Minerals Technologies Reports Third Quarter Earnings Per Share Of $0.90
Minerals Technologies Inc. ( NYSE: MTX) today reported third quarter diluted earnings per common share of $0.90 compared with $0.47 per share in the same period of 2009. Net income for the quarter was $16.7 million compared to the $8.9 million in the prior year.
“Our financial results for the third quarter were strong, remaining near pre-recession levels of profitability, and were in line with our expectations,” said Joseph C. Muscari, chairman and chief executive officer. “In addition, our global growth strategy for Paper PCC is gaining momentum. During the quarter, we announced an agreement to build a new satellite PCC plant in India and the expansion of another satellite plant in Thailand. More recently we announced the launch of our Fulfill™ technology platform and a commercialization agreement with a leading Asian papermaker for one of our new higher-filler technology products to produce higher quality paper at a lower cost.”
THIRD QUARTER EARNINGS
Year-Over-Year ComparisonsThird quarter worldwide sales increased 7 percent to $249.8 million from the $234.3 million recorded in the same period in 2009 as a result of volume increases in all businesses. Foreign exchange had an unfavorable impact on sales of approximately $3.7 million or 2 percentage points. The company reported income from operations of $25.0 million for the quarter compared to $14.2 million, excluding special items, recorded in the same period of 2009. Operating income, as reported, was $12.8 million in the prior year. Specialty Minerals Segment: PCC & Processed Minerals Third quarter worldwide sales for the Specialty Minerals segment increased 2 percent to $166.1 million from the $162.5 million recorded in the same quarter of 2009 due to volume increases in both businesses. Income from operations increased 25 percent to $19.7 million from the $15.8 million, excluding special items, recorded in the same period in 2009.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV