Minerals Technologies Inc. (NYSE: MTX) today reported a net income of $66.9 million for the full year 2010 compared to net income of $29.1 million for 2009, excluding special items, a 129-percent increase. Diluted earnings per share for the full year were $3.58 as compared with earnings of $1.55 in the prior year, excluding special items. As reported, Minerals Technologies recorded a net loss of $23.8 million, or $1.27 per share, in 2009.
Minerals Technologies' worldwide sales for the full year 2010 were $1.0 billion compared with $907.3 million recorded in 2009, a 10-percent increase. Revenue increased in each of the company’s product lines in 2010. Operating income for the full year 2010, excluding special items, was $99.1 million. Operating income, as reported, was $98.3 million.
“Minerals Technologies achieved the highest annual earnings in its 18-year history,” said Joseph C. Muscari, chairman and chief executive officer. “The year was also highlighted by continued execution of our growth strategies of geographic expansion and new product development. In Asia, we recently announced the signing of contracts for the construction of two new precipitated calcium carbonate satellite plants in India, one with West Coast Paper Ltd., and the other with JK Paper Ltd. During 2010, we ramped up production of our first satellite in India, signed agreements or began construction of two additional satellite PCC plants, expanded two others and launched Fulfill™, a new portfolio of PCC products.”
Fourth QuarterYear-Over-Year Comparisons The company's fourth quarter net income of $15.8 million, or $0.85 per share, compared with $11.7 million, or $0.62 per share, excluding special items, in the fourth quarter of 2009, a 35-percent improvement. This increase was primarily attributable to cost reduction initiatives, improvements in some of the company’s end markets and the restructuring the company undertook in the second quarter of 2009. As reported, the company had net income of $4.1 million, or $0.22 per share, in the fourth quarter of 2009.