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Minerals Technologies Reports Third Quarter Earnings of $1.18 Per Share, or $1.27 Per Share, Excluding Special Items

November 1, 2018

Highlights:

  • Sales Increase 9 Percent to $464.1 Million
  • Earnings Per Share, Excluding Special Items, Up 7 Percent
  • Sequential Operating Margin Improvement Across All Segments
  • Productivity Improvement of 6 Percent
  • Debt Reduction of $30 Million in the Third Quarter

NEW YORK, Nov. 01, 2018 (GLOBE NEWSWIRE) -- Minerals Technologies Inc. (NYSE: MTX) (“MTI” or “the Company”) today reported diluted earnings per share of $1.27, excluding special items, for the third quarter ended September 30, 2018, compared with earnings per share of $1.19 in the prior year.  Reported diluted earnings per share were $1.18 compared with $1.17 in the prior year.
           
“We had a solid third quarter, executing on a number of fronts to position MTI for continued profitable growth,” said Douglas T. Dietrich, Chief Executive Officer. “We drove margins higher sequentially across all of our businesses, as we mitigated the impact of inflationary cost increases through pricing actions and strong operating performance. Additionally, we made progress on several growth initiatives, successfully integrated Sivomatic and further strengthened our balance sheet.”
           
Worldwide net sales increased 9 percent to $464.1 million. Operating income, as reported, was $68.2 million and represented 14.7 percent of sales. Operating income, excluding special items, was $68.8 million and represented 14.8 percent of sales, up from 13.9 percent in the second quarter.

Segment Information

Performance Materials and Specialty Minerals
Sales in the Minerals businesses, which include the Performance Materials and Specialty Minerals segments, grew 9 percent in the third quarter to $365.8 million.  Operating income for the Minerals businesses was $56.8 million and represented 15.5 percent of sales.

Performance Materials segment sales increased 16 percent to $219.5 million. Metalcasting sales rose 6 percent due to higher volumes. Household, Personal Care & Specialty Products sales increased 69 percent, primarily driven by higher pet care revenue, including $23.3 million from the acquisition of Sivomatic, and increased European fabric care sales. Environmental Products sales rose 22 percent due to several large projects. These sales increases were partially offset by a 10 percent decrease in Building Materials and an 18 percent decrease in Basic Minerals. Operating income for the segment increased to $31.8 million primarily due to increased selling prices and higher volume, partially offset by higher raw material, logistics and energy costs. Sequentially, operating margins improved 50 basis points (BPS) to 14.5 percent of sales through price increases and operating efficiencies. The Performance Materials segment provides a wide range of bentonite-based and synthetic materials for industrial and consumer markets and for non-residential construction, environmental remediation and infrastructure projects worldwide.

Specialty Minerals segment sales, which consist of the Precipitated Calcium Carbonate (PCC) and Processed Minerals product lines, decreased 1 percent to $146.3 million, primarily due to lower Paper PCC sales. Operating income decreased to $25.0 million primarily due to previously announced paper machine shutdowns in North America, and higher logistics and energy costs. Contractual selling price increases in PCC and other price increases were implemented in the third quarter and will continue into 2019 to partially offset rising costs. Sequentially, operating margins improved 50 BPS to 17.1 percent of sales. 

Worldwide sales of PCC, which is used mainly in the manufacturing processes of the paper industry, decreased 2 percent to $110.0 million. Higher sales in Asia were partially offset by reduced sales in North America due to customer paper machine closures in late 2017 and early 2018.

Sales of Processed Minerals products increased 4 percent to $36.3 million. Ground Calcium Carbonate sales grew 3 percent, driven by higher volumes in the construction market.  Talc sales increased 5 percent due to higher volumes in the automotive and construction markets. Processed Minerals products are used in the building materials, polymers, ceramics, consumer products, paints and coatings, glass and other manufacturing industries.

Refractories and Energy Services
Sales in the Service businesses, which include the Refractories and Energy Services segments, grew 12 percent in the third quarter to $98.3 million. Operating income for the Service businesses was $12.6 million, and represented 12.8 percent of sales. Operating income, excluding special items, was $12.9 million and represented 13.1 percent of sales.

Refractories segment sales increased 15 percent to $79.1 million, driven by higher sales of refractory products. The Refractories segment operating income increased to $11.5 million and was 14.5 percent of sales, driven by higher prices from the recapture of increased raw material costs and higher refractory volume. The Refractories segment provides products and services primarily to the worldwide steel industry.

Energy Services segment sales increased 1 percent to $19.2 million, primarily driven by higher filtration activity. Operating income, excluding special items, decreased slightly to $1.4 million and was 7.3 percent of sales. Energy Services offers a range of patented technologies, products and services for off-shore filtration and well testing to the worldwide oil and gas industry.

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Minerals Technologies will host a conference call tomorrow, November 2, 2018 at 11 a.m. Eastern Time. The conference call will be broadcast live on our website:www.mineralstech.com. To listen to the call, go to the website and click on "Investor Relations," then click on "Quarterly Results & Conference Calls." A presentation for the call will be available at the same location at approximately 10:30 a.m. Eastern Time on November 2, 2018.

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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, 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 Securities and Exchange Commission.

About Minerals Technologies Inc.
New York-based Minerals Technologies Inc. (MTI) is a resource- and technology-based growth company that develops, produces and markets worldwide a broad range of specialty mineral, mineral-based and synthetic mineral products and related systems and services. MTI serves the paper, foundry, steel, construction, environmental, energy, polymer and consumer products industries. The Company reported sales of $1.676 billion in 2017. For further information, please visit our website at www.mineralstech.com. (MTI-E)

 

 

                                   
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES 
(in millions, except per share data) 
 (unaudited)
                                   
    Quarter Ended   % Growth   Nine Months Ended   % Growth
    Sept. 30     Jul. 1     Oct. 1               Sept. 30     Oct. 1      
    2018     2018     2017     Prior Qtr   Prior Year     2018     2017     Prior Year
                                   
Net sales                                  
Product sales $ 444.9   $ 445.0   $ 405.4     (0 )%   10 %   $ 1,302.1   $ 1,187.9     10 %
Service revenue   19.2     19.7     19.0     (3 )%   1 %     58.0     55.6     4 %
Total net sales   464.1     464.7     424.4     (0 )%   9 %     1,360.1     1,243.5     9 %
                                   
Cost of sales                                  
Cost of goods sold   332.1     335.3     293.0     (1 )%   13 %     972.4     854.7     14 %
Cost of service revenue   12.8     13.5     12.2     (5 )%   5 %     39.1     36.2     8 %
Total cost of sales   344.9     348.8     305.2     (1 )%   13 %     1,011.5     890.9     14 %
                                   
Production margin   119.2     115.9     119.2     3 %   0 %     348.6     352.6     (1 )%
                                   
Marketing and administrative expenses   45.4     45.3     45.2     0 %   0 %     135.1     132.8     2 %
Research and development expenses   5.0     6.4     5.9     (22 )%   (15 )%     17.5     17.8     (2 )%
Acquisition-related transaction and integration costs   0.3     1.0     0.5     (70 )%   (40 )%     1.7     2.8     (39 )%
Restructuring and other items, net   0.3     0.4     0.4       *   (25 )%     0.7     0.9     (22 )%
                                   
Income from operations   68.2     62.8     67.2     9 %   1 %     193.6     198.3     (2 )%
                                   
Interest expense, net   (11.7 )   (11.5 )   (10.5 )   2 %   11 %     (33.9 )   (32.5 )   4 %
Debt modification costs and fees   0.0     0.0     0.0       *     *     0.0     (3.9 )     *
Non-cash pension settlement costs   (3.6 )   0.0     0.0       *     *     (3.6 )   0.0       *
Other non-operating income (deductions), net   (0.9 )   3.1     (2.1 )     *     *     (0.5 )   (4.7 )     *
Total non-operating deductions, net   (16.2 )   (8.4 )   (12.6 )   93 %   29 %     (38.0 )   (41.1 )   (8 )%
                                   
Income before tax and equity in earnings   52.0     54.4     54.6     (4 )%   (5 )%     155.6     157.2     (1 )%
                                   
Provision for taxes on income    9.7     10.3     12.1     (6 )%   (20 )%     29.3     35.6     (18 )%
Equity in earnings of affiliates, net of tax   0.6     1.1     0.4     (45 )%     *     2.9     0.7       *
                                   
Consolidated net income   42.9     45.2     42.9     (5 )%   0 %     129.2     122.3     6 %
                                   
Less: Net income attributable to non-controlling interests   1.0     1.1     1.2     (9 )%   (17 )%     3.3     3.0     10 %
                                   
Net Income attributable to Minerals Technologies Inc. (MTI) $ 41.9   $ 44.1   $ 41.7     (5 )%   0 %   $ 125.9   $ 119.3     6 %
                                   
Weighted average number of common shares outstanding:                                  
                                   
Basic   35.3     35.3     35.3               35.3     35.1      
                                   
Diluted   35.6     35.6     35.6               35.6     35.6      
                                   
Earnings per share attributable to MTI:                                  
                                   
Basic $ 1.19   $ 1.25   $ 1.18     (5 )%   1 %   $ 3.57   $ 3.40     5 %
                                   
Diluted $ 1.18   $ 1.24   $ 1.17     (5 )%   1 %   $ 3.54   $ 3.35     6 %
                                   
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 September 30, 2018, July 1, 2018 and October 1, 2017 each consisted of 91 days.  The nine month periods ended September 30, 2018 and October 1, 2017 consisted of 273 days and 274 days, respectively. 
                             
2) 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 September 30, 2018, July 1, 2018 and October 1, 2017 and the nine month periods ended September 30, 2018 and October 1, 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       Nine Months Ended
      Sept. 30     Jul. 1     Oct. 1         Sept. 30     Oct. 1    
      2018     2018     2017         2018     2017    
  Income from continuing operations attributable to MTI $ 41.9   $ 44.1   $ 41.7       $ 125.9   $ 119.3    
  % of sales   9.0 %   9.5 %   9.8 %       9.3 %   9.6 %  
                             
  Special items:                          
  Acquisition-related transaction and integration costs   0.3     1.0     0.5         1.7     2.8    
  Debt modification costs and fees   0.0     0.0     0.0         0.0     3.9    
  Restructuring and other items, net   0.3     0.4     0.4         0.7     0.9    
  Non-cash inventory step-up charges   0.0     0.5     0.0         0.5     0.0    
  Non-cash pension settlement charge   3.6     0.0     0.0         3.6     0.0    
  Related tax effects on special items   (1.0 )   (0.5 )   (0.3 )         (1.6 )   (2.9 )  
                             
  Income from continuing operations attributable to MTI, excluding special items $ 45.1   $ 45.5   $ 42.3       $ 130.8   $ 124.0    
  % of sales   9.7 %   9.8 %   10.0 %       9.6 %   10.0 %  
                             
  Diluted earnings per share, excluding special items $   1.27   $   1.28   $   1.19       $   3.67   $   3.48    
                             
                             
3) 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 September 30, 2018, July 1, 2018  and October 1, 2017 and the nine month periods ended September 30, 2018 and October 1, 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       Nine Months Ended
  (millions of dollars)   Sept. 30     Jul. 1     Oct. 1         Sept. 30     Oct. 1    
      2018     2018     2017         2018     2017    
  Cash flow from continuing operations $ 53.2   $ 44.5   $ 73.0       $ 133.4   $ 150.6    
  Capital expenditures   14.3     24.2     20.7         56.4     54.2    
  Free cash flow  $ 38.9   $ 20.3   $ 52.3       $ 77.0   $ 96.4    
                             
                             
4) The following table reflects the components of non-operating income and deductions:                  
                             
  (millions of dollars)   Quarter Ended       Nine Months Ended
      Sept. 30     Jul. 1     Oct. 1         Sept. 30     Oct. 1    
      2018     2018     2017         2018     2017    
    Interest income $ 0.5   $ 0.5   $ 0.6       $ 1.5   $ 1.6    
    Interest expense   (12.2 )   (12.0 )   (11.1 )       (35.4 )   (34.1 )  
    Debt modification costs and fees   0.0     0.0     0.0         0.0     (3.9 )  
    Non-cash pension settlement costs   (3.6 )   0.0     0.0         (3.6 )   0.0    
    Foreign exchange gains (losses)   1.0     4.9     (0.2 )       5.2     0.4    
    Other deductions   (1.9 )   (1.8 )   (1.9 )       (5.7 )   (5.1 )  
    Non-operating deductions, net $ (16.2 ) $ (8.4 ) $ (12.6 )     $ (38.0 ) $ (41.1 )  
                             
  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 and $1.3 million from Marketing and administrative expense to other deductions for the three months and nine months ended October 1, 2017, respectively, to conform to current year presentation.
   
  Included in non-operating deductions for the three-month and nine month periods ended September 30, 2018 are non-cash pension settlement costs of  $3.6 million, respectively, associated with some of our pension plans in the U.S. 
   
5) The analyst conference call to discuss operating results for the third quarter is scheduled for Friday, November 2, 2018 at 11:00 am E.T. 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     Nine Months Ended      % Growth
SALES DATA   Sept. 30 % of   Jul. 1 % of   Oct. 1 % of             Sept. 30 % of   Oct. 1 % of    
    2018 Total Sales   2018 Total Sales   2017 Total Sales   Prior Qtr   Prior Year     2018 Total Sales   2017 Total Sales   Prior Year
                                             
United States $ 244.9 53 % $ 249.0 54 % $ 243.6 57 %   (2 )%   1 %   $ 726.2 53 % $ 705.1 57 %   3 %
International   219.2 47 %   215.7 46 %   180.8 43 %   2 %   21 %     633.9 47 %   538.4 43 %   18 %
Net Sales $ 464.1 100 % $ 464.7 100 % $ 424.4 100 %   (0 )%   9 %   $ 1,360.1 100 % $ 1,243.5 100 %   9 %
                                             
Metalcasting $ 77.8 17 % $ 88.8 19 % $ 73.6 17 %   (12 )%   6 %   $ 245.8 18 % $ 215.9 17 %   14 %
Household, Personal Care & Specialty Products   71.9 15 %   58.6 13 %   42.5 10 %   23 %   69 %     179.2 13 %   123.3 10 %   45 %
Environmental Products   26.3 6 %   25.2 5 %   21.6 5 %   4 %   22 %     64.2 5 %   51.8 4 %   24 %
Building Materials   18.0 4 %   18.0 4 %   19.9 5 %   0 %   (10 )%     54.9 4 %   57.5 5 %   (5 )%
Basic Minerals   25.5 5 %   23.9 5 %   31.2 7 %   7 %   (18 )%     77.2 6 %   90.5 7 %   (15 )%
Performance Materials Segment $ 219.5 47 % $ 214.5 46 % $ 188.8 44 %   2 %   16 %   $ 621.3 46 % $ 539.0 43 %   15 %
                                             
Paper PCC $ 93.1 20 % $ 94.5 20 % $ 96.3 23 %   (1 )%   (3 )%   $ 284.6 21 % $ 282.0 23 %   1 %
Specialty PCC   16.9 4 %   17.3 4 %   16.4 4 %   (2 )%   3 %     51.2 4 %   50.8 4 %   1 %
PCC Products $ 110.0 24 % $ 111.8 24 % $ 112.7 27 %   (2 )%   (2 )%   $ 335.8 25 % $ 332.8 27 %   1 %
                                             
Ground Calcium Carbonate $ 23.0 5 % $ 25.2 5 % $ 22.3 5 %   (9 )%   3 %   $ 70.7 5 % $ 67.1 5 %   5 %
Talc   13.3 3 %   13.9 3 %   12.7 3 %   (4 )%   5 %     40.3 3 %   41.0 3 %   (2 )%
Processed Minerals Products $ 36.3 8 % $ 39.1 8 % $ 35.0 8 %   (7 )%   4 %   $ 111.0 8 % $ 108.1 9 %   3 %
                                             
Specialty Minerals Segment $ 146.3 32 % $ 150.9 32 % $ 147.7 35 %   (3 )%   (1 )%   $ 446.8 33 % $ 440.9 35 %   1 %
                                             
Total Minerals Businesses $ 365.8 79 % $ 365.4 79 % $ 336.5 79 %   0 %   9 %   $ 1,068.1 79 % $ 979.9 79 %   9 %
                                             
Refractory Products $ 66.7 14 % $ 66.7 14 % $ 56.6 13 %   0 %   18 %   $ 195.7 14 % $ 169.4 14 %   16 %
Metallurgical Products   12.4 3 %   12.9 3 %   12.3 3 %   (4 )%   1 %     38.3 3 %   38.6 3 %   (1 )%
Refractories Segment $ 79.1 17 % $ 79.6 17 % $ 68.9 16 %   (1 )%   15 %   $ 234.0 17 % $ 208.0 17 %   13 %
                                             
Energy Services Segment $ 19.2 4 % $ 19.7 4 % $ 19.0 4 %   (3 )%   1 %   $ 58.0 4 % $ 55.6 4 %   4 %
                                             
Total Service Businesses $ 98.3 21 % $ 99.3 21 % $ 87.9 21 %   (1 )%   12 %   $ 292.0 21 % $ 263.6 21 %   11 %
                                             
Net Sales $ 464.1 100 % $ 464.7 100 % $ 424.4 100 %   (0 )%   9 %   $ 1,360.1 100 % $ 1,243.5 100 %   9 %
                                             

 

                                   
SUPPLEMENTARY DATA
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
(millions of dollars)
(unaudited)
                                   
    Quarter Ended   % Growth     Nine Months Ended   % Growth
    Sept. 30     Jul. 1     Oct. 1               Sept. 30     Oct. 1      
SEGMENT OPERATING INCOME DATA   2018     2018     2017     Prior Qtr   Prior Year     2018     2017     Prior Year
                                   
Performance Materials Segment $ 31.8   $ 29.6   $ 30.6     7 %   4 %   $ 87.6   $ 91.6     (4 )%
% of Sales   14.5 %   13.8 %   16.2 %             14.1 %   17.0 %    
Specialty Minerals Segment $ 25.0   $ 25.1   $ 26.6     (0 )%   (6 )%   $ 74.2   $ 77.9     (5 )%
% of Sales   17.1 %   16.6 %   18.0 %             16.6 %   17.7 %    
Total Minerals Businesses $ 56.8   $ 54.7   $ 57.2     4 %   (1 )%   $ 161.8   $ 169.5     (5 )%
% of Sales   15.5 %   15.0 %   17.0 %             15.1 %   17.3 %    
Refractories Segment $ 11.5   $ 10.3   $ 9.9     12 %   16 %   $ 34.6   $ 29.6     17 %
% of Sales   14.5 %   12.9 %   14.4 %             14.8 %   14.2 %    
Energy Services Segment $ 1.1   $ 0.7   $ 2.3     57 %   (52 )%   $ 3.3   $ 4.8     (31 )%
% of Sales   5.7 %   3.6 %   12.1 %             5.7 %   8.6 %    
Total Service Businesses $ 12.6   $ 11.0   $ 12.2     15 %   3 %   $ 37.9   $ 34.4     10 %
% of Sales   12.8 %   11.1 %   13.9 %             13.0 %   13.1 %    
Unallocated Corporate Expenses $ (0.9 ) $ (1.9 ) $ (1.7 )   53 %   47 %   $ (4.4 ) $ (2.8 )   (57 )%
                                   
Acquisition-related transaction costs $ (0.3 ) $ (1.0 ) $ (0.5 )   70 %   (40 )%   $ (1.7 ) $ (2.8 )   39 %
                                   
Consolidated $ 68.2   $ 62.8   $ 67.2     9 %   1 %   $ 193.6   $ 198.3     (2 )%
% of Sales   14.7 %   13.5 %   15.8 %             14.2 %   15.9 %    
                                   
 SPECIAL ITEMS                                  
                                   
Performance Materials Segment $ 0.0   $ 0.5   $ 0.0       *     *   $ 0.5   $ 0.0       *
                                         
Specialty Minerals Segment $ 0.0   $ 0.0   $ 0.0       *     *   $ 0.0   $ 0.0       *
                                         
Total Minerals Businesses $ 0.0   $ 0.5   $ 0.0       *     *   $ 0.5   $ 0.0       *
                                         
Refractories Segment $ 0.0   $ 0.0   $ 0.0       *     *   $ 0.0   $ 0.0       *
                                         
Energy Services Segment $ 0.3   $ 0.4   $ (0.7 )     *     *   $ 0.7   $ (0.2 )     *
                                         
Total Service Businesses $ 0.3   $ 0.4   $ (0.7 )     *     *   $ 0.7   $ (0.2 )     *
                                         
Unallocated and Other Corporate Expenses $ 0.0   $ 0.0   $ 1.1       *     *   $ 0.0   $ 1.1       *
Acquisition related transaction costs $ 0.3   $ 1.0   $ 0.5     (70 )%   (40 )%   $ 1.7   $ 2.8     (39 )%
                                   
Consolidated $ 0.6   $ 1.9   $ 0.9     (68 )%   (33 )%   $ 2.9   $ 3.7     (22 )%
                                   
                                   
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 (acquisition-related transaction costs set forth in the above table), for the quarterly periods ended September 30, 2018, July 1, 2018 and October 1, 2017, and the nine month periods ended September 30, 2018 and October 1, 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     Nine Months Ended   % Growth
SEGMENT OPERATING INCOME,   Sept. 30     Jul. 1     Oct. 1               Sept. 30     Oct. 1      
  EXCLUDING SPECIAL ITEMS   2018     2018     2017     Prior Qtr   Prior Year     2018     2017     Prior Year
                                   
Performance Materials Segment $ 31.8   $ 30.1   $ 30.6     6 %   4 %   $ 88.1   $ 91.6     (4 )%
% of Sales   14.5 %   14.0 %   16.2 %             14.2 %   17.0 %    
Specialty Minerals Segment $ 25.0   $ 25.1   $ 26.6     (0 )%   (6 )%   $ 74.2   $ 77.9     (5 )%
% of Sales   17.1 %   16.6 %   18.0 %             16.6 %   17.7 %    
Total Minerals Businesses $ 56.8   $ 55.2   $ 57.2     3 %   (1 )%   $ 162.3   $ 169.5     (4 )%
% of Sales   15.5 %   15.1 %   17.0 %             15.2 %   17.3 %    
Refractories Segment $ 11.5   $ 10.3   $ 9.9     12 %   16 %   $ 34.6   $ 29.6     17 %
% of Sales   14.5 %   12.9 %   14.4 %             14.8 %   14.2 %    
Energy Services Segment $ 1.4   $ 1.1   $ 1.6     27 %   (13 )%   $ 4.0   $ 4.6     (13 )%
% of Sales   7.3 %   5.6 %   8.4 %             6.9 %   8.3 %    
Total Service Businesses $ 12.9   $ 11.4   $ 11.5     13 %   12 %   $ 38.6   $ 34.2     13 %
% of Sales   13.1 %   11.5 %   13.1 %             13.2 %   13.0 %    
                                   
Unallocated Corporate Expenses $ (0.9 ) $ (1.9 ) $ (0.6 )   53 %   (50 )%   $ (4.4 ) $ (1.7 )   (159 )%
                                   
Consolidated $ 68.8   $ 64.7   $ 68.1     6 %   1 %   $ 196.5   $ 202.0     (3 )%
% of Sales   14.8 %   13.9 %   16.0 %             14.4 %   16.2 %    
* Percentage not meaningful                                  
                                   

 

         
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
         
         
         
ASSETS        
         
(in millions of dollars)        
    September 30,   December 31,
    2018*   2017**
         
Current assets:        
Cash & cash equivalents $ 206.9 $ 212.2
Short-term investments   4.3   2.7
Accounts receivable, net   410.5   383.0
Inventories   243.4   219.3
Prepaid expenses and other current assets   38.5   35.0
Total current assets   903.6   852.2
         
Property, plant and equipment   2,254.5   2,219.6
Less accumulated depreciation   1,148.1   1,158.3
Net property, plant & equipment   1,106.4   1,061.3
         
Goodwill   808.1   779.3
Intangible assets   210.3   196.5
Other assets and deferred charges   84.1   81.1
         
         
Total assets $ 3,112.5 $ 2,970.4
         
         
LIABILITIES AND SHAREHOLDERS' EQUITY        
         
Current liabilities:        
Short-term debt $ 108.3 $ 6.3
Current maturities of long-term debt   3.0   3.8
Accounts payable   184.7   179.0
Other current liabilities   124.0   120.9
Total current liabilities   420.0   310.0
         
Long-term debt   946.1   959.8
Deferred income taxes   164.5   159.4
Other non-current liabilities   240.3   262.1
Total liabilities   1,770.9   1,691.3
         
Total MTI shareholders' equity   1,310.2   1,251.7
Non-controlling Interests   31.4   27.4
Total shareholders' equity   1,341.6   1,279.1
         
Total liabilities and shareholders' equity $ 3,112.5 $ 2,970.4
         
         
* Unaudited        
** Condensed from audited financial statements.         

Contact:  Cindi Buckwalter
(212) 878-1831

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Source: Minerals Technologies Inc.