $ | (12.4 | ) | |||||||||||||
7 | ) | The analyst conference call to discuss operating results for the first quarter is scheduled for Friday, May 5, 2017 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. |
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SUPPLEMENTARY DATA | |||||||||||||||||||||||
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES | |||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Quarter Ended | % Growth | ||||||||||||||||||||||
SALES DATA | Apr. 2, | % of | Dec. 31, | % of | Apr. 3, | % of | |||||||||||||||||
2017 | Total Sales | 2016 | Total Sales | 2016 | Total Sales | Prior Qtr | Prior Year | ||||||||||||||||
United States | $ | 224.3 | 55 | % | $ | 217.5 | 54 | % | $ | 244.2 | 60 | % | 3 | % | (8 | )% | |||||||
International | 180.7 | 45 | % | 183.8 | 46 | % | 166.0 | 40 | % | (2 | )% | 9 | % | ||||||||||
Net Sales | $ | 405.0 | 100 | % | $ | 401.3 | 100 | % | $ | 410.2 | 100 | % | 1 | % | (1 | )% | |||||||
Paper PCC | $ | 93.4 | 23 | % | $ | 92.4 | 23 | % | $ | 103.2 | 25 | % | 1 | % | (9 | )% | |||||||
Specialty PCC | 17.0 | 4 | % | 14.1 | 4 | % | 16.7 | 4 | % | 21 | % | 2 | % | ||||||||||
PCC Products | $ | 110.4 | 27 | % | $ | 106.5 | 27 | % | $ | 119.9 | 29 | % | 4 | % | (8 | )% | |||||||
Talc | $ | 14.3 | 4 | % | $ | 13.0 | 3 | % | $ | 15.0 | 4 | % | 10 | % | (5 | )% | |||||||
Ground Calcium Carbonate | 21.5 | 5 | % | 18.5 | 5 | % | 20.7 | 5 | % | 16 | % | 4 | % | ||||||||||
Processed Minerals Products | $ | 35.8 | 9 | % | $ | 31.5 | 8 | % | $ | 35.7 | 9 | % | 14 | % | 0 | % | |||||||
Specialty Minerals Segment | $ | 146.2 | 36 | % | $ | 138.0 | 34 | % | $ | 155.6 | 38 | % | 6 | % | (6 | )% | |||||||
Metalcasting | $ | 66.6 | 16 | % | $ | 66.9 | 17 | % | $ | 60.0 | 15 | % | (0 | )% | 11 | % | |||||||
Household, Personal Care & Specialty Products | 41.1 | 10 | % | 39.8 | 10 | % | 45.3 | 11 | % | 3 | % | (9 | )% | ||||||||||
Environmental products | 10.6 | 3 | % | $ | 14.4 | 4 | % | $ | 13.4 | 3 | % | (26 | )% | (21 | )% | ||||||||
Building Materials | 17.4 | 4 | % | 17.1 | 4 | % | 20.4 | 5 | % | 2 | % | (15 | )% | ||||||||||
Basic Minerals | 34.2 | 8 | % | 36.8 | 9 | % | 20.5 | 5 | % | (7 | )% | 67 | % | ||||||||||
Performance Materials Segment | $ | 169.9 | 42 | % | $ | 175.0 | 44 | % | $ | 159.6 | 39 | % | (3 | )% | 6 | % | |||||||
Total Minerals Businesses | $ | 316.1 | 78 | % | $ | 313.0 | 78 | % | $ | 315.2 | 77 | % | 1 | % | 0 | % | |||||||
Refractory products | $ | 56.7 | 14 | % | $ | 55.7 | 14 | % | $ | 53.4 | 13 | % | 2 | % | 6 | % | |||||||
Metallurgical Products | 13.5 | 3 | % | 12.3 | 3 | % | 15.8 | 4 | % | 10 | % | (15 | )% | ||||||||||
Refractories Segment | $ | 70.2 | 17 | % | $ | 68.0 | 17 | % | $ | 69.2 | 17 | % | 3 | % | 1 | % | |||||||
Energy Services Segment | $ | 18.7 | 5 | % | $ | 20.3 | 5 | % | $ | 25.8 | 6 | % | (8 | )% | (28 | )% | |||||||
Total Service Businesses | $ | 88.9 | 22 | % | $ | 88.3 | 22 | % | $ | 95.0 | 23 | % | 1 | % | (6 | )% | |||||||
Net Sales | $ | 405.0 | 100 | % | $ | 401.3 | 100 | % | $ | 410.2 | 100 | % | 1 | % | (1 | )% | |||||||
SUPPLEMENTARY DATA | |||||||||||||||||
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES | |||||||||||||||||
(millions of dollars) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Quarter Ended | % Growth | ||||||||||||||||
Apr. 2, | Dec. 31, | Apr. 3, | Prior | Prior | |||||||||||||
SEGMENT OPERATING INCOME DATA | 2017 | 2016 | 2016 | Qtr. | Year | ||||||||||||
Specialty Minerals Segment | $ | 24.4 | $ | 21.6 | $ | 25.7 | 13 | % | (5 | )% | |||||||
% of Sales | 16.7 | % | 15.7 | % | 16.5 | % | |||||||||||
Performance Materials Segment | $ | 28.8 | $ | 29.4 | $ | 28.2 | (2 | )% | 2 | % | |||||||
% of Sales | 17.0 | % | 16.8 | % | 17.7 | % | |||||||||||
Total Minerals Businesses | $ | 53.2 | 51.0 | 53.9 | 4 | % | (1 | )% | |||||||||
% of Sales | 16.8 | % | 16.3 | % | 17.1 | % | |||||||||||
Refractories Segment | $ | 9.2 | $ | 9.8 | $ | 6.8 | (6 | )% | 35 | % | |||||||
% of Sales | 13.1 | % | 14.4 | % | 9.8 | % | |||||||||||
Energy Services Segment | $ | 1.7 | $ | 1.1 | $ | (0.1 | ) | 55 | % | * | |||||||
% of Sales | 9.1 | % | 5.4 | % | -0.4 | % | |||||||||||
Total Service Businesses | $ | 10.9 | 10.9 | 6.7 | (0 | )% | 63 | % | |||||||||
% of Sales | 12.3 | % | 12.3 | % | 7.1 | % | |||||||||||
Unallocated Corporate Expenses | $ | (0.9 | ) | $ | (2.5 | ) | $ | (1.4 | ) | (64 | )% | (36 | )% | ||||
Acquisition related integration costs | $ | (1.5 | ) | $ | (2.9 | ) | $ | (1.6 | ) | (48 | )% | (6 | )% | ||||
Consolidated | $ | 61.7 | $ | 56.5 | $ | 57.6 | 9 | % | 7 | % | |||||||
% of Sales | 15.2 | % | 14.1 | % | 14.0 | % | |||||||||||
SPECIAL ITEMS | |||||||||||||||||
Specialty Minerals Segment | $ | 0.0 | $ | 0.0 | $ | 0.0 | * | * | |||||||||
Performance Materials Segment | $ | 0.0 | $ | 0.0 | $ | 0.0 | * | * | |||||||||
Total Minerals Businesses | $ | 0.0 | $ | 0.0 | $ | 0.0 | * | * | |||||||||
Refractories Segment | $ | 0.0 | $ | 0.0 | $ | 0.1 | * | * | |||||||||
Energy Services Segment | $ | 0.3 | $ | 0.9 | $ | 0.8 | * | * | |||||||||
Total Service Businesses | $ | 0.3 | $ | 0.9 | $ | 0.9 | * | * | |||||||||
Unallocated and Other Corporate Expenses | $ | 0.0 | $ | 0.0 | $ | 0.0 | * | * | |||||||||
Acquisition related integration costs | $ | 1.5 | $ | 2.9 | $ | 1.6 | (48 | )% | (6 | )% | |||||||
Consolidated | $ | 1.8 | $ | 3.8 | $ | 2.5 | (53 | )% | (28 | )% | |||||||
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, 2017, December 31, 2016, and April 3, 2016, 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. |
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Quarter Ended | % Growth | ||||||||||||||||
SEGMENT OPERATING INCOME, | Apr. 2, | Dec. 31, | Apr. 3, | ||||||||||||||
