Minerals Technologies Reports First Quarter Earnings of $1.12 per Share, or $1.13 per Share, Excluding Acquisition-Related Costs
Highlights:
- Sales Increase 6 Percent to
$431.3 Million - Growth Across All Segments and Regions
- Earnings Per Share, Excluding Acquisition-Related Costs, Up 6 Percent
- Acquisition of Sivomatic; Revenue of €73 million in 2017; Accretive in 2018
“The Company had a solid first quarter. We saw sales growth in all four of our segments and across all geographies,” said
Worldwide net sales increased 6 percent to
Segment Information
Performance Materials and Specialty Minerals
Sales in the Minerals businesses, which include the Performance Materials and Specialty Minerals segments, grew 7 percent in the first quarter to
Performance Materials segment sales increased 10 percent to
Specialty Minerals segment sales, which consist of the Precipitated Calcium Carbonate (PCC) and Processed Minerals product lines, increased 2 percent to
Worldwide sales of Paper PCC, which is used mainly in the manufacturing processes of the paper industry, increased 4 percent to
Sales of Processed Minerals products decreased 1 percent to
Refractories and Energy Services
Sales of
Refractories segment sales increased 7 percent to
Energy Services segment sales increased 2 percent to
Acquisition of
On
The acquisition was financed through a combination of cash on hand and the Company’s credit facilities, and is expected to be accretive to
“We’re pleased to have completed the acquisition of Sivomatic, which extends one of our core minerals-based product lines into
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 2017 Annual Report on Form 10-K and in our other reports filed with the
About
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES | |||||||||||||||||||
(in millions, except per share data) | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Quarter Ended | % Growth | ||||||||||||||||||
Apr. 1, | Dec. 31, | Apr. 2, | |||||||||||||||||
2018 | 2017 | 2017 | Prior Qtr. | Prior Year | |||||||||||||||
Net sales | |||||||||||||||||||
Product sales | $ | 412.2 | $ | 411.0 | $ | 386.3 | 0 | % | 7 | % | |||||||||
Service revenue | 19.1 | 21.1 | 18.7 | (9 | )% | 2 | % | ||||||||||||
Total net sales | 431.3 | 432.1 | 405.0 | (0 | )% | 6 | % | ||||||||||||
Cost of sales | |||||||||||||||||||
Cost of goods sold | 305.0 | 303.8 | 279.0 | 0 | % | 9 | % | ||||||||||||
Cost of service revenue | 12.8 | 13.8 | 12.3 | (7 | )% | 4 | % | ||||||||||||
Total cost of sales | 317.8 | 317.6 | 291.3 | 0 | % | 9 | % | ||||||||||||
Production margin | 113.5 | 114.5 | 113.7 | (1 | )% | (0 | )% | ||||||||||||
Marketing and administrative expenses | 44.4 | 47.8 | 44.0 | (7 | )% | 1 | % | ||||||||||||
Research and development expenses | 6.1 | 5.9 | 5.8 | 3 | % | 5 | % | ||||||||||||
Acquisition related transaction and integration costs | 0.4 | 0.6 | 1.5 | (33 | )% | (73 | )% | ||||||||||||
Restructuring and other items, net | 0.0 | 14.1 | 0.3 | * | * | ||||||||||||||
Income from operations | 62.6 | 46.1 | 62.1 | 36 | % | 1 | % | ||||||||||||
Interest expense, net | (10.7 | ) | (10.9 | ) | (11.8 | ) | (2 | )% | (9 | )% | |||||||||
Debt modification costs and fees | 0.0 | 0.0 | (3.9 | ) | * | * | |||||||||||||
Other non-operating income (deductions), net | (2.7 | ) | (1.5 | ) | (0.9 | ) | * | * | |||||||||||
Total non-operating deductions, net | (13.4 | ) | (12.4 | ) | (16.6 | ) | 8 | % | (19 | )% | |||||||||
Income from continuing operations before tax and equity in earnings | 49.2 | 33.7 | 45.5 | 46 | % | 8 | % | ||||||||||||
Provision for taxes on income | 9.3 | (42.2 | ) | 10.1 | (122 | )% | (8 | )% | |||||||||||
Equity in earnings of affiliates, net of tax | 1.2 | 0.8 | 0.2 | 50 | % | 500 | % | ||||||||||||
Consolidated net income | 41.1 | 76.7 | 35.6 | (46 | )% | 15 | % | ||||||||||||
Less: Net income attributable to non-controlling interests | 1.2 | 0.9 | 1.0 | 33 | % | 20 | % | ||||||||||||
Net Income attributable to Minerals Technologies Inc. (MTI) | $ | 39.9 | $ | 75.8 | $ | 34.6 | (47 | )% | 15 | % | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||||
Basic | 35.4 | 35.4 | 35.0 | ||||||||||||||||
Diluted | 35.7 | 35.8 | 35.6 | ||||||||||||||||
Earnings per share attributable to MTI: | |||||||||||||||||||
Basic | $ | 1.13 | $ | 2.14 | $ | 0.99 | (47 | )% | 14 | % | |||||||||
Diluted: | $ | 1.12 | $ | 2.12 | $ | 0.97 | (47 | )% | 15 | % | |||||||||
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 1, 2018, December 31, 2017, and April 2, 2017 consisted of 91 days, 91 days, and 92 days, respectively. | ||||||||||||||||||
2 | ) | During 2017, the Company recorded additional restructuring costs related to the exited businesses in the Energy Services segment in 2016, impairment of assets in the Specialty Minerals segment related to paper mill shut downs and employee severance costs related to a reduction of our North American employee base as we realign our staffing levels to growth regions as well as efficiencies gained from our global ERP implementation. | ||||||||||||||||||
(millions of dollars) | Quarter Ended | |||||||||||||||||||
Apr. 1, | Dec. 31, | Apr. 2, | ||||||||||||||||||
2018 | 2017 | 2017 | ||||||||||||||||||
Impairment of assets | ||||||||||||||||||||
Specialty Minerals | $ | 0.0 | $ | 5.3 | $ | 0.0 | ||||||||||||||
Total impairment of assets charge | $ | 0.0 | $ | 5.3 | $ | 0.0 | ||||||||||||||
Restructuring and other items, net | ||||||||||||||||||||
Gain on sale of assets | $ | 0.0 | $ | (0.1 | ) | $ | 0.0 | |||||||||||||
Severance, lease termination and other related costs | 0.0 | 8.9 | 0.3 | |||||||||||||||||
$ | 0.0 | $ | 8.8 | $ | 0.3 | |||||||||||||||
Total restructuring and other items, net | $ | 0.0 | $ | 8.8 | $ | 0.3 | ||||||||||||||
3 | ) | 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 1, 2018, December 31, 2017, and April 2, 2017, 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. | ||||||||||||||||||
(millions of dollars) | Quarter Ended | |||||||||||||||||||
Apr. 1, | Dec. 31, | Apr. 2, | ||||||||||||||||||
2018 | 2017 | 2017 | ||||||||||||||||||
Income from continuing operations attributable to MTI | $ | 39.9 | $ | 75.8 | $ | 34.6 | ||||||||||||||
Special items: | ||||||||||||||||||||
Acquisition related transaction and integration costs | 0.4 | 0.6 | 1.5 | |||||||||||||||||
Debt modification costs and fees | 0.0 | 0.0 | 3.9 | |||||||||||||||||
Write-off of receivables for Malaysia bankruptcy | 0.0 | 2.1 | 0.0 | |||||||||||||||||
Restructuring and other items, net | 0.0 | 8.8 | 0.3 | |||||||||||||||||
Impairment of assets | 0.0 | 5.3 | 0.0 | |||||||||||||||||
Related tax effects on special items | (0.1 | ) | (6.0 | ) | (2.2 | ) | ||||||||||||||
Effect of US tax law change | 0.0 | (47.3 | ) | 0.0 | ||||||||||||||||
Income from continuing operations attributable to MTI, excluding special items | $ | 40.2 | $ | 39.3 | $ | 38.1 | ||||||||||||||
Diluted earnings per share, excluding special items | $ | 1.13 | $ | 1.10 | $ | 1.07 | ||||||||||||||
4 | ) | 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 1, 2018, December 31, 2017, and April 2, 2017 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. | ||||||||||||||||||
Quarter Ended | ||||||||||||||||||||
(millions of dollars) | Apr. 1, | Dec. 31, | Apr. 2, | |||||||||||||||||
2018 | 2017 | 2017 | ||||||||||||||||||
Cash flow from continuing operations | $ | 35.7 | $ | 57.0 | $ | 15.9 | ||||||||||||||
Capital expenditures | 17.9 | 22.5 | 13.1 | |||||||||||||||||
Free cash flow | $ | 17.8 | $ | 34.5 | $ | 2.8 | ||||||||||||||
5 | ) | The following table reflects the components of non-operating income and deductions: | ||||||||||||||||||
(millions of dollars) | Quarter Ended | |||||||||||||||||||
Apr. 1, | Dec. 31, | Apr. 2, | ||||||||||||||||||
2018 | 2017 | 2017 | ||||||||||||||||||
Interest income | $ | 0.5 | $ | 0.5 | $ | 0.4 | ||||||||||||||
Interest expense | (11.2 | ) | (11.4 | ) | (12.2 | ) | ||||||||||||||
Debt modification costs and fees | 0.0 | 0.0 | (3.9 | ) | ||||||||||||||||
Foreign exchange gains (losses) | (0.7 | ) | 0.1 | 0.6 | ||||||||||||||||
Other deductions | (2.0 | ) | (1.6 | ) | (1.5 | ) | ||||||||||||||
Non-operating income (deductions), net | $ | (13.4 | ) | $ | (12.4 | ) | $ | (16.6 | ) | |||||||||||
On January 1, 2018, the Company adopted the provisions of ASU 2017-07, "Compensation - Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost". As a result of this accounting change, the Company reclassified approximately $0.4 million from Marketing and administrative expense to other deductions for the three months ended April 2, 2017 to conform to current year presentation. | ||||||||||||||||||||
6 | ) | The analyst conference call to discuss operating results for the first quarter is scheduled for Friday, May 4, 2018 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. | ||||||||||||||||||
SUPPLEMENTARY DATA | |||||||||||||||||||||||||||
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES | |||||||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||
Quarter Ended | % Growth | ||||||||||||||||||||||||||
SALES DATA | Apr. 1, | % of | Dec. 31, | % of | Apr. 2, | % of | |||||||||||||||||||||
2018 | Total Sales | 2017 | Total Sales | 2017 | Total Sales | Prior Qtr. | Prior Year | ||||||||||||||||||||
United States | $ | 232.3 | 54 | % | $ | 234.1 | 54 | % | $ | 224.3 | 55 | % | (1 | )% | 4 | % | |||||||||||
International | 199.0 | 46 | % | 198.0 | 46 | % | 180.7 | 45 | % | 1 | % | 10 | % | ||||||||||||||
Net Sales | $ | 431.3 | 100 | % | $ | 432.1 | 100 | % | $ | 405.0 | 100 | % | (0 | )% | 6 | % | |||||||||||
Metalcasting | $ | 79.2 | 18 | % | $ | 78.4 | 18 | % | $ | 66.6 | 16 | % | 1 | % | 19 | % | |||||||||||
Household, Personal Care & Specialty Products | 48.7 | 11 | % | 46.3 | 11 | % | 41.1 | 10 | % | 5 | % | 18 | % | ||||||||||||||
Environmental products | 12.7 | 3 | % | 15.9 | 4 | % | 10.6 | 3 | % | (20 | )% | 20 | % | ||||||||||||||
Building Materials | 18.9 | 4 | % | 20.7 | 5 | % | 17.4 | 4 | % | (9 | )% | 9 | % | ||||||||||||||
Basic Minerals | 27.8 | 6 | % | 34.5 | 8 | % | 34.2 | 8 | % | (19 | )% | (19 | )% | ||||||||||||||
Performance Materials Segment | $ | 187.3 | 43 | % | $ | 195.8 | 45 | % | $ | 169.9 | 42 | % | (4 | )% | 10 | % | |||||||||||
Paper PCC | $ | 97.0 | 22 | % | $ | 95.7 | 22 | % | $ | 93.4 | 23 | % | 1 | % | 4 | % | |||||||||||
Specialty PCC | 17.0 | 4 | % | 15.2 | 4 | % | 17.0 | 4 | % | 12 | % | 0 | % | ||||||||||||||
PCC Products | $ | 114.0 | 26 | % | $ | 110.9 | 26 | % | $ | 110.4 | 27 | % | 3 | % | 3 | % | |||||||||||
Talc | $ | 13.1 | 3 | % | $ | 12.8 | 3 | % | $ | 14.3 | 4 | % | 2 | % | (8 | )% | |||||||||||
Ground Calcium Carbonate | 22.5 | 5 | % | 20.2 | 5 | % | 21.5 | 5 | % | 11 | % | 5 | % | ||||||||||||||
Processed Minerals Products | $ | 35.6 | 8 | % | $ | 33.0 | 8 | % | $ | 35.8 | 9 | % | 8 | % | (1 | )% | |||||||||||
Specialty Minerals Segment | $ | 149.6 | 35 | % | $ | 143.9 | 33 | % | $ | 146.2 | 36 | % | 4 | % | 2 | % | |||||||||||
Total Minerals Businesses | $ | 336.9 | 78 | % | $ | 339.7 | 79 | % | $ | 316.1 | 78 | % | (1 | )% | 7 | % | |||||||||||
Refractory products | $ | 62.3 | 14 | % | $ | 57.4 | 13 | % | $ | 56.7 | 14 | % | 9 | % | 10 | % | |||||||||||
Metallurgical Products | 13.0 | 3 | % | 13.9 | 3 | % | 13.5 | 3 | % | (6 | )% | (4 | )% | ||||||||||||||
Refractories Segment | $ | 75.3 | 17 | % | $ | 71.3 | 17 | % | $ | 70.2 | 17 | % | 6 | % | 7 | % | |||||||||||
Energy Services Segment | $ | 19.1 | 4 | % | $ | 21.1 | 5 | % | $ | 18.7 | 5 | % | (9 | )% | 2 | % | |||||||||||
Total Service Businesses | $ | 94.4 | 22 | % | $ | 92.4 | 21 | % | $ | 88.9 | 22 | % | 2 | % | 6 | % | |||||||||||
Net Sales | $ | 431.3 | 100 | % | $ | 432.1 | 100 | % | $ | 405.0 | 100 | % | (0 | )% | 6 | % | |||||||||||
SUPPLEMENTARY DATA | |||||||||||||||||
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES | |||||||||||||||||
(millions of dollars) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Quarter Ended | % Growth | ||||||||||||||||
Apr. 1, | Dec. 31, | Apr. 2, | Prior | Prior | |||||||||||||
SEGMENT OPERATING INCOME DATA | 2018 | 2017 | 2017 | Qtr. | Year | ||||||||||||
Performance Materials Segment | $ | 26.2 | $ | 28.1 | $ | 28.8 | (7 | )% | (9 | )% | |||||||
% of Sales | 14.0 | % | 14.4 | % | 17.0 | % | |||||||||||
Specialty Minerals Segment | $ | 24.1 | $ | 11.0 | $ | 24.4 | 119 | % | (1 | )% | |||||||
% of Sales | 16.1 | % | 7.6 | % | 16.7 | % | |||||||||||
Total Minerals Businesses | $ | 50.3 | $ | 39.1 | $ | 53.2 | 29 | % | (5 | )% | |||||||
% of Sales | 14.9 | % | 11.5 | % | 16.8 | % | |||||||||||
Refractories Segment | $ | 12.8 | $ | 10.2 | $ | 9.2 | 25 | % | 39 | % | |||||||
% of Sales | 17.0 | % | 14.3 | % | 13.1 | % | |||||||||||
Energy Services Segment | $ | 1.5 | $ | 1.3 | $ | 1.7 | 15 | % | (12 | )% | |||||||
% of Sales | 7.9 | % | 6.2 | % | 9.1 | % | |||||||||||
Total Service Businesses | $ | 14.3 | $ | 11.5 | $ | 10.9 | 24 | % | 31 | % | |||||||
% of Sales | 15.1 | % | 12.4 | % | 12.3 | % | |||||||||||
Unallocated Corporate Expenses | $ | (1.6 | ) | $ | (3.9 | ) | $ | (0.5 | ) | (59 | )% | 220 | % | ||||
Acquisition related integration costs | $ | (0.4 | ) | $ | (0.6 | ) | $ | (1.5 | ) | (33 | )% | (73 | )% | ||||
Consolidated | $ | 62.6 | $ | 46.1 | $ | 62.1 | 36 | % | 1 | % | |||||||
% of Sales | 14.5 | % | 10.7 | % | 15.3 | % | |||||||||||
SPECIAL ITEMS | |||||||||||||||||
Performance Materials Segment | $ | 0.0 | $ | 0.0 | $ | 0.0 | * | * | |||||||||
Specialty Minerals Segment | $ | 0.0 | $ | 12.3 | $ | 0.0 | * | * | |||||||||
Total Minerals Businesses | $ | 0.0 | $ | 12.3 | $ | 0.0 | * | * | |||||||||
Refractories Segment | $ | 0.0 | $ | 0.0 | $ | 0.0 | * | * | |||||||||
Energy Services Segment | $ | 0.0 | $ | 0.9 | $ | 0.3 | * | * | |||||||||
Total Service Businesses | $ | 0.0 | $ | 0.9 | $ | 0.3 | * | * | |||||||||
Unallocated and Other Corporate Expenses | $ | 0.0 | $ | 3.0 | $ | 0.0 | * | * | |||||||||
Acquisition related integration costs | $ | 0.4 | $ | 0.6 | $ | 1.5 | (33 | )% | (73 | )% | |||||||
Consolidated | $ | 0.4 | $ | 16.8 | $ | 1.8 | (98 | )% | (78 | )% | |||||||
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 1, 2018, December 31, 2017, and April 2, 2017, 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. | |||||||||||||||||
Quarter Ended | % Growth | ||||||||||||||||
SEGMENT OPERATING INCOME, | Apr. 1, | Dec. 31, | Apr. 2, | ||||||||||||||
EXCLUDING SPECIAL ITEMS | 2018 | 2017 | 2017 | Prior Qtr. | Prior Year | ||||||||||||
Performance Materials Segment | $ | 26.2 | $ | 28.1 | $ | 28.8 | (7 | )% | (9 | )% | |||||||
% of Sales | 14.0 | % | 14.4 | % | 17.0 | % | |||||||||||
Specialty Minerals Segment | $ | 24.1 | $ | 23.3 | $ | 24.4 | 3 | % | (1 | )% | |||||||
% of Sales | 16.1 | % | 16.2 | % | 16.7 | % | |||||||||||
Total Minerals Businesses | $ | 50.3 | $ | 51.4 | $ | 53.2 | (2 | )% | (5 | )% | |||||||
% of Sales | 14.9 | % | 15.1 | % | 16.8 | % | |||||||||||
Refractories Segment | $ | 12.8 | $ | 10.2 | $ | 9.2 | 25 | % | 39 | % | |||||||
% of Sales | 17.0 | % | 14.3 | % | 13.1 | % | |||||||||||
Energy Services Segment | $ | 1.5 | $ | 2.2 | $ | 2.0 | (32 | )% | (25 | )% | |||||||
% of Sales | 7.9 | % | 10.4 | % | 10.7 | % | |||||||||||
Total Service Businesses | $ | 14.3 | $ | 12.4 | $ | 11.2 | 15 | % | 28 | % | |||||||
% of Sales | 15.1 | % | 13.4 | % | 12.6 | % | |||||||||||
Unallocated Corporate Expenses | $ | (1.6 | ) | $ | (0.9 | ) | $ | (0.5 | ) | 78 | % | 220 | % | ||||
Consolidated | $ | 63.0 | $ | 62.9 | $ | 63.9 | 0 | % | (1 | )% | |||||||
% of Sales | 14.6 | % | 14.6 | % | 15.8 | % | |||||||||||
* Percentage not meaningful | |||||||||||||||||
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
ASSETS | |||||||||||
(In Millions of Dollars) | |||||||||||
Apr. 1, | December 31, | ||||||||||
2018* | 2017** | ||||||||||
Current assets: | |||||||||||
Cash & cash equivalents | $ | 223.2 | $ | 212.2 | |||||||
Short-term investments | 3.9 | 2.7 | |||||||||
Accounts receivable, net | 398.6 | 383.0 | |||||||||
Inventories | 221.2 | 219.3 | |||||||||
Prepaid expenses and other current assets | 37.2 | 35.0 | |||||||||
Total current assets | 884.1 | 852.2 | |||||||||
Property, plant and equipment | 2,218.5 | 2,219.6 | |||||||||
Less accumulated depreciation | 1,152.7 | 1,158.3 | |||||||||
Net property, plant & equipment | 1,065.8 | 1,061.3 | |||||||||
Goodwill | 779.5 | 779.3 | |||||||||
Intangible assets | 194.5 | 196.5 | |||||||||
Other assets and deferred charges | 82.4 | 81.1 | |||||||||
Total assets | $ | 3,006.3 | $ | 2,970.4 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Short-term debt | $ | 6.6 | $ | 6.3 | |||||||
Current maturities of long-term debt | 3.8 | 3.8 | |||||||||
Accounts payable | 177.3 | 179.0 | |||||||||
Other current liabilities | 111.1 | 120.9 | |||||||||
Total current liabilities | 298.8 | 310.0 | |||||||||
Long-term debt | 960.8 | 959.8 | |||||||||
Deferred income taxes | 158.8 | 159.4 | |||||||||
Other non-current liabilities | 256.1 | 262.1 | |||||||||
Total liabilities | 1,674.5 | 1,691.3 | |||||||||
Total MTI shareholders' equity | 1,302.8 | 1,251.7 | |||||||||
Non-controlling Interest | 29.0 | 27.4 | |||||||||
Total shareholders' equity | 1,331.8 | 1,279.1 | |||||||||
Total liabilities and shareholders' equity | $ | 3,006.3 | $ | 2,970.4 | |||||||
* | Unaudited | ||||||||||
** | Condensed from audited financial statements. | ||||||||||
Contact:
(212) 878-1831
Source: Minerals Technologies Inc.