UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant To Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 6, 2025

MINERALS TECHNOLOGIES INC.
(Exact name of registrant as specified in its charter)

Delaware
   
   001-11430
   
25-1190717
(State or other jurisdiction
of incorporation)
  
(Commission File
Number)
  
(IRS Employer
 Identification No.)

622 Third Avenue, New York, NY
                
10017-6707
(Address of principal executive offices)
  
(Zip Code)

 
(212) 878-1800
  
(Registrant's telephone number, including area code)

Title of each class
  
Trading Symbol
  
Name of exchange on which registered
Common stock, $0.10 par value
  
MTX
  
New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.
 
[☐ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
[☐ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
[☐ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
[☐ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))

 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company [☐]
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
 
 

     
Item 2.02
  
Results of Operations and Financial Condition.
   
 
On February 6, 2025, Minerals Technologies Inc. issued a press release regarding its financial performance for the fourth quarter of 2024. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.
 
The information in this Item 2.02 and Exhibit 99.1 shall not be deemed filed for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
     
Item 9.01
 
Financial Statements and Exhibits.
 
   
(d)
Exhibits
     
99.1
     
104
Cover Page Interactive Data File (formatted as inline XBRL)


SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



                                          
                                        
MINERALS TECHNOLOGIES INC.
 
 
(Registrant)
 
 
 
 
 
 
 
 
   
By:
/s/ Timothy J. Jordan
 
 
Name:
Timothy J. Jordan
   
Title:
 
Vice President, General Counsel, Secretary and Chief Compliance Officer
     
  Date:  February 6, 2025
 
 







                                                                         EXHIBIT 99.1
News Release
   


Minerals Technologies Inc. Announces 2024 Fourth Quarter and Full Year Financial Results


•
Record Fourth Quarter and Full Year Operating Income and Earnings Per Share Excluding Special Items
•
Delivered Full Year Operating Margin a Year Ahead of Target
•
Continued Strong Free Cash Flow
•
Improved Balance Sheet Strength by Increasing Liquidity and Extending Debt Maturities


NEW YORK, February 6, 2025 – Minerals Technologies Inc. (NYSE: MTX) (“MTI” or “the Company”) today reported earnings per share for the fourth quarter ended December 31, 2024, of $1.68, or $1.50 per share excluding special items. For the full year 2024, reported earnings per share were $5.17, or $6.15 per share excluding special items.

“This was an outstanding year for MTI. We delivered record operating income and earnings per share, significantly expanded margins, strengthened our balance sheet, and increased returns to shareholders. We also made significant progress on our growth strategies by introducing new products and technologies, expanding in strategic regions, and strengthening positions across our product lines,” said Douglas T. Dietrich, Chairman and Chief Executive Officer. “While we experienced some challenging end-market conditions in the fourth quarter, we finished the year with another record performance.”

Fourth Quarter 2024

Fourth quarter worldwide net sales were $518 million, down 1 percent from the prior year.

Reported operating income was $84 million. Operating income excluding special items was $74 million, up 7 percent over the prior year, and represented 14.3 percent of sales.

The Company recorded special items of $8.1 million in the fourth quarter, including a $12 million gain on the sale of refractories manufacturing assets in China, partially offset by litigation expenses and debt refinancing costs.

The Consumer & Specialties segment provides technologically enhanced products to consumer-driven end markets, including mineral-to-market 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. 

Consumer & Specialties segment sales were $279 million in the fourth quarter, down 1 percent from the prior year.

Household & Personal Care sales were $134 million, similar to the prior year. Specialty Additives sales were $145 million, down 2 percent from the prior year.

Segment operating income increased 4 percent over the prior year to $38 million due to higher selling prices and improved input costs. Operating margin expanded by 60 basis points over the prior year to 13.6 percent of sales.

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.  

Engineered Solutions segment sales were $239 million in the fourth quarter, down 2 percent from the prior year.

High-Temperature Technologies sales were $176 million, down 3 percent from the prior year due to softer demand in some industrial end markets. Environmental & Infrastructure sales were $63 million, up 4 percent over the prior year driven by stronger commercial construction project demand.

Segment reported operating income was $52 million. Operating income excluding special items was $40 million, up 8 percent over the prior year due to improved input costs and pricing. Operating margin expanded by 150 basis points versus the prior year to 16.6 percent of sales.

Full Year 2024

Full year worldwide net sales were $2.12 billion, down 2 percent as reported or down 1 percent versus the prior year on an underlying basis.

Reported operating income was $287 million. Operating income excluding special items was $316 million, up 13 percent over the prior year. Operating margin was 14.9 percent of sales, up 200 basis points from the prior year.

Cash flow from operations was $236 million. Free cash flow was $147 million. The Company repaid $39 million of its debt, repurchased $64 million of shares, and increased its dividend. The balance sheet remains strong with a net leverage ratio of 1.6 times adjusted EBITDA. In November 2024, the Company refinanced its debt, extending maturities and increasing liquidity.

Consumer & Specialties segment sales were $1.14 billion, up 2 percent over the prior year on an underlying basis.

Household & Personal Care sales were $530 million, up 2 percent over the prior year
driven by increased sales in pet care and other consumer-oriented products. Specialty Additives sales were $610 million, up 1 percent over the prior year on an underlying basis.

Segment operating income was $166 million, up 17 percent over the prior year excluding special items. Strong operational performance with lower input costs, improved pricing, and higher productivity contributed to growth over the prior year. Operating margin, excluding special items, expanded by 230 basis points over the prior year to 14.5 percent of sales.

Engineered Solutions segment sales were $978 million, down 3 percent from the prior year.

High-Temperature Technologies sales were $713 million, down 1 percent from the prior year driven by softer demand in some industrial end markets. Environmental & Infrastructure sales were $265 million, down 8 percent from the prior year, as a result of lower levels of project activity.

Segment reported operating income was $174 million. Operating income excluding special items was $162 million, up 7 percent over the prior year driven by strong operational execution. Operating margin, excluding special items, expanded by 150 basis points versus the prior year to 16.5 percent of sales.

-----------------

Minerals Technologies Inc. will host a conference call tomorrow, February 7, 2025, at 11 a.m. Eastern Time. The live earnings webcast can be accessed at https://investors.mineralstech.com/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 February 7, 2025.

-----------------

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 worldwide general economic, business, and industry conditions; the cyclicality of our customers’ businesses and their changing regional demands; our ability to compete in very competitive industries; consolidation in customer industries, principally paper, foundry, and steel; our ability to renew or extend long term sales contracts for our satellite operations; our ability to generate cash to service our debt; our ability to comply with the covenants in the agreements governing our debt; our ability to effectively achieve and implement our growth initiatives or consummate the transactions described in the statements; 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, or increases in costs of raw materials, energy, or shipping; compliance with or changes to regulation in the areas of environmental, health and safety, and tax; risks and uncertainties related to the voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code filed by our subsidiaries BMI OldCo (f/k/a Barretts Minerals Inc.) and Barretts Ventures Texas LLC; claims for legal, environmental, and tax matters or product stewardship issues; operating risks and capacity limitations affecting our production facilities; seasonality of some of our businesses; cybersecurity and other threats relating to our information technology systems; and other risk factors and cautionary statements in our 2023 Annual Report on Form 10‐K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward‐looking statement, whether as a result of new information, future events, or otherwise.

-----------------

About Minerals Technologies Inc.
New York-based Minerals Technologies Inc. (MTI) is a leading, technology-driven specialty minerals company that develops, produces, and markets a broad range of mineral and mineral-based products, related systems, and services. MTI globally serves a wide range of consumer and industrial markets, including household, food and pharmaceutical, paper, packaging, automotive, construction, and environmental. For further information, please visit our website at www.mineralstech.com.


Investor Relations Contact
Lydia Kopylova
Lydia.kopylova@mineralstech.com

Media Contact
Stephanie Heise
stephanie.heise@mineralstech.com


###





CONDENSED CONSOLIDATED STATEMENTS OF INCOME
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
(in millions, except per share data)
 (unaudited)
                                                 
   
Quarter Ended
    
% Growth
    
Twelve Months Ended
    
% Growth
  
   
Dec. 31,
2024
    
Sep. 29,
2024
    
Dec. 31,
2023
      
Prior Qtr.
      
Prior Year
    
Dec. 31,
2024
    
Dec. 31,
2023
      
Prior Year
  
                                 
                                                 
                                                 
Net sales
  
$
518.1
    
$
524.7
    
$
524.5
      
(1
)%
    
(1
)%
  
$
2,118.5
    
$
2,169.9
      
(2
)%
                                                                 
Cost of goods sold
    
385.4
      
389.5
      
399.2
      
(1
)%
    
(3
)%
    
1,570.8
      
1,662.8
      
(6
)%
                                                                 
Production margin
    
132.7
      
135.2
      
125.3
      
(2
)%
    
6
%
    
547.7
      
507.1
      
8
%
                                                                 
Marketing and administrative expenses
    
52.8
      
50.1
      
51.0
      
5
%
    
4
%
    
209.2
      
206.0
      
2
%
Research and development expenses
    
5.7
      
5.9
      
5.1
      
(3
)%
    
12
%
    
23.0
      
21.2
      
8
%
Provision for credit losses
    
0.0
      
0.0
      
0.0
      
*
      
*
      
30.0
      
0.0
      
*
  
Restructuring and other items, net
    
0.0
      
0.0
      
0.0
      
*
      
*
      
0.0
      
6.9
      
*
  
Impairment of assets
    
0.0
      
0.0
      
0.0
      
*
      
*
      
0.0
      
71.7
      
*
  
Acquisition-related expenses
    
0.0
      
0.0
      
0.0
      
*
      
*
      
0.0
      
0.3
      
*
  
Gain on sale of assets, net
    
(12.3
)
    
0.0
      
0.0
      
*
      
*
      
(12.3
)
    
0.0
      
*
  
Litigation expenses
    
2.4
      
2.6
      
2.4
      
(8
)%
    
0
%
    
11.3
      
29.2
      
(61
)%
                                                                 
Income from operations
    
84.1
      
76.6
      
66.8
      
10
%
    
26
%
    
286.5
      
171.8
      
67
%
                                                                 
Interest expense, net
    
(12.6
)
    
(14.0
)
    
(15.2
)
    
(10
)%
    
(17
)%
    
(56.4
)
    
(59.2
)
    
(5
)%
Debt extinguishment expenses
    
(1.8
)
    
0.0
      
0.0
      
*
      
*
      
(1.8
)
    
0.0
      
*
  
Other non-operating deductions, net
    
(0.3
)
    
(3.1
)
    
(3.0
)
    
(90
)%
    
(90
)%
    
(4.7
)
    
(4.9
)
    
(4
)%
Total non-operating deductions, net
    
(14.7
)
    
(17.1
)
    
(18.2
)
    
(14
)%
    
(19
)%
    
(62.9
)
    
(64.1
)
    
(2
)%
                                                                 
Income before tax and equity in earnings
    
69.4
      
59.5
      
48.6
      
17
%
    
43
%
    
223.6
      
107.7
      
108
%
                                                                 
Provision for taxes on income
    
16.2
      
13.7
      
9.2
      
18
%
    
76
%
    
59.4
      
23.7
      
151
%
Equity in earnings of affiliates, net of tax
    
1.5
      
1.9
      
1.4
      
(21
)%
    
7
%
    
6.7
      
4.3
      
56
%
                                                                 
Net income
    
54.7
      
47.7
      
40.8
      
15
%
    
34
%
    
170.9
      
88.3
      
94
%
                                                                 
Less: Net income attributable to non-controlling interests
    
0.7
      
1.0
      
1.0
      
(30
)%
    
(30
)%
    
3.8
      
4.2
      
(10
)%
                                                                 
Net Income attributable to Minerals Technologies Inc. (MTI)
  
$
54.0
    
$
46.7
    
$
39.8
      
16
%
    
36
%
  
$
167.1
    
$
84.1
      
99
%
                                                                 
Weighted average number of common shares outstanding:
                                                                
                                                                 
Basic
    
31.9
      
32.1
      
32.5
                      
32.1
      
32.5
          
                                                                 
Diluted
    
32.2
      
32.3
      
32.5
                      
32.3
      
32.6
          
                                                                 
Earnings per share attributable to MTI:
                                                                
                                                                 
Basic
  
$
1.69
    
$
1.45
    
$
1.22
      
17
%
    
39
%
  
$
5.21
    
$
2.59
      
101
%
                                                                 
Diluted
  
$
1.68
    
$
1.45
    
$
1.22
      
16
%
    
38
%
  
$
5.17
    
$
2.58
      
100
%
                                                                 
Cash dividends declared per common share
  
$
0.11
    
$
0.10
    
$
0.10
                    
$
0.41
    
$
0.25
          
                                                                 
* Percentage not meaningful
                                                                


                                   
                                   
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                   
                                   
 
1
)
For comparative purposes, the quarterly periods ended December 31, 2024, September 29, 2024 and December 31, 2023 each consisted of 93 days, 91 days and 91 days, respectively. The twelve month periods ended December 31, 2024 and December 31, 2023 each consisted of 366 days and 365 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 December 31, 2024, September 29, 2024 and December 31, 2023, and the twelve month periods ended December 31, 2024 and December 31, 2023 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
    
Twelve Months Ended
  
         
Dec. 31,
2024
    
Sep. 29,
2024
    
Dec. 31,
2023
    
Dec. 31,
2024
    
Dec. 31,
2023
  
                           
     
Net income attributable to MTI
  
$
54.0
    
$
46.7
    
$
39.8
    
$
167.1
    
$
84.1
  
     
% of sales
    
10.4
%
    
8.9
%
    
7.6
%
    
7.9
%
    
3.9
%
                                               
     
Special items:
                                        
     
Provision for credit losses
    
0.0
      
0.0
      
0.0
      
30.0
      
0.0
  
     
Restructuring and other items, net
    
0.0
      
0.0
      
0.0
      
0.0
      
6.9
  
     
Impairment of assets
    
0.0
      
0.0
      
0.0
      
0.0
      
71.7
  
     
Acquisition-related expenses
    
0.0
      
0.0
      
0.0
      
0.0
      
0.3
  
     
Debt extinguishment expenses
    
1.8
      
0.0
      
0.0
      
1.8
      
0.0
  
     
Gain on sale of assets, net
    
(12.3
)
    
0.0
      
0.0
      
(12.3
)
    
0.0
  
     
Litigation expenses
    
2.4
      
2.6
      
2.4
      
11.3
      
29.2
  
     
Related tax effects on special items
    
2.3
      
(0.6
)
    
(0.5
)
    
0.9
      
(22.3
)
                                               
     
Net income attributable to MTI, excluding special items
  
$
48.2
    
$
48.7
    
$
41.7
    
$
198.8
    
$
169.9
  
     
% of sales
    
9.3
%
    
9.3
%
    
8.0
%
    
9.4
%
    
7.8
%
                                               
     
Diluted earnings per share, excluding special items
  
$
1.50
    
$
1.51
    
$
1.28
    
$
6.15
    
$
5.21
  
                                               
     
In the fourth quarter of 2024, the Company recorded a $12.3 million net gain on an installment sale of refractories manufacturing assets in China.
  
     
In the second quarter of 2024, the Company recorded a $30.0 million provision for credit losses relating to the Company's committed line of credit to facilitate BMI Oldco Inc.'s (f/k/a Barretts Minerals Inc.) ("Oldco") bankruptcy proceeding. These losses are not currently tax deductible as they are treated as an equity contribution for tax purposes. The current expected credit loss may become fully deductible in a future period. The timing of such deductibility is dependent on developments in the bankruptcy proceedings.
  
     
In the third quarter of 2023, the Company recorded a non-cash impairment of assets charge of $71.7 million associated with the Chapter 11 filing of Oldco within the Consumer & Specialties segment.
  
     
In the second quarter of 2023, the Company initiated a restructuring and cost savings program to further streamline our cost structure as a result of organizational efficiencies gained through our 2023 resegmentation. Accordingly, the Company recorded restructuring and other charges of $6.9 million related to severance and other costs for the twelve months ended December 31, 2023.
  
     
Included in litigation expenses for the tweleve month periods ended December 31, 2023, the Company recorded incremental litigation costs of $29.2 million to defend against, opportunistically settle and restore our reserve for claims associated with certain talc products from Oldco.
  
                                               
 
3
)
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 December 31, 2024, September 29, 2024 and December 31, 2023, and the twelve month periods ended December 31, 2024 and December 31, 2023 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
    
Twelve Months Ended
  
     
(millions of dollars)
  
Dec. 31,
2024
    
Sep. 29,
2024
    
Dec. 31,
2023
    
Dec. 31,
2024
    
Dec. 31,
2023
  
                           
     
Cash flow from operations
  
$
70.4
    
$
60.0
    
$
95.3
    
$
236.4
    
$
233.6
  
     
Capital expenditures
    
28.1
      
24.7
      
22.5
      
89.5
      
93.5
  
     
Free cash flow
  
$
42.3
    
$
35.3
    
$
72.8
    
$
146.9
    
$
140.1
  
                                               
     
Depreciation, depletion and amortization expense
  
$
24.3
    
$
23.1
    
$
23.5
    
$
94.9
    
$
95.0
  
                                               
 
4
)
To supplement the Company's consolidated financial statements presented in accordance with GAAP, the following is a presentation of (i) the Company's year over year sales growth, excluding the sales of Oldco for the twelve months ended December 31, 2023, constituting a reconciliation to GAAP sales growth set forth below and (ii) the Company's year over year growth in operating income excluding special items, excluding the operating income of Oldco for the twelve months ended December 31, 2023, constituting a reconciliation to growth in operating income excluding special items (see below for a reconciliation to GAAP operating income). On October 2, 2023, Oldco filed for relief under Chapter 11 of the U.S. Bankruptcy Code and as such the results of Oldco are not included in the Company's consolidated results for the twelve months ended December 31, 2024.  Oldco sales and operating income for the twelve months ended December 31, 2023 were $40.6 million and $8.4 million.  The Company's management feels this non-GAAP measure provides meaningful supplemental information regarding its performance and facilitates investors' understanding of sales and operating income trends for the twelve months ended December 31, 2024.
 
         
         
Year Ended December 31, 2024
                  
         
Sales
    
Impact of
                          
     
Year over Year Sales Growth
  
Growth
    
Oldco
    
Underlying
                  
         
As Reported
    
Deconsolidation
    
Sales Growth
                  
     
Specialty Additives
    
(5
)%
    
6
%
    
1
%
                
     
Consumer & Specialties
    
(2
)%
    
4
%
    
2
%
                
     
MTI Consolidated
    
(2
)%
    
1
%
    
(1
)%
                
                                               
         
Year Ended December 31, 2024
                  
         
Adj Op Income
    
Impact of
    
Underlying
                  
     
Year over Year Operating Income Growth
  
Growth
    
Oldco
    
Adj Op Income
                  
         
As Reported
    
Deconsolidation
    
Growth
                  
     
Consumer & Specialties
    
17
%
    
8
%
    
25
%
                
     
MTI Consolidated
    
13
%
    
3
%
    
16
%
                
                                               
 
5
)
“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 December 31, 2024, September 29, 2024 and December 31, 2023, and the twelve month periods ended December 31, 2024 and December 31, 2023, and a reconciliation to net income for such periods. The Company's management believes these non-GAAP measures provide meaningful supplemental information regarding its performance and facilitates investors' understanding of historic operating trends.
  
                                               
         
Quarter Ended
    
Twelve Months Ended
  
     
(millions of dollars)
  
Dec. 31,
2024
    
Sep. 29,
2024
    
Dec. 31,
2023
    
Dec. 31,
2024
    
Dec. 31,
2023
  
                           
                                               
     
Net income
  
$
54.0
    
$
46.7
    
$
39.8
    
$
167.1
    
$
84.1
  
     
Add back:
                                        
     
        Depreciation, depletion and amortization
    
24.3
      
23.1
      
23.5
      
94.9
      
95.0
  
     
        Interest expense, net
    
12.6
      
14.0
      
15.2
      
56.4
      
59.2
  
     
        Equity in earnings of affiliates, net of tax
    
(1.5
)
    
(1.9
)
    
(1.4
)
    
(6.7
)
    
(4.3
)
     
        Net income attributable to non-controlling interests
    
0.7
      
1.0
      
1.0
      
3.8
      
4.2
  
     
        Provision for taxes on income
    
16.2
      
13.7
      
9.2
      
59.4
      
23.7
  
     
                   EBITDA
    
106.3
      
96.6
      
87.3
      
374.9
      
261.9
  
     
Add special items:
                                        
     
        Provision for credit losses
     0.0
      0.0
      0.0
     
30.0
      
0.0
  
     
        Restructuring and other items, net
    
0.0
      
0.0
      
0.0
      
0.0
      
6.9
  
     
        Impairment of assets
    
0.0
      
0.0
      
0.0
      
0.0
      
71.7
  
     
        Acquisition-related expenses
    
0.0
      
0.0
      
0.0
      
0.0
      
0.3
  
     
        Debt extinguishment expenses
    
1.8
      
0.0
      
0.0
      
1.8
      
0.0
  
     
        Gain on sale of assets, net
    
(12.3
)
    
0.0
      
0.0
      
(12.3
)
    
0.0
  
     
        Litigation expenses
    
2.4
      
2.6
      
2.4
      
11.3
      
29.2
  
     
                   Adjusted EBITDA
  
$
98.2
    
$
99.2
    
$
89.7
    
$
405.7
    
$
370.0
  
     
                   % of sales
    
19.0
%
    
18.9
%
    
17.1
%
    
19.2
%
    
17.1
%
                                               
 
6
)
The following table reflects the components of non-operating income and deductions:
  
                                               
     
(millions of dollars)
  
Quarter Ended
    
Twelve Months Ended
  
         
Dec. 31,
2024
    
Sep. 29,
2024
    
Dec. 31,
2023
    
Dec. 31,
2024
    
Dec. 31,
2023
  
                           
     
          Interest income
  
$
1.8
    
$
1.4
    
$
1.2
    
$
5.7
    
$
3.9
  
     
          Interest expense
    
(14.4
)
    
(15.4
)
    
(16.4
)
    
(62.1
)
    
(63.1
)
     
          Foreign exchange gains (losses)
    
1.4
      
(1.8
)
    
(0.6
)
    
0.7
      
2.7
  
     
          Debt extinguishment expenses
    
(1.8
)
    
0.0
      
0.0
      
(1.8
)
    
0.0
  
     
          Other deductions
    
(1.7
)
    
(1.3
)
    
(2.4
)
    
(5.4
)
    
(7.6
)
     
             Non-operating deductions, net
  
$
(14.7
)
  
$
(17.1
)
  
$
(18.2
)
  
$
(62.9
)
  
$
(64.1
)
                                               
                                               
 
7
)
The analyst conference call to discuss operating results for the fourth quarter is scheduled for Friday, February 7, 2025 at 11:00 am ET 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
    
Twelve Months Ended
    
% Growth
  
SALES DATA
  
Dec. 31,
2024
    
% of
Total Sales
    
Sep. 29,
2024
    
% of
Total Sales
    
Dec. 31,
2023
    
% of
Total Sales
      
Prior Qtr.
      
Prior Year
    
Dec. 31,
2024
    
% of
Total Sales
    
Dec. 31,
2023
    
% of
Total Sales
      
Prior Year
  
                                                     
                                                                               
United States
  
$
264.7
      
51
%
  
$
268.3
      
51
%
  
$
269.7
      
51
%
    
(1
)%
    
(2
)%
  
$
1,089.4
      
51
%
  
$
1,144.0
      
53
%
    
(5
)%
International
    
253.4
      
49
%
    
256.4
      
49
%
    
254.8
      
49
%
    
(1
)%
    
(1
)%
    
1,029.1
      
49
%
    
1,025.9
      
47
%
    
0
%
      Net Sales
  
$
518.1
      
100
%
  
$
524.7
      
100
%
  
$
524.5
      
100
%
    
(1
)%
    
(1
)%
  
$
2,118.5
      
100
%
  
$
2,169.9
      
100
%
    
(2
)%
                                                                                                         
Household & Personal Care
  
$
133.9
      
26
%
  
$
130.9
      
25
%
  
$
134.0
      
26
%
    
2
%
    
(0
)%
  
$
530.0
      
25
%
  
$
517.6
      
24
%
    
2
%
Specialty Additives
    
144.8
      
28
%
    
149.4
      
28
%
    
147.4
      
28
%
    
(3
)%
    
(2
)%
    
610.2
      
29
%
    
642.6
      
30
%
    
(5
)%
Consumer & Specialties Segment
  
$
278.7
      
54
%
  
$
280.3
      
53
%
  
$
281.4
      
54
%
    
(1
)%
    
(1
)%
  
$
1,140.2
      
54
%
  
$
1,160.2
      
54
%
    
(2
)%
                                                                                                         
High-Temperature Technologies
  
$
176.4
      
34
%
  
$
174.8
      
34
%
  
$
182.3
      
35
%
    
1
%
    
(3
)%
  
$
713.2
      
33
%
  
$
720.9
      
33
%
    
(1
)%
Environmental & Infrastructure
    
63.0
      
12
%
    
69.6
      
13
%
    
60.8
      
11
%
    
(9
)%
    
4
%
    
265.1
      
13
%
    
288.8
      
13
%
    
(8
)%
Engineered Solutions Segment
  
$
239.4
      
46
%
  
$
244.4
      
47
%
  
$
243.1
      
46
%
    
(2
)%
    
(2
)%
  
$
978.3
      
46
%
  
$
1,009.7
      
46
%
    
(3
)%
                                                                                                         
       Net Sales
  
$
518.1
      
100
%
  
$
524.7
      
100
%
  
$
524.5
      
100
%
    
(1
)%
    
(1
)%
  
$
2,118.5
      
100
%
  
$
2,169.9
      
100
%
    
(2
)%





SUPPLEMENTARY DATA
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
(millions of dollars)
(unaudited)
                                                 
   
Quarter Ended
    
% Growth
    
Twelve Months Ended
    
% Growth
  
   
Dec. 31,
    
Sep. 29,
    
Dec. 31,
    
Prior
    
Prior
    
Dec. 31,
    
Dec. 31,
        
SEGMENT OPERATING INCOME DATA
  
2024
    
2024
    
2023
    
Qtr.
    
Year
    
2024
    
2023
    
Prior Year
  
                                                 
Consumer & Specialties Segment
  
$
37.9
    
$
41.7
    
$
36.6
      
(9
)%
    
4
%
  
$
165.5
    
$
41.6
      
298
%
% of Sales
    
13.6
%
    
14.9
%
    
13.0
%
                    
14.5
%
    
3.6
%
        
Engineered Solutions Segment
  
$
52.0
    
$
38.8
    
$
36.7
      
34
%
    
42
%
  
$
174.0
    
$
147.8
      
18
%
% of Sales
    
21.7
%
    
15.9
%
    
15.1
%
                    
17.8
%
    
14.6
%
        
Unallocated and Other Corporate Expenses
  
$
(5.8
)
  
$
(3.9
)
  
$
(6.5
)
    
49
%
    
(11
)%
  
$
(53.0
)
  
$
(17.6
)
    
201
%
                                                                 
Consolidated
  
$
84.1
    
$
76.6
    
$
66.8
      
10
%
    
26
%
  
$
286.5
    
$
171.8
      
67
%
% of Sales
    
16.2
%
    
14.6
%
    
12.7
%
                    
13.5
%
    
7.9
%
        
                                                                 
 SPECIAL ITEMS
                                                                
                                                                 
Consumer & Specialties Segment
  
$
0.0
    
$
0.0
    
$
0.0
      
*
      
*
    
$
0.0
    
$
99.4
      
*
  
                                                                 
Engineered Solutions Segment
  
$
(12.3
)
  
$
0.0
    
$
0.0
      
*
      
*
    
$
(12.3
)
  
$
3.2
      
*
  
                                                                 
Unallocated and Other Corporate Expenses
  
$
2.4
    
$
2.6
    
$
2.4
      
*
      
*
    
$
41.3
    
$
5.5
      
*
  
                                                                 
Consolidated
  
$
(9.9
)
  
$
2.6
    
$
2.4
      
*
      
*
    
$
29.0
    
$
108.1
      
*
  
                                                                 
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 December 31, 2024, September 29, 2024 and December 31, 2023, and the twelve month periods ended December 31, 2024 and December 31, 2023, 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
            
Twelve Months Ended
    
% Growth
  
SEGMENT OPERATING INCOME,
  
Dec. 31,
    
Sep. 29,
    
Dec. 31,
                    
Dec. 31,
    
Dec. 31,
          
     EXCLUDING SPECIAL ITEMS
    
2024
      
2024
      
2023
    
Prior Qtr.
    