EXCLUDING SPECIAL ITEMS | 2017 | 2016 | 2016 | Prior Qtr. | Prior Year | ||||||||||||
Specialty Minerals Segment | $ | 24.4 | $ | 21.6 | $ | 25.7 | 13 | % | (5 | )% | |||||||
% of Sales | 16.7 | % | 15.7 | % | 16.5 | % | |||||||||||
Performance Materials Segment | $ | 28.8 | $ | 29.4 | $ | 28.2 | (2 | )% | 2 | % | |||||||
% of Sales | 17.0 | % | 16.8 | % | 17.7 | % | |||||||||||
Total Minerals Businesses | $ | 53.2 | $ | 51.0 | $ | 53.9 | 4 | % | (1 | )% | |||||||
% of Sales | 16.8 | % | 16.3 | % | 17.1 | % | |||||||||||
Refractories Segment | $ | 9.2 | $ | 9.8 | $ | 6.9 | (6 | )% | 33 | % | |||||||
% of Sales | 13.1 | % | 14.4 | % | 10.0 | % | |||||||||||
Energy Services Segment | $ | 2.0 | $ | 2.0 | $ | 0.7 | 0 | % | 186 | % | |||||||
% of Sales | 10.7 | % | 9.9 | % | 2.7 | % | |||||||||||
Total Service Businesses | $ | 11.2 | $ | 11.8 | $ | 7.6 | (5 | )% | 47 | % | |||||||
% of Sales | 12.6 | % | 13.4 | % | 8.0 | % | |||||||||||
Unallocated Corporate Expenses | $ | (0.9 | ) | $ | (2.5 | ) | $ | (1.4 | ) | (64 | )% | (36 | )% | ||||
Consolidated | $ | 63.5 | $ | 60.3 | $ | 60.1 | 5 | % | 6 | % | |||||||
% of Sales | 15.7 | % | 15.0 | % | 14.7 | % | |||||||||||
* Percentage not meaningful | |||||||||||||||||
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
ASSETS | ||||||||
(In Millions of Dollars) | ||||||||
Apr. 2, | December 31, | |||||||
2017* | 2016** | |||||||
Current assets: | ||||||||
Cash & cash equivalents | $ | 168.5 | $ | 188.5 | ||||
Short-term investments | 3.8 | 2.0 | ||||||
Accounts receivable, net | 380.2 | 341.3 | ||||||
Inventories | 196.3 | 186.9 | ||||||
Prepaid expenses and other current assets | 37.3 | 32.4 | ||||||
Total current assets | 786.1 | 751.1 | ||||||
Property, plant and equipment | 2,141.2 | 2,141.4 | ||||||
Less accumulated depreciation | 1,089.6 | 1,089.6 | ||||||
Net property, plant & equipment | 1,051.6 | 1,051.8 | ||||||
Goodwill | 778.7 | 778.7 | ||||||
Intangible assets | 202.4 | 204.4 | ||||||
Other assets and deferred charges | 77.9 | 77.4 | ||||||
Total assets | $ | 2,896.7 | $ | 2,863.4 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Short-term debt | $ | 5.9 | $ | 6.1 | ||||
Current maturities of long-term debt | 6.9 | 6.8 | ||||||
Accounts payable | 147.3 | 144.9 | ||||||
Other current liabilities | 137.3 | 137.7 | ||||||
Total current liabilities | 297.4 | 295.5 | ||||||
Long-term debt | 1,050.7 | 1,069.9 | ||||||
Deferred income taxes | 236.3 | 238.8 | ||||||
Other non-current liabilities | 230.5 | 228.3 | ||||||
Total liabilities | 1,814.9 | 1,832.5 | ||||||
Total MTI shareholders' equity | 1,056.0 | 1,006.5 | ||||||
Non-controlling Interest | 25.8 | 24.4 | ||||||
Total shareholders' equity | 1,081.8 | 1,030.9 | ||||||
Total liabilities and shareholders' equity | $ | 2,896.7 | $ | 2,863.4 | ||||
* | Unaudited | |||||||
** | Condensed from audited financial statements. |
Contact:Rick Honey (212) 878-1831