Minerals Technologies Inc. ( NYSE: MTX) today reported second quarter diluted earnings per common share of $0.90 compared with $1.01 per share in the second quarter of 2010.
"Our second quarter results showed continued solid performance,” said Joseph C. Muscari, chairman and chief executive officer. “We are also beginning to see additional success with our initiatives to expand geographically and to introduce new products. We recently announced agreements to build a new satellite plant in Asia, commercialization of our new Fulfill™ E-325 PCC product at a paper mill in Thailand and the launch of our innovative new laser-scanning technology for the worldwide steel industry.”
Year-Over-Year ComparisonThe company's second quarter net income of $16.4 million compares to $19.0 million in the second quarter of 2010, a 13-percent decrease. Earnings per share were $0.90 compared to $1.01 in the prior year, an 11-percent decline. Second quarter worldwide sales increased 5 percent to $268.4 million from the $255.8 million recorded in the same period in 2010. Foreign exchange had a favorable impact on sales of approximately $9.8 million, or 4 percentage points. Operating income declined 9 percent to $25.1 million from the $27.5 million recorded in the second quarter of 2010. Second quarter worldwide sales for the Specialty Minerals segment, which includes the Precipitated Calcium Carbonate (PCC) and Processed Minerals product lines, increased 2 percent to $171.8 million from the $168.2 million recorded in the second quarter of 2010. Foreign exchange had a favorable impact on sales of approximately $5.5 million, or 3 percentage points. Income from operations decreased to $18.6 million, down 2 percent from the $19.0 million recorded in the same period in 2010, excluding special items, and 4 percent from the $19.3 million recorded in the second quarter of 2010 on an as-reported basis.