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Minerals Technologies Reports Third Quarter Loss Per Share of $0.59, or Earnings Per Share of $1.49 Excluding One Time Charges Associated with Barretts Minerals Inc.

Oct 26, 2023, 16:35 PM


  • Record Third Quarter Revenue of $548M
  • Reported Operating Loss of $8M Associated with Non-cash Impairment of Barretts Minerals Inc. (“BMI”)
  • Record Operating Income of $77M and Operating Margin of 14.1% Excluding Special Items
  • Cash Flow from Operations of $138M Year-To-Date, Double the Previous Year
  • Announced Dividend Increase and New $75M Share Repurchase Program

NEW YORK – Minerals Technologies Inc. (NYSE: MTX) (“MTI” or “the Company”) today reported diluted earnings per share of $1.49 for the third quarter ended October 1, 2023, excluding $85 million of special items associated with BMI’s bankruptcy. Reported loss per share was $0.59.

“We delivered record sales and operating income in the third quarter. Each of our segments expanded margins both sequentially and year-over-year as we continue to drive higher levels of profitability and cash flow generation. Our new segments and organizational structure are aligned and delivering towards our long-term targets,” said Douglas T. Dietrich, Chairman and Chief Executive Officer. “In addition, the action recently taken by BMI to file for Chapter 11 protection was an important step towards comprehensively resolving its talc liabilities, and will provide the best outcome for the business, claimants, employees, customers, and shareholders.”

Third Quarter 2023

Worldwide net sales were $548 million, up 1 percent from the prior year. The Company reported an operating loss of $8 million due to a $72 million non-cash impairment of BMI’s fixed assets and $13 million of litigation costs associated with BMI’s Chapter 11 filing.  

Operating income excluding special items was $77 million, up 9 percent sequentially and 15 percent above the prior year. Operating margin excluding special items was 14.1 percent, a 130 basis point improvement sequentially and a 170 basis point improvement year-over-year.

Consumer & Specialties segment sales were $291 million in the third quarter, up 2 percent over the prior year. 

Household & Personal Care sales were $129 million, up 3 percent sequentially and up 9 percent from the prior year driven by our pricing actions and continued strong demand for our pet litter products. Specialty Additives sales were $162 million, down 2 percent sequentially and 2 percent below the prior year.

Segment operating income was $38 million excluding special items, up 13 percent sequentially and 23 percent over the prior year. Operating margin excluding special items was 13.2 percent, up 150 basis points sequentially and 230 basis points above prior year as the Company continues to execute on its margin improvement plan. Reported segment operating loss was $46.6 million due to special items related to BMI.

The Consumer & Specialties segment provides technologically enhanced products to consumer-driven end markets, including mineral-to-market household products, as well as specialty additives that become functional components in a variety of consumer and industrial goods. This segment includes two product lines: Household & Personal Care and Specialty Additives. 

Engineered Solutions segment sales were $257 million in the third quarter, down 2 percent sequentially and flat to the prior year. 

High-Temperature Technologies sales were $177 million, a decrease of 3 percent sequentially and up 1 percent from the prior year. Environmental & Infrastructure sales were $79 million, 1 percent higher sequentially but 2 percent lower than the prior year due to the weak commercial construction market conditions in North America. 

Segment operating income was $41 million, 12 percent up from the prior year driven by strong operating performance and continued focus upon margin improvement. Operating margins represented 15.8 percent of sales, up 110 basis points sequentially and 160 basis points over last year. 

The Engineered Solutions segment provides advanced process technologies and solutions that are designed to improve our customers’ manufacturing processes and projects. This segment includes two product lines: High-Temperature Technologies and Environmental & Infrastructure.  

Dividend Increase and Share Repurchase Program

As previously announced, the Company increased its regular quarterly dividend to $0.10 per share on the Company’s common stock. This is an increase of $0.05 per share compared to the prior quarterly dividend. The dividend is payable on December 7, 2023, to stockholders of record at the close of business on November 1, 2023.

In addition, the Board of Directors for MTI has authorized a new, one-year $75 million share repurchase program, effective immediately.

"This dividend increase and new share repurchase program is a reflection of the Board of Directors' continued confidence in the growth and financial performance of Minerals Technologies," said Mr. Dietrich. "These actions are consistent with our stated balanced approach and history of returning cash to shareholders while maintaining