Minerals Technologies Reports Fourth Quarter 2022 Earnings of $0.62 Per Share, or $0.67 Per Share, Excluding Special Items
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Company Reports Full Year 2022 Earnings of
or
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Company Announces Reorganization and New Segmentation for 2023
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Fourth Quarter Highlights:
- Sales of
$508 Million , 6 Percent Above Prior Year - Sales Volumes and Operational Cost Impacted by COVID Shutdowns in
China and Severe Weather inWestern U.S. - Higher Inflation, Primarily in
Europe
Full Year Highlights:
- Record Sales of
$2.13 Billion , 14 percent Above Prior Year - Price Increases of
$210 Million Offset Inflation of$191 Million - Completed
$75 Million Stock Repurchase Program - Continued Growth of Consumer-Oriented Business with Acquisition of Concept Pet
For the full year 2022, the Company reported earnings per share of
“We had a challenging finish to an otherwise strong year, with several acute factors impacting our fourth quarter results. Inflationary costs in
Fourth Quarter 2022
Worldwide net sales were
Reported operating income was
Segment Information
Performance Materials segment sales were
Household, Personal Care & Specialty Products sales increased 8 percent versus the prior year primarily driven by the acquisition of Concept Pet and continued strong demand for consumer-oriented products. Metalcasting sales decreased 5 percent versus the prior year as strength in
Segment operating income excluding special items was
The Performance Materials segment provides a wide range of bentonite-based and synthetic materials for consumer-oriented and industrial markets and for non-residential construction, environmental remediation, and infrastructure projects worldwide.
Specialty Minerals segment sales were
PCC sales were 13 percent above prior year on new satellite ramp-ups in
Segment operating income was
Refractories segment sales were
Segment operating income was
Full Year 2022
Worldwide net sales were
Segment Information
Performance Materials segment sales were
Household, Personal Care & Specialty Products sales increased 22 percent, primarily due to continued strong demand for consumer-oriented products and the acquisition of Concept Pet. Metalcasting sales grew 5 percent as strength in
Segment operating income excluding special items was
Specialty Minerals segment sales were
PCC sales increased 13 percent on the ramp-up of new satellites and strong demand for specialty PCC in construction, automotive, and consumer markets.
Processed Minerals sales increased 9 percent, driven by strong demand for Ground Calcium Carbonate products.
Segment operating income was
Refractories segment sales were
Segment operating income was a record at
Company Announces Reorganization and New Segmentation for 2023
As of
The Consumer & Specialties segment provides technologically enhanced products to consumer-driven end markets, including mineral-to-shelf household products, as well as specialty additives that become functional components in a variety of consumer and industrial goods. This segment includes two product lines: Household & Personal Care and Specialty Additives.
The Engineered Solutions segment provides advanced process technologies and solutions that are designed to improve our customers’ manufacturing processes and projects. This segment includes two product lines: High-Temperature Technologies and Environmental & Infrastructure.
“Minerals Technologies has transformed into a stronger, more resilient, and faster growing company. This new structure better defines who we are today, aligning our businesses and technologies with our customers and end markets. It creates a more efficient and effective management structure that will sharpen our focus, accelerate innovation, increase speed of decision making, and drive higher levels of performance,” adds Dietrich.
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FORWARD-LOOKING STATEMENTS
This press release may contain "forward‐looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations and forecasts of future events such as new products, revenues and financial performance, and are not limited to describing historical or current facts. They can be identified by the use of words such as “believes,” “expects,” “plans,” “intends,” “anticipates,” and other words and phrases of similar meaning. Forward-looking statements are necessarily based on assumptions, estimates and limited information available at the time they are made. A broad variety of risks and uncertainties, both known and unknown, as well as the inaccuracy of assumptions and estimates, can affect the realization of the expectations or forecasts in these statements. Actual future results may vary materially. Significant factors that could affect the expectations and forecasts include the duration and scope of the COVID-19 pandemic, and government and other third-party responses to it; worldwide general economic, business, and industry conditions, including the effects of the COVID-19 pandemic on the global economy; the cyclicality of our customers’ businesses and their changing demands; the dependence of certain of our product lines on the commercial construction and infrastructure markets, the domestic building and construction markets, and the automotive market; our ability to effectively achieve and implement our growth initiatives; our ability to service our debt; our ability to comply with the covenants in the agreements governing our debt; our ability to renew or extend long term sales contracts for our PCC satellite operations; consolidation in customer industries, principally paper, foundry and steel; compliance with or changes to regulation in the areas of environmental, health and safety, and tax; claims for legal, environmental and tax matters or product stewardship issues; our ability to successfully develop new products; our ability to defend our intellectual property; the increased risks of doing business abroad; the availability of raw materials and access to ore reserves at our mining operations; increases in costs of raw materials, energy, or shipping; our ability to compete in very competitive industries; operating risks and capacity limitations affecting our production facilities; seasonality of some of our segments; cybersecurity and other threats relating to our information technology systems; and other risk factors and cautionary statements in our 2021 Annual Report on Form 10‐K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed with the
About
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||||||||||||
(in millions, except per share data) | ||||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||
Quarter Ended | % Growth | Twelve Months Ended | % Growth | |||||||||||||||||||||||||||
2022 | 2022 | 2021 | Prior Qtr. | Prior Year | 2022 | 2021 | Prior Year | |||||||||||||||||||||||
Net sales | $ | 507.6 | $ | 541.9 | $ | 476.9 | (6 | )% | 6 | % | $ | 2,125.5 | $ | 1,858.3 | 14 | % | ||||||||||||||
Cost of goods sold | 409.9 | 423.6 | 370.9 | (3 | )% | 11 | % | 1,660.5 | 1,411.8 | 18 | % | |||||||||||||||||||
Production margin | 97.7 | 118.3 | 106.0 | (17 | )% | (8 | )% | 465.0 | 446.5 | 4 | % | |||||||||||||||||||
Marketing and administrative expenses | 48.5 | 46.0 | 46.3 | 5 | % | 5 | % | 192.1 | 186.2 | 3 | % | |||||||||||||||||||
Research and development expenses | 5.2 | 5.1 | 5.0 | 2 | % | 4 | % | 20.4 | 19.5 | 5 | % | |||||||||||||||||||
Acquisition related transaction and integration costs | 0.4 | 0.5 | 2.1 | (20 | )% | (81 | )% | 5.1 | 4.0 | 28 | % | |||||||||||||||||||
Litigation costs | 0.0 | 31.1 | 0.0 | * | * | 32.6 | 0.0 | * | ||||||||||||||||||||||
Restructuring and other items, net | 0.0 | 0.0 | 0.0 | * | * | 0.0 | 1.1 | * | ||||||||||||||||||||||
Income from operations | 43.6 | 35.6 | 52.6 | 22 | % | (17 | )% | 214.8 | 235.7 | (9 | )% | |||||||||||||||||||
Interest expense, net | (12.7 | ) | (11.0 | ) | (9.0 | ) | 15 | % | 41 | % | (43.9 | ) | (37.2 | ) | 18 | % | ||||||||||||||
Debt extinguishment expenses | 0.0 | (6.9 | ) | 0.0 | * | * | (6.9 | ) | 0.0 | * | ||||||||||||||||||||
Non-cash pension settlement (gain) | (1.8 | ) | (0.2 | ) | 1.2 | * | * | (3.5 | ) | (1.8 | ) | 94 | % | |||||||||||||||||
Other non-operating income (deductions), net | (1.7 | ) | (0.4 | ) | 5.3 | * | * | (3.8 | ) | 5.6 | * | |||||||||||||||||||
Total non-operating deductions, net | (16.2 | ) | (18.5 | ) | (2.5 | ) | (12 | )% | 548 | % | (58.1 | ) | (33.4 | ) | 74 | % | ||||||||||||||
Income before tax and equity in earnings | 27.4 | 17.1 | 50.1 | 60 | % | (45 | )% | 156.7 | 202.3 | (23 | )% | |||||||||||||||||||
Provision for taxes on income | 6.3 | 3.2 | 9.0 | 97 | % | (30 | )% | 32.1 | 36.6 | (12 | )% | |||||||||||||||||||
Equity in earnings of affiliates, net of tax | 0.3 | 0.7 | 0.9 | (57 | )% | (67 | )% | 1.7 | 2.8 | (39 | )% | |||||||||||||||||||
Consolidated net income | 21.4 | 14.6 | 42.0 | 47 | % | (49 | )% | 126.3 | 168.5 | (25 | )% | |||||||||||||||||||
Less: Net income attributable to non-controlling interests | 1.4 | 1.2 | 0.9 | 17 | % | 56 | % | 4.1 | 4.1 | (0 | )% | |||||||||||||||||||
Net Income attributable to |
$ | 20.0 | $ | 13.4 | $ | 41.1 | 49 | % | (51 | )% | $ | 122.2 | $ | 164.4 | (26 | )% | ||||||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||||||||||||||||
Basic | 32.5 | 32.5 | 33.3 | 32.7 | 33.6 | |||||||||||||||||||||||||
Diluted | 32.5 | 32.6 | 33.5 | 32.8 | 33.8 | |||||||||||||||||||||||||
Earnings per share attributable to MTI: | ||||||||||||||||||||||||||||||
Basic | $ | 0.62 | $ | 0.41 | $ | 1.23 | 51 | % | (50 | )% | $ | 3.74 | $ | 4.89 | (24 | )% | ||||||||||||||
Diluted | $ | 0.62 | $ | 0.41 | $ | 1.23 | 51 | % | (50 | )% | $ | 3.73 | $ | 4.86 | (23 | )% | ||||||||||||||
Cash dividends declared per common share | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.20 | $ | 0.20 | ||||||||||||||||||||
* Percentage not meaningful | ||||||||||||||||||||||||||||||
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES | |||||||||||||||||||||||||
NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||||||
1 | ) | For comparative purposes, the quarterly periods ended |
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2 | ) | In |
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(millions of dollars) | |||||||||||||||||||||||||
Quarter Ended | Twelve Months Ended | ||||||||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||
Asset Write-Downs | |||||||||||||||||||||||||
Specialty Minerals | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.7 | |||||||||||||||
Total asset write-downs | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.7 | |||||||||||||||
Restructuring and other items, net | |||||||||||||||||||||||||
Severance related costs | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.2 | |||||||||||||||
Other costs | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | ||||||||||||||||||||
$ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.4 | ||||||||||||||||
Total restructuring and other items, net | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 1.1 | |||||||||||||||
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 |
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(millions of dollars) | Quarter Ended | Twelve Months Ended | |||||||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||
Net income attributable to MTI | $ | 20.0 | $ | 13.4 | $ | 41.1 | $ | 122.2 | $ | 164.4 | |||||||||||||||
% of sales | 3.9 | % | 2.5 | % | 8.6 | % | 5.7 | % | 8.8 | % | |||||||||||||||
Special items: | |||||||||||||||||||||||||
Acquisition related transaction and integration costs | 0.4 | 0.5 | 2.1 | 5.1 | 4.0 | ||||||||||||||||||||
Litigation costs | 0.0 | 31.1 | 0.0 | 32.6 | 0.0 | ||||||||||||||||||||
Debt extinguishment expenses | 0.0 | 6.9 | 0.0 | 6.9 | 0.0 | ||||||||||||||||||||
Non-cash pension settlement (gain) | 1.8 | 0.2 | (1.2 | ) | 3.5 | 1.8 | |||||||||||||||||||
Restructuring and other items, net | 0.0 | 0.0 | 0.0 | 0.0 | 1.1 | ||||||||||||||||||||
Related tax effects on special items | (0.5 | ) | (8.0 | ) | (0.2 | ) | (10.2 | ) | (1.6 | ) | |||||||||||||||
Net income attributable to MTI, excluding special items | $ | 21.7 | $ | 44.1 | $ | 41.8 | $ | 160.1 | $ | 169.7 | |||||||||||||||
% of sales | 4.3 | % | 8.1 | % | 8.8 | % | 7.5 | % | 9.1 | % | |||||||||||||||
Diluted earnings per share, excluding special items | $ | 0.67 | $ | 1.35 | $ | 1.25 | $ | 4.88 | $ | 5.02 | |||||||||||||||
Included in litigation costs for the twelve month period ended |
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4 | ) | Free cash flow is defined as cash flow from operations less capital expenditures. The following is a presentation of the Company's non-GAAP free cash flow for the quarterly periods ended |
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Quarter Ended | Twelve Months Ended | ||||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||
Cash flow from operations | $ | 42.3 | $ | 30.4 | $ | 69.3 | $ | 105.9 | $ | 232.4 | |||||||||||||||
Capital expenditures | 22.9 | 19.2 | 23.0 | 82.3 | 86.0 | ||||||||||||||||||||
Free cash flow | $ | 19.4 | $ | 11.2 | $ | 46.3 | $ | 23.6 | $ | 146.4 | |||||||||||||||
Depreciation, depletion and amortization expense | $ | 23.0 | $ | 23.3 | $ | 23.6 | $ | 94.2 | $ | 94.6 | |||||||||||||||
5 | ) | To supplement the Company's consolidated financial statements presented in accordance with GAAP, the following is a presentation of the Company's year over year sales growth on a constant currency basis, which is a non-GAAP measure, for the three months and twelve months ended |
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Quarter Ended |
Year Ended |
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Sales Growth | Impact of Foreign Exchange | Sales Growth on Constant Currency Basis | Sales Growth | Impact of Foreign Exchange | Sales Growth on Constant Currency Basis | ||||||||||||||||||||
Performance Materials | 4 | % | 7 | % | 11 | % | 16 | % | 6 | % | 22 | % | |||||||||||||
Specialty Minerals | 10 | % | 4 | % | 14 | % | 12 | % | 4 | % | 16 | % | |||||||||||||
Refractories | 10 | % | 7 | % | 17 | % | 15 | % | 6 | % | 21 | % | |||||||||||||
MTI | 6 | % | 7 | % | 13 | % | 14 | % | 6 | % | 20 | % | |||||||||||||
6 | ) | “Adjusted EBITDA” is a non-GAAP financial measure and refers to earnings before interest, taxes, depreciation and amortization (EBITDA), excluding special items. The following is a presentation of the Company's non-GAAP EBITDA and Adjusted EBITDA for the quarterly periods ended |
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Quarter Ended | Twelve Months Ended | ||||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||
Net income | $ | 20.0 | $ | 13.4 | $ | 41.1 | $ | 122.2 | $ | 164.4 | |||||||||||||||
Add back: | |||||||||||||||||||||||||
Depreciation, depletion and amortization | 23.0 | 23.3 | 23.6 | 94.2 | 94.6 | ||||||||||||||||||||
Interest expense, net | 12.7 | 11.0 | 9.0 | 43.9 | 37.2 | ||||||||||||||||||||
Equity in earnings of affiliates, net of tax | (0.3 | ) | (0.7 | ) | (0.9 | ) | (1.7 | ) | (2.8 | ) | |||||||||||||||
Net income attributable to non-controlling interests | 1.4 | 1.2 | 0.9 | 4.1 | 4.1 | ||||||||||||||||||||
Provision for taxes on income | 6.3 | 3.2 | 9.0 | 32.1 | 36.6 | ||||||||||||||||||||
EBITDA | 63.1 | 51.4 | 82.7 | 294.8 | 334.1 | ||||||||||||||||||||
Add special items: | |||||||||||||||||||||||||
Acquisition related transaction and integration costs | 0.4 | 0.5 | 2.1 | 5.1 | 4.0 | ||||||||||||||||||||
Litigation costs | 0.0 | 31.1 | 0.0 | 32.6 | 0.0 | ||||||||||||||||||||
Restructuring and other items, net | 0.0 | 0.0 | 0.0 | 0.0 | 1.1 | ||||||||||||||||||||
Debt extinguishment expenses | 0.0 | 6.9 | 0.0 | 6.9 | 0.0 | ||||||||||||||||||||
Non-cash pension settlement charge | 1.8 | 0.2 | (1.2 | ) | 3.5 | 1.8 | |||||||||||||||||||
Adjusted EBITDA | $ | 65.3 | $ | 90.1 | $ | 83.6 | $ | 342.9 | $ | 341.0 | |||||||||||||||
% of sales | 12.9 | % | 16.6 | % | 17.5 | % | 16.1 | % | 18.4 | % | |||||||||||||||
7 | ) | The following table reflects the components of non-operating income and deductions: | |||||||||||||||||||||||
(millions of dollars) | Quarter Ended | Twelve Months Ended | |||||||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||
Interest income | $ | 0.7 | $ | 1.1 | $ | 1.1 | $ | 3.4 | $ | 3.4 | |||||||||||||||
Interest expense | (13.4 | ) | (12.1 | ) | (10.1 | ) | (47.3 | ) | (40.6 | ) | |||||||||||||||
Non-cash pension (settlement) gain | (1.8 | ) | (0.2 | ) | 1.2 | (3.5 | ) | (1.8 | ) | ||||||||||||||||
Debt extinguishment expenses | 0.0 | (6.9 | ) | 0.0 | (6.9 | ) | 0.0 | ||||||||||||||||||
Foreign exchange gains | (0.1 | ) | 0.7 | 7.8 | 2.1 | 11.7 | |||||||||||||||||||
Other deductions | (1.6 | ) | (1.1 | ) | (2.5 | ) | (5.9 | ) | (6.1 | ) | |||||||||||||||
Non-operating deductions, net | $ | (16.2 | ) | $ | (18.5 | ) | $ | (2.5 | ) | $ | (58.1 | ) | $ | (33.4 | ) | ||||||||||
Included in non-operating deductions for the twelve month period ended |
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Included in non-operating deductions for the three month periods ended |
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8 | ) | The analyst conference call to discuss operating results for the fourth quarter is scheduled for |
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SUPPLEMENTARY DATA | |||||||||||||||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||
Quarter Ended | % Growth | Twelve Months Ended | % Growth | ||||||||||||||||||||||||||||||||
SALES DATA | % of | % of | % of | % of | % of | ||||||||||||||||||||||||||||||
2022 | Total Sales | 2022 | Total Sales | 2021 | Total Sales | Prior Qtr. | Prior Year | 2022 | Total Sales | 2021 | Total Sales | Prior Year | |||||||||||||||||||||||
$ | 273.0 | 54 | % | $ | 279.9 | 52 | % | $ | 246.7 | 52 | % | (2 | )% | 11 | % | $ | 1,135.6 | 53 | % | $ | 959.6 | 52 | % | 18 | % | ||||||||||
International | 234.6 | 46 | % | 262.0 | 48 | % | 230.2 | 48 | % | (10 | )% | 2 | % | 989.9 | 47 | % | 898.7 | 48 | % | 10 | % | ||||||||||||||
Net Sales | $ | 507.6 | 100 | % | $ | 541.9 | 100 | % | $ | 476.9 | 100 | % | (6 | )% | 6 | % | $ | 2,125.5 | 100 | % | $ | 1,858.3 | 100 | % | 14 | % | |||||||||
Household, Personal Care & Specialty Products | $ | 136.8 | 27 | % | $ | 141.5 | 26 | % | $ | 126.5 | 27 | % | (3 | )% | 8 | % | $ | 560.9 | 26 | % | $ | 460.5 | 25 | % | 22 | % | |||||||||
Metalcasting | 79.6 | 16 | % | 85.4 | 16 | % | 84.2 | 18 | % | (7 | )% | (5 | )% | 334.0 | 16 | % | 319.2 | 17 | % | 5 | % | ||||||||||||||
Environmental Products | 36.1 | 7 | % | 47.7 | 9 | % | 30.5 | 6 | % | (24 | )% | 18 | % | 174.1 | 8 | % | 136.3 | 7 | % | 28 | % | ||||||||||||||
Building Materials | 13.1 | 3 | % | 15.8 | 3 | % | 15.0 | 3 | % | (17 | )% | (13 | )% | 58.7 | 3 | % | 60.0 | 3 | % | (2 | )% | ||||||||||||||
Performance Materials Segment | $ | 265.6 | 52 | % | $ | 290.4 | 54 | % | $ | 256.2 | 54 | % | (9 | )% | 4 | % | $ | 1,127.7 | 53 | % | $ | 976.0 | 53 | % | 16 | % | |||||||||
Paper PCC | $ | 95.3 | 19 | % | $ | 97.7 | 18 | % | $ | 84.8 | 18 | % | (2 | )% | 12 | % | $ | 381.7 | 18 | % | $ | 349.7 | 19 | % | 9 | % | |||||||||
Specialty PCC | 22.7 | 4 | % | 25.5 | 5 | % | 20.0 | 4 | % | (11 | )% | 14 | % | 100.4 | 5 | % | 77.1 | 4 | % | 30 | % | ||||||||||||||
PCC Products | $ | 118.0 | 23 | % | $ | 123.2 | 23 | % | $ | 104.8 | 22 | % | (4 | )% | 13 | % | $ | 482.1 | 23 | % | $ | 426.8 | 23 | % | 13 | % | |||||||||
Ground Calcium Carbonate | $ | 25.1 | 5 | % | $ | 28.6 | 5 | % | $ | 23.6 | 5 | % | (12 | )% | 6 | % | $ | 109.1 | 5 | % | 98.1 | 5 | % | 11 | % | ||||||||||
Talc | 12.0 | 2 | % | 14.2 | 3 | % | 13.1 | 3 | % | (15 | )% | (8 | )% | 57.2 | 3 | % | 54.0 | 3 | % | 6 | % | ||||||||||||||
Processed Minerals Products | $ | 37.1 | 7 | % | $ | 42.8 | 8 | % | $ | 36.7 | 8 | % | (13 | )% | 1 | % | $ | 166.3 | 8 | % | $ | 152.1 | 8 | % | 9 | % | |||||||||
Specialty Minerals Segment | $ | 155.1 | 31 | % | $ | 166.0 | 31 | % | $ | 141.5 | 30 | % | (7 | )% | 10 | % | $ | 648.4 | 31 | % | $ | 578.9 | 31 | % | 12 | % | |||||||||
Refractory Products | $ | 69.5 | 14 | % | $ | 68.9 | 13 | % | $ | 62.1 | 13 | % | 1 | % | 12 | % | $ | 273.4 | 13 | % | $ | 237.1 | 13 | % | 15 | % | |||||||||
Metallurgical Products | 17.4 | 3 | % | 16.6 | 3 | % | 17.1 | 4 | % | 5 | % | 2 | % | 76.0 | 4 | % | 66.3 | 4 | % | 15 | % | ||||||||||||||
Refractories Segment | $ | 86.9 | 17 | % | $ | 85.5 | 16 | % | $ | 79.2 | 17 | % | 2 | % | 10 | % | $ | 349.4 | 16 | % | $ | 303.4 | 16 | % | 15 | % | |||||||||
Net Sales | $ | 507.6 | 100 | % | $ | 541.9 | 100 | % | $ | 476.9 | 100 | % | (6 | )% | 6 | % | $ | 2,125.5 | 100 | % | $ | 1,858.3 | 100 | % | 14 | % | |||||||||
SUPPLEMENTARY DATA | |||||||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||
Quarter Ended | % Growth | Twelve Months Ended | % Growth | ||||||||||||||||||||||||
Prior | Prior | ||||||||||||||||||||||||||
SEGMENT OPERATING INCOME (LOSS) DATA | 2022 | 2022 | 2021 | Qtr. | Year | 2022 | 2021 | Prior Year | |||||||||||||||||||
Performance Materials Segment | $ | 18.7 | $ | 37.9 | $ | 28.5 | (51 | )% | (34 | )% | $ | 127.2 | $ | 125.0 | 2 | % | |||||||||||
% of Sales | 7.0 | % | 13.1 | % | 11.1 | % | 11.3 | % | 12.8 | % | |||||||||||||||||
Specialty Minerals Segment | $ | 16.9 | $ | (14.2 | ) | $ | 14.5 | * | 17 | % | $ | 41.3 | $ | 72.9 | (43 | )% | |||||||||||
% of Sales | 10.9 | % | * | 10.2 | % | 6.4 | % | 12.6 | % | ||||||||||||||||||
Refractories Segment | $ | 12.5 | $ | 12.4 | $ | 12.4 | 1 | % | 1 | % | $ | 57.6 | $ | 49.3 | 17 | % | |||||||||||
% of Sales | 14.4 | % | 14.5 | % | 15.7 | % | 16.5 | % | 16.2 | % | |||||||||||||||||
Unallocated and Other Corporate Expenses | $ | (4.5 | ) | $ | (0.5 | ) | $ | (2.8 | ) | * | * | $ | (11.3 | ) | $ | (11.5 | ) | (2 | )% | ||||||||
Consolidated | $ | 43.6 | $ | 35.6 | $ | 52.6 | 22 | % | (17 | )% | $ | 214.8 | $ | 235.7 | (9 | )% | |||||||||||
% of Sales | 8.6 | % | 6.6 | % | 11.0 | % | 10.1 | % | 12.7 | % | |||||||||||||||||
SPECIAL ITEMS | |||||||||||||||||||||||||||
Performance Materials Segment | $ | 0.3 | $ | 0.3 | $ | 0.6 | * | * | $ | 3.6 | $ | 1.2 | * | ||||||||||||||
Specialty Minerals Segment | $ | 0.0 | $ | 31.1 | $ | 0.0 | * | * | $ | 31.1 | $ | 1.1 | * | ||||||||||||||
Refractories Segment | $ | 0.0 | $ | 0.0 | $ | 0.0 | * | * | $ | 0.0 | $ | 0.0 | * | ||||||||||||||
Unallocated and Other Corporate Expenses | $ | 0.1 | $ | 0.2 | $ | 1.5 | * | * | $ | 3.0 | $ | 2.7 | * | ||||||||||||||
Consolidated | $ | 0.4 | $ | 31.6 | $ | 2.1 | * | * | $ | 37.7 | $ | 5.0 | * | ||||||||||||||
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. This excludes special items (set forth in the above table), for the quarterly periods ended |
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Quarter Ended | % Growth | Twelve Months Ended | % Growth | ||||||||||||||||||||||||
SEGMENT OPERATING INCOME, | |||||||||||||||||||||||||||
EXCLUDING SPECIAL ITEMS | 2022 | 2022 | 2021 | Prior Qtr. | Prior Year | 2022 | 2021 | Prior Year | |||||||||||||||||||
Performance Materials Segment | $ | 19.0 | $ | 38.2 | $ | 29.1 | (50 | )% | (35 | )% | $ | 130.8 | $ | 126.2 | 4 | % | |||||||||||
% of Sales | 7.2 | % | 13.2 | % | 11.4 | % | 11.6 | % | 12.9 | % | |||||||||||||||||
Specialty Minerals Segment | $ | 16.9 | $ | 16.9 | $ | 14.5 | (0 | )% | 17 | % | $ | 72.4 | $ | 74.0 | (2 | )% | |||||||||||
% of Sales | 10.9 | % | 10.2 | % | 10.2 | % | 11.2 | % | 12.8 | % | |||||||||||||||||
Refractories Segment | $ | 12.5 | $ | 12.4 | $ | 12.4 | 1 | % | 1 | % | $ | 57.6 | $ | 49.3 | 17 | % | |||||||||||
% of Sales | 14.4 | % | 14.5 | % | 15.7 | % | 16.5 | % | 16.2 | % | |||||||||||||||||
Unallocated Corporate Expenses | $ | (4.4 | ) | $ | (0.3 | ) | $ | (1.3 | ) | 1367 | % | (238 | )% | $ | (8.3 | ) | $ | (8.8 | ) | 6 | % | ||||||
Consolidated | $ | 44.0 | $ | 67.2 | $ | 54.7 | (35 | )% | (20 | )% | $ | 252.5 | $ | 240.7 | 5 | % | |||||||||||
% of Sales | 8.7 | % | 12.4 | % | 11.5 | % | 11.9 | % | 13.0 | % | |||||||||||||||||
* Percentage not meaningful | |||||||||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
ASSETS | |||||||||
(In Millions of Dollars) | |||||||||
2022* | 2021** | ||||||||
Current assets: | |||||||||
Cash & cash equivalents | $ | 247.2 | $ | 299.5 | |||||
Short-term investments | 5.6 | 4.9 | |||||||
Accounts receivable, net | 404.0 | 367.8 | |||||||
Inventories | 348.8 | 297.7 | |||||||
Prepaid expenses and other current assets | 64.9 | 58.6 | |||||||
Total current assets | 1,070.5 | 1,028.5 | |||||||
Property, plant and equipment | 2,288.6 | 2,296.4 | |||||||
Less accumulated depreciation | 1,238.2 | 1,247.3 | |||||||
Net property, plant & equipment | 1,050.4 | 1,049.1 | |||||||
914.8 | 907.5 | ||||||||
Intangible assets | 241.9 | 251.6 | |||||||
Other assets and deferred charges | 121.5 | 137.5 | |||||||
Total assets | $ | 3,399.1 | $ | 3,374.2 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
Current liabilities: | |||||||||
Short-term debt | $ | 119.7 | $ | 80.0 | |||||
Current maturities of long-term debt | 14.5 | 0.8 | |||||||
Accounts payable | 193.8 | 196.1 | |||||||
Other current liabilities | 170.3 | 142.9 | |||||||
Total current liabilities | 498.3 | 419.8 | |||||||
Long-term debt | 928.1 | 936.2 | |||||||
Deferred income taxes | 182.4 | 188.1 | |||||||
Other non-current liabilities | 177.2 | 250.6 | |||||||
Total liabilities | 1,786.0 | 1,794.7 | |||||||
Total MTI shareholders' equity | 1,579.4 | 1,539.3 | |||||||
Non-controlling Interests | 33.7 | 40.2 | |||||||
Total shareholders' equity | 1,613.1 | 1,579.5 | |||||||
Total liabilities and shareholders' equity | $ | 3,399.1 | $ | 3,374.2 | |||||
* | Unaudited | ||||||||
** | Condensed from audited financial statements. |
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Source: Minerals Technologies Inc.