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.