Prior Year
      
2024
      
2023
    
Prior Year
  
                                                                 
Consumer & Specialties Segment
  
$
37.9
    
$
41.7
    
$
36.6
      
(9
)%
    
4
%
  
$
165.5
    
$
141.0
      
17
%
% of Sales
    
13.6
%
    
14.9
%
    
13.0
%
                    
14.5
%
    
12.2
%
        
Engineered Solutions Segment
  
$
39.7
    
$
38.8
    
$
36.7
      
2
%
    
8
%
  
$
161.7
    
$
151.0
      
7
%
% of Sales
    
16.6
%
    
15.9
%
    
15.1
%
                    
16.5
%
    
15.0
%
        
Unallocated Corporate Expenses
  
$
(3.4
)
  
$
(1.3
)
  
$
(4.1
)
    
162
%
    
(17
)%
  
$
(11.7
)
  
$
(12.1
)
    
3
%
                                                                 
Consolidated
  
$
74.2
    
$
79.2
    
$
69.2
      
(6
)%
    
7
%
  
$
315.5
    
$
279.9
      
13
%
% of Sales
    
14.3
%
    
15.1
%
    
13.2
%
                    
14.9
%
    
12.9
%
        
* Percentage not meaningful
                                                                



               
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
               
               
               
ASSETS
  
               
(In Millions of Dollars)
            
     
December 31, 2024
   
December 31, 2023
  
     
*
  
**
                   
Current assets:
                
Cash & cash equivalents
  
$
333.1
    
$
317.2
  
Short-term investments
    
4.0
      
4.3
  
Accounts receivable, net
    
385.2
      
399.1
  
Inventories
    
342.1
      
325.4
  
Prepaid expenses and other current assets
    
66.6
      
53.0
  
Total current assets
    
1,131.0
      
1,099.0
  
                   
Property, plant and equipment
    
2,236.6
      
2,190.1
  
Less accumulated depreciation
    
1,246.9
      
1,203.3
  
Net property, plant & equipment
    
989.7
      
986.8
  
                   
Goodwill
    
913.8
      
913.6
  
Intangible assets
    
218.1
      
231.0
  
Other assets and deferred charges
    
144.3
      
116.2
  
                   
                   
Total assets
  
$
3,396.9
    
$
3,346.6
  
                   
                   
LIABILITIES AND SHAREHOLDERS' EQUITY
  
                   
Current liabilities:
                
Short-term debt
  
$
5.1
    
$
85.4
  
Current maturities of long-term debt
    
6.5
      
18.0
  
Accounts payable
    
185.5
      
188.7
  
Other current liabilities
    
200.6
      
165.2
  
Total current liabilities
    
397.7
      
457.3
  
                   
Long-term debt
    
959.6
      
911.1
  
Deferred income taxes
    
130.5
      
139.3
  
Other non-current liabilities
    
122.9
      
152.2
  
Total liabilities
    
1,610.7
      
1,659.9
  
                   
Total MTI shareholders' equity
    
1,747.0
      
1,652.0
  
Non-controlling Interests
    
36.2
      
34.7
  
Total shareholders' equity
    
1,783.2
      
1,686.7
  
                   
Total liabilities and shareholders' equity
  
$
3,393.9
    
$
3,346.6
  
                   
                   
*
Unaudited
                
**
Condensed from audited financial statements.
                
                   



v3.25.0.1
Document and Entity Information
Feb. 06, 2025
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Feb. 06, 2025
Entity File Number 001-11430
Entity Registrant Name MINERALS TECHNOLOGIES INC.
Entity Central Index Key 0000891014
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 25-1190717
Entity Address, Address Line One 622 Third Avenue
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10017-6707
City Area Code 212
Local Phone Number 878-1800
Title of 12(b) Security Common stock, $0.10 par value
Trading Symbol MTX
Security Exchange Name NYSE
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
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