This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Minerals Technologies' First Quarter Diluted Earnings Per Share Were $0.85, Excluding Special Items; Reported Earnings Were $0.82 Per Share

Minerals Technologies Inc. ( NYSE: MTX) today reported net income of $15.4 million, or $0.82 per share, for the first quarter 2010, compared with $4.1 million, or $0.22 per share in the fourth quarter of 2009. Excluding special items, earnings per share were $0.85 compared with $0.62 per share in the fourth quarter of 2009.

“Our solid first quarter financial results indicate a significant improvement in earnings both sequentially, over the last three quarters, and year-over-year,” said Joseph C. Muscari, chairman and chief executive officer. “This has returned the company to the levels of performance achieved prior to the recession that were, at that time, part of a transformation of Minerals Technologies to a higher level of performance. The actions we took in late 2008 and in 2009, combined with the progressive stabilizing of business conditions in our end markets, have generated a momentum for the company and put us back on course. Those actions, which include reducing our costs and focusing on productivity gains, enabled us to leverage sales and reduce break-even levels across all of our businesses. As volumes increase we expect to benefit accordingly.”

Sequential Comparison to Fourth Quarter 2009

The company's worldwide sales in the first quarter were $253.5 million, a 1-percent sequential decline from the $256.2 million reported in the fourth quarter of 2009. Foreign exchange had an unfavorable impact on sales of approximately $4.0 million or 2 percentage points. Operating income, excluding special items, was $23.9 million, a 38-percent increase from the $17.3 million reported in the fourth quarter of 2009. As reported, income from operations was $23.0 million as compared with $4.5 million in the fourth quarter.

For the first quarter, worldwide sales in the company's Specialty Minerals segment, which consists of precipitated calcium carbonate (PCC) and Processed Minerals, were $172.1 million compared with $170.3 million in the fourth quarter of 2009, a 1-percent increase. Foreign exchange had an unfavorable impact on sequential sales growth for the quarter of approximately 1 percentage point. Income from operations, excluding special items, was $19.2 million, a 27-percent increase from the $15.1 million recorded in the fourth quarter of 2009.

1 of 5

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs