Minerals Technologies Reports Third Quarter 2021 Earnings of $1.22 Per Share, or $1.30 Per Share Excluding Special Items, a Record Quarter for the Company
Third Quarter Highlights:
- EPS of
$1.30 , Excluding Special Items, Up 41% Versus Prior Year - Sales of
$473 Million , Up 22% Versus Prior Year - Continued Strong Cash Flow from Operations, Up 10% Year-to-Date
- Normerica Inc. (“Normerica”) Integration Progressing Well
- Acquired Specialty PCC Assets in the Midwest US in November
“MTI had another record quarter of earnings marked by solid execution, strong end market demand, and progress with our strategic growth initiatives,” said
Third Quarter 2021
Worldwide net sales were
Operating income was
Cash flow from operations was
Segment Information
Performance Materials segment sales were
Household, Personal Care & Specialty Products sales were 30 percent above the prior year. The acquisition of
Metalcasting sales were 10 percent higher than the prior year, driven by stronger demand globally and continued penetration of greensand bond technologies in
Environmental Products sales grew 32 percent versus the prior year on improved demand for environmental lining systems, remediation, and wastewater treatment. Building Materials sales grew 18 percent versus the prior year and 3 percent sequentially on higher levels of project activity.
Operating income for the segment was
The Performance Materials segment provides a wide range of bentonite-based and synthetic materials for industrial and consumer-oriented markets and for non-residential construction, environmental remediation, and infrastructure projects worldwide.
Specialty Minerals segment sales, which consist of the Precipitated Calcium Carbonate (PCC) and Processed Minerals product lines, were
PCC sales grew 17 percent versus the prior year and 3 percent sequentially on recovering Paper PCC demand, the continued ramp-up of three new satellite plants, and higher SPCC demand from automotive, construction, and consumer end markets. PCC is used in paper and packaging, automotive and construction sealants, and the food and pharmaceutical industries.
Processed Minerals sales grew 18 percent versus the prior year and 2 percent sequentially on continued strength in residential construction and consumer end markets. Processed Minerals products are used in the building materials, polymers, ceramics, consumer products, paints and coatings, glass, and other manufacturing industries.
Segment operating income was
Refractories segment sales were
Segment operating income was
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, including, but not limited to, the integration of the Normerica’s business into our business and the expected benefits, cost savings, accretion, synergies and growth to result therefrom; 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 2020 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 | Nine Months Ended | % Growth | |||||||||||||||||||||||||||
2021 | 2021 | 2020 | Prior Qtr. | Prior Year | 2021 | 2020 | Prior Year | |||||||||||||||||||||||
Net sales | $ | 473.2 | $ | 455.6 | $ | 388.3 | 4 | % | 22 | % | $ | 1,381.4 | $ | 1,163.0 | 19 | % | ||||||||||||||
Cost of goods sold | 359.9 | 340.2 | 289.9 | 6 | % | 24 | % | 1,040.9 | 868.9 | 20 | % | |||||||||||||||||||
Production margin | 113.3 | 115.4 | 98.4 | (2 | )% | 15 | % | 340.5 | 294.1 | 16 | % | |||||||||||||||||||
Marketing and administrative expenses | 45.5 | 46.4 | 42.1 | (2 | )% | 8 | % | 139.9 | 127.3 | 10 | % | |||||||||||||||||||
Research and development expenses | 4.6 | 4.9 | 4.8 | (6 | )% | (4 | )% | 14.5 | 15.0 | (3 | )% | |||||||||||||||||||
Acquisition-related expenses | 1.5 | 0.4 | 0.0 | 275 | % | * | 1.9 | 0.0 | * | |||||||||||||||||||||
Litigation expenses | 0.0 | 0.0 | 1.5 | * | * | 0.0 | 10.4 | * | ||||||||||||||||||||||
Restructuring and other items, net | 1.1 | 0.0 | 1.5 | * | (27 | )% | 1.1 | 8.0 | (86 | )% | ||||||||||||||||||||
Income from operations | 60.6 | 63.7 | 48.5 | (5 | )% | 25 | % | 183.1 | 133.4 | 37 | % | |||||||||||||||||||
Interest expense, net | (9.2 | ) | (9.1 | ) | (10.1 | ) | 1 | % | (9 | )% | (28.2 | ) | (27.5 | ) | 3 | % | ||||||||||||||
Non-cash pension settlement charge | (0.8 | ) | (2.2 | ) | (1.1 | ) | (64 | )% | (27 | )% | (3.0 | ) | (5.4 | ) | (44 | )% | ||||||||||||||
Other non-operating income (deductions), net | (0.1 | ) | (0.1 | ) | (1.5 | ) | * | (93 | )% | 0.3 | (1.1 | ) | (127 | )% | ||||||||||||||||
Total non-operating deductions, net | (10.1 | ) | (11.4 | ) | (12.7 | ) | (11 | )% | (20 | )% | (30.9 | ) | (34.0 | ) | (9 | )% | ||||||||||||||
Income before tax and equity in earnings | 50.5 | 52.3 | 35.8 | (3 | )% | 41 | % | 152.2 | 99.4 | 53 | % | |||||||||||||||||||
Provision for taxes on income | 8.9 | 9.8 | 7.0 | (9 | )% | 27 | % | 27.6 | 17.6 | 57 | % | |||||||||||||||||||
Equity in earnings of affiliates, net of tax | 0.8 | 0.5 | 0.5 | 60 | % | 60 | % | 1.8 | 2.0 | (10 | )% | |||||||||||||||||||
Consolidated net income | 42.4 | 43.0 | 29.3 | (1 | )% | 45 | % | 126.4 | 83.8 | 51 | % | |||||||||||||||||||
Less: Net income attributable to non-controlling interests | 1.0 | 1.1 | 1.0 | (9 | )% | 0 | % | 3.2 | 2.5 | 28 | % | |||||||||||||||||||
Net Income attributable to |
$ | 41.4 | $ | 41.9 | $ | 28.3 | (1 | )% | 46 | % | $ | 123.2 | $ | 81.3 | 52 | % | ||||||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||||||||||||||||
Basic | 33.5 | 33.7 | 34.1 | 33.7 | 34.2 | |||||||||||||||||||||||||
Diluted | 33.8 | 34.1 | 34.1 | 33.9 | 34.2 | |||||||||||||||||||||||||
Earnings per share attributable to |
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Basic | $ | 1.24 | $ | 1.24 | $ | 0.83 | 0 | % | 49 | % | $ | 3.66 | $ | 2.38 | 54 | % | ||||||||||||||
Diluted | $ | 1.22 | $ | 1.23 | $ | 0.83 | (1 | )% | 47 | % | $ | 3.63 | $ | 2.38 | 53 | % | ||||||||||||||
Cash dividends declared per common share | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.15 | $ | 0.15 | ||||||||||||||||||||
* 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 | ) | 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 2021, in order to support MTI's key growth initiatives and more closely align complementary technologies, processes and capabilities, the Company reorganized the management structure for its Energy Services and Performance Materials operating segments to better reflect the way performance is evaluated and resources are allocated. As a result, Energy Services was combined into Environmental Products under the Performance Materials operating segment. Presented below are the restated financial results, by product line, for each of the quarters and full year 2020 of this operating segment to conform to the current management structure. | ||||||||||||||||||||||
Full Year | ||||||||||||||||||||||||
(millions of dollars) | Quarter Ended | Ended | ||||||||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2020 | ||||||||||||||||||||
Sales | ||||||||||||||||||||||||
Metalcasting | $ | 61.7 | $ | 52.8 | $ | 66.3 | $ | 77.3 | $ | 258.1 | ||||||||||||||
Household, Personal Care & Specialty Products | 96.2 | 87.9 | 93.9 | 102.2 | 380.2 | |||||||||||||||||||
Environmental Products | 36.7 | 37.6 | 30.2 | 27.1 | 131.6 | |||||||||||||||||||
Building Materials | 16.8 | 13.2 | 13.5 | 12.4 | 55.9 | |||||||||||||||||||
Performance Materials Segment | $ | 211.4 | $ | 191.5 | $ | 203.9 | $ | 219.0 | $ | 825.8 | ||||||||||||||
Operating Income | ||||||||||||||||||||||||
Performance Materials Segment | $ | 27.3 | $ | 22.4 | $ | 28.2 | $ | 30.9 | $ | 108.8 | ||||||||||||||
% of Sales | 12.9 | % | 11.7 | % | 13.8 | % | 14.1 | % | 13.2 | % | ||||||||||||||
3 | ) | In |
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In |
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In |
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(millions of dollars) | ||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Asset Write-Downs | ||||||||||||||||||||||||
Specialty Minerals | $ | 0.7 | $ | 0.0 | $ | 1.1 | $ | 0.7 | $ | 7.1 | ||||||||||||||
Total asset write-downs | $ | 0.7 | $ | 0.0 | $ | 1.1 | $ | 0.7 | $ | 7.1 | ||||||||||||||
Restructuring and other items, net | ||||||||||||||||||||||||
Severance related costs | $ | 0.2 | $ | 0.0 | $ | 0.0 | $ | 0.2 | $ | 0.3 | ||||||||||||||
Other costs | 0.2 | 0.0 | 0.4 | 0.2 | 0.6 | |||||||||||||||||||
$ | 0.4 | $ | 0.0 | $ | 0.4 | $ | 0.4 | $ | 0.9 | |||||||||||||||
Total restructuring and other items, net | $ | 1.1 | $ | 0.0 | $ | 1.5 | $ | 1.1 | $ | 8.0 | ||||||||||||||
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 |
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(millions of dollars) | Quarter Ended | Nine Months Ended | ||||||||||||||||||||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net Income attributable to |
$ | 41.4 | $ | 41.9 | $ | 28.3 | $ | 123.2 | $ | 81.3 | ||||||||||||||
% of sales | 8.7 | % | 9.2 | % | 7.3 | % | 8.9 | % | 7.0 | % | ||||||||||||||
Special items: | ||||||||||||||||||||||||
Restructuring and other items, net | 1.1 | 0.0 | 1.5 | 1.1 | 8.0 | |||||||||||||||||||
Litigation expenses | 0.0 | 0.0 | 1.5 | 0.0 | 10.4 | |||||||||||||||||||
Acquisition-related expenses | 1.5 | 0.4 | 0.0 | 1.9 | 0.0 | |||||||||||||||||||
Non-cash pension settlement charge | 0.8 | 2.2 | 1.1 | 3.0 | 5.4 | |||||||||||||||||||
Related tax effects on special items | (0.8 | ) | (0.6 | ) | (0.9 | ) | (1.4 | ) | (5.6 | ) | ||||||||||||||
Net Income attributable to |
$ | 44.0 | $ | 43.9 | $ | 31.5 | $ | 127.8 | $ | 99.5 | ||||||||||||||
% of sales | 9.3 | % | 9.6 | % | 8.1 | % | 9.3 | % | 8.6 | % | ||||||||||||||
Diluted earnings per share, excluding special items | $ | 1.30 | $ | 1.29 | $ | 0.92 | $ | 3.77 | $ | 2.91 | ||||||||||||||
Included in litigation expense for the three-month and nine month periods ended |
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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 |
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Quarter Ended | Nine Months Ended | |||||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Cash flow from continuing operations | $ | 45.1 | $ | 67.1 | $ | 54.3 | $ | 163.1 | $ | 148.4 | ||||||||||||||
Capital expenditures | 23.1 | 22.2 | 14.2 | 63.0 | 45.8 | |||||||||||||||||||
Free cash flow | $ | 22.0 | $ | 44.9 | $ | 40.1 | $ | 100.1 | $ | 102.6 | ||||||||||||||
Depreciation, Depletion and Amortization Expense | $ | 24.0 | $ | 23.2 | $ | 23.9 | $ | 71.3 | $ | 70.2 | ||||||||||||||
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 | Nine Months Ended | |||||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net Income attributable to |
$ | 41.4 | $ | 41.9 | $ | 28.3 | $ | 123.2 | $ | 81.3 | ||||||||||||||
Add back: | ||||||||||||||||||||||||
Depreciation, depletion and amortization | 24.0 | 23.2 | 23.9 | 71.3 | 70.2 | |||||||||||||||||||
Interest expense, net | 9.2 | 9.1 | 10.1 | 28.2 | 27.5 | |||||||||||||||||||
Equity in earnings of affiliates, net of tax | (0.8 | ) | (0.5 | ) | (0.5 | ) | (1.8 | ) | (2.0 | ) | ||||||||||||||
Net income attributable to non-controlling interests | 1.0 | 1.1 | 1.0 | 3.2 | 2.5 | |||||||||||||||||||
Provision for taxes on income | 8.9 | 9.8 | 7.0 | 27.6 | 17.6 | |||||||||||||||||||
EBITDA | 83.7 | 84.6 | 69.8 | 251.7 | 197.1 | |||||||||||||||||||
Add special items: | ||||||||||||||||||||||||
Litigation expenses | 0.0 | 0.0 | 1.5 | 0.0 | 10.4 | |||||||||||||||||||
Acquisition-related expenses | 1.5 | 0.4 | 0.0 | 1.9 | 0.0 | |||||||||||||||||||
Restructuring and other items, net | 1.1 | 0.0 | 1.5 | 1.1 | 8.0 | |||||||||||||||||||
Non-cash pension settlement charge | 0.8 | 2.2 | 1.1 | 3.0 | 5.4 | |||||||||||||||||||
Adjusted EBITDA | $ | 87.1 | $ | 87.2 | $ | 73.9 | $ | 257.7 | $ | 220.9 | ||||||||||||||
% of sales | 18.4 | % | 19.1 | % | 19.0 | % | 18.7 | % | 19.0 | % | ||||||||||||||
7 | ) | The following table reflects the components of non-operating income and deductions: | ||||||||||||||||||||||
(millions of dollars) | Quarter Ended | Nine Months Ended | ||||||||||||||||||||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Interest income | $ | 0.8 | $ | 0.9 | $ | 0.5 | $ | 2.3 | $ | 1.2 | ||||||||||||||
Interest expense | (10.0 | ) | (10.0 | ) | (10.6 | ) | (30.5 | ) | (28.7 | ) | ||||||||||||||
Non-cash pension settlement charge | (0.8 | ) | (2.2 | ) | (1.1 | ) | (3.0 | ) | (5.4 | ) | ||||||||||||||
Foreign exchange gains | 1.1 | 1.1 | 0.9 | 3.9 | 3.5 | |||||||||||||||||||
Other deductions | (1.2 | ) | (1.2 | ) | (2.4 | ) | (3.6 | ) | (4.6 | ) | ||||||||||||||
Non-operating deductions, net | $ | (10.1 | ) | $ | (11.4 | ) | $ | (12.7 | ) | $ | (30.9 | ) | $ | (34.0 | ) | |||||||||
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 third quarter is scheduled for |
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SUPPLEMENTARY DATA | |||||||||||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||
Quarter Ended | % Growth | Nine Months Ended | % Growth | ||||||||||||||||||||||||||||
SALES DATA | % of | % of | % of | % of | % of | ||||||||||||||||||||||||||
2021 | Total Sales | 2021 | Total Sales | 2020 | Total Sales | Prior Qtr | Prior Year | 2021 | Total Sales | 2020 | Total Sales | Prior Year | |||||||||||||||||||
$ | 245.5 | 52 | % | $ | 239.9 | 53 | % | $ | 199.9 | 51 | % | 2 | % | 23 | % | $ | 712.9 | 52 | % | $ | 607.5 | 52 | % | 17 | % | ||||||
International | 227.7 | 48 | % | 215.7 | 47 | % | 188.4 | 49 | % | 6 | % | 21 | % | 668.5 | 48 | % | 555.5 | 48 | % | 20 | % | ||||||||||
$ | 473.2 | 100 | % | $ | 455.6 | 100 | % | $ | 388.3 | 100 | % | 4 | % | 22 | % | $ | 1,381.4 | 100 | % | $ | 1,163.0 | 100 | % | 19 | % | ||||||
Household, Personal Care & Specialty Products | $ | 121.8 | 26 | % | $ | 102.6 | 23 | % | $ | 93.9 | 24 | % | 19 | % | 30 | % | $ | 333.9 | 24 | % | $ | 278.0 | 24 | % | 20 | % | |||||
Metalcasting | 72.9 | 15 | % | 80.5 | 18 | % | 66.3 | 17 | % | (9 | )% | 10 | % | 235.0 | 17 | % | 180.8 | 16 | % | 30 | % | ||||||||||
Environmental Products | 39.8 | 8 | % | 39.9 | 9 | % | 30.2 | 8 | % | (0 | )% | 32 | % | 105.8 | 8 | % | 104.5 | 9 | % | 1 | % | ||||||||||
Building Materials | 15.9 | 3 | % | 15.4 | 3 | % | 13.5 | 3 | % | 3 | % | 18 | % | 45.0 | 3 | % | 43.5 | 4 | % | 3 | % | ||||||||||
Performance Materials Segment | $ | 250.4 | 53 | % | $ | 238.4 | 52 | % | $ | 203.9 | 53 | % | 5 | % | 23 | % | $ | 719.7 | 52 | % | $ | 606.8 | 52 | % | 19 | % | |||||
Paper PCC | $ | 89.5 | 19 | % | $ | 85.8 | 19 | % | $ | 74.5 | 19 | % | 4 | % | 20 | % | $ | 264.9 | 19 | % | $ | 225.1 | 19 | % | 18 | % | |||||
Specialty PCC | 18.2 | 4 | % | 18.5 | 4 | % | 17.3 | 4 | % | (2 | )% | 5 | % | 57.1 | 4 | % | 49.7 | 4 | % | 15 | % | ||||||||||
PCC Products | $ | 107.7 | 23 | % | $ | 104.3 | 23 | % | $ | 91.8 | 24 | % | 3 | % | 17 | % | $ | 322.0 | 23 | % | $ | 274.8 | 24 | % | 17 | % | |||||
Ground Calcium Carbonate | $ | 25.0 | 5 | % | $ | 25.5 | 6 | % | $ | 23.2 | 6 | % | (2 | )% | 8 | % | $ | 74.5 | 5 | % | 66.4 | 6 | % | 12 | % | ||||||
Talc | 14.2 | 3 | % | 12.9 | 3 | % | 10.1 | 3 | % | 10 | % | 41 | % | 40.9 | 3 | % | 30.8 | 3 | % | 33 | % | ||||||||||
Processed Minerals Products | $ | 39.2 | 8 | % | $ | 38.4 | 8 | % | $ | 33.3 | 9 | % | 2 | % | 18 | % | $ | 115.4 | 8 | % | $ | 97.2 | 8 | % | 19 | % | |||||
Specialty Minerals Segment | $ | 146.9 | 31 | % | $ | 142.7 | 31 | % | $ | 125.1 | 32 | % | 3 | % | 17 | % | $ | 437.4 | 32 | % | $ | 372.0 | 32 | % | 18 | % | |||||
Refractory Products | $ | 58.3 | 12 | % | $ | 58.0 | 13 | % | $ | 48.8 | 13 | % | 1 | % | 19 | % | $ | 175.1 | 13 | % | $ | 151.7 | 13 | % | 15 | % | |||||
Metallurgical Products | 17.6 | 4 | % | 16.5 | 4 | % | 10.5 | 3 | % | 7 | % | 68 | % | 49.2 | 4 | % | 32.5 | 3 | % | 51 | % | ||||||||||
Refractories Segment | $ | 75.9 | 16 | % | $ | 74.5 | 16 | % | $ | 59.3 | 15 | % | 2 | % | 28 | % | $ | 224.3 | 16 | % | $ | 184.2 | 16 | % | 22 | % | |||||
$ | 473.2 | 100 | % | $ | 455.6 | 100 | % | $ | 388.3 | 100 | % | 4 | % | 22 | % | $ | 1,381.4 | 100 | % | $ | 1,163.0 | 100 | % | 19 | % | ||||||
SUPPLEMENTARY DATA | |||||||||||||||||||||||||||
(millions of dollars) | |||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||
Quarter Ended | % Growth | Nine Months Ended | % Growth | ||||||||||||||||||||||||
SEGMENT OPERATING INCOME DATA | 2021 | 2021 | 2020 | Prior Qtr | Prior Year | 2021 | 2020 | Prior Year | |||||||||||||||||||
Performance Materials Segment | $ | 32.0 | $ | 34.7 | $ | 28.2 | (8 | )% | 13 | % | $ | 96.5 | $ | 77.9 | 24 | % | |||||||||||
% of Sales | 12.8 | % | 14.6 | % | 13.8 | % | 13.4 | % | 12.8 | % | |||||||||||||||||
Specialty Minerals Segment | $ | 17.3 | $ | 20.0 | $ | 16.6 | (14 | )% | 4 | % | $ | 58.4 | $ | 45.9 | 27 | % | |||||||||||
% of Sales | 11.8 | % | 14.0 | % | 13.3 | % | 13.4 | % | 12.3 | % | |||||||||||||||||
Refractories Segment | $ | 13.2 | $ | 11.7 | $ | 7.3 | 13 | % | 81 | % | $ | 36.9 | $ | 24.4 | 51 | % | |||||||||||
% of Sales | 17.4 | % | 15.7 | % | 12.3 | % | 16.5 | % | 13.2 | % | |||||||||||||||||
Unallocated and other Corporate Expenses | $ | (1.9 | ) | $ | (2.7 | ) | $ | (3.6 | ) | (30 | )% | (47 | )% | $ | (8.7 | ) | $ | (14.8 | ) | (41 | )% | ||||||
Consolidated | $ | 60.6 | $ | 63.7 | $ | 48.5 | (5 | )% | 25 | % | $ | 183.1 | $ | 133.4 | 37 | % | |||||||||||
% of Sales | 12.8 | % | 14.0 | % | 12.5 | % | 13.3 | % | 11.5 | % | |||||||||||||||||
SPECIAL ITEMS | |||||||||||||||||||||||||||
Performance Materials Segment | $ | 0.6 | $ | 0.0 | $ | 0.0 | * | * | $ | 0.6 | $ | 0.0 | * | ||||||||||||||
Specialty Minerals Segment | $ | 1.1 | $ | 0.0 | $ | 1.4 | * | * | $ | 1.1 | $ | 7.7 | * | ||||||||||||||
Refractories Segment | $ | 0.0 | $ | 0.0 | $ | 0.0 | * | * | $ | 0.0 | $ | 0.0 | * | ||||||||||||||
Unallocated and Other Corporate Expenses | $ | 0.9 | $ | 0.4 | $ | 1.6 | * | * | $ | 1.3 | $ | 10.7 | * | ||||||||||||||
Consolidated | $ | 2.6 | $ | 0.4 | $ | 3.0 | * | * | $ | 3.0 | $ | 18.4 | * | ||||||||||||||
To supplement the Company's consolidated financial statements presented in accordance with GAAP, the following is a presentation of the Company's non-GAAP operating income, excluding special items for the quarterly periods ended |
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Quarter Ended | % Growth | Nine Months Ended | % Growth | ||||||||||||||||||||||||
SEGMENT OPERATING INCOME, | |||||||||||||||||||||||||||
EXCLUDING SPECIAL ITEMS | 2021 | 2021 | 2020 | Prior Qtr | Prior Year | 2021 | 2020 | Prior Year | |||||||||||||||||||
Performance Materials Segment | $ | 32.6 | $ | 34.7 | $ | 28.2 | (6 | )% | 16 | % | $ | 97.1 | $ | 77.9 | 25 | % | |||||||||||
% of Sales | 13.0 | % | 14.6 | % | 13.8 | % | 13.5 | % | 12.8 | % | |||||||||||||||||
Specialty Minerals Segment | $ | 18.4 | $ | 20.0 | $ | 18.0 | (8 | )% | 2 | % | $ | 59.5 | $ | 53.6 | 11 | % | |||||||||||
% of Sales | 12.5 | % | 14.0 | % | 14.4 | % | 13.6 | % | 14.4 | % | |||||||||||||||||
Refractories Segment | $ | 13.2 | $ | 11.7 | $ | 7.3 | 13 | % | 81 | % | $ | 36.9 | $ | 24.4 | 51 | % | |||||||||||
% of Sales | 17.4 | % | 15.7 | % | 12.3 | % | 16.5 | % | 13.2 | % | |||||||||||||||||
Unallocated Corporate Expenses | $ | (1.0 | ) | $ | (2.3 | ) | $ | (2.0 | ) | (57 | )% | (50 | )% | $ | (7.4 | ) | $ | (4.1 | ) | 80 | % | ||||||
Consolidated | $ | 63.2 | $ | 64.1 | $ | 51.5 | (1 | )% | 23 | % | $ | 186.1 | $ | 151.8 | 23 | % | |||||||||||
% of Sales | 13.4 | % | 14.1 | % | 13.3 | % | 13.5 | % | 13.1 | % | |||||||||||||||||
* Percentage not meaningful | |||||||||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
ASSETS | |||||||||
(In Millions of Dollars) | |||||||||
2021* | 2020** | ||||||||
Current assets: | |||||||||
Cash & cash equivalents | $ | 309.9 | $ | 367.7 | |||||
Short-term investments | 1.4 | 4.1 | |||||||
Accounts receivable, net | 383.4 | 369.0 | |||||||
Inventories | 282.1 | 248.2 | |||||||
Prepaid expenses and other current assets | 53.0 | 44.6 | |||||||
Total current assets | 1,029.8 | 1,033.6 | |||||||
Property, plant and equipment | 2,293.3 | 2,276.9 | |||||||
Less accumulated depreciation | 1,240.9 | 1,237.3 | |||||||
Net property, plant & equipment | 1,052.4 | 1,039.6 | |||||||
909.8 | 808.5 | ||||||||
Intangible assets | 254.0 | 195.8 | |||||||
Other assets and deferred charges | 138.3 | 131.9 | |||||||
Total assets | $ | 3,384.3 | $ | 3,209.4 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
Current liabilities: | |||||||||
Short-term debt | $ | 100.5 | $ | 0.0 | |||||
Current maturities of long-term debt | 0.8 | 1.0 | |||||||
Accounts payable | 185.5 | 148.3 | |||||||
Other current liabilities | 136.5 | 146.5 | |||||||
Total current liabilities | 423.3 | 295.8 | |||||||
Long-term debt | 935.3 | 933.2 | |||||||
Deferred income taxes | 169.7 | 163.7 | |||||||
Other non-current liabilities | 310.4 | 318.0 | |||||||
Total liabilities | 1,838.7 | 1,710.7 | |||||||
Total MTI shareholders' equity | 1,506.3 | 1,460.8 | |||||||
Non-controlling Interests | 39.3 | 37.9 | |||||||
Total shareholders' equity | 1,545.6 | 1,498.7 | |||||||
Total liabilities and shareholders' equity | $ | 3,384.3 | $ | 3,209.4 | |||||
* | Unaudited | ||||||||
** | Condensed from audited financial statements. |
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Source: Minerals Technologies Inc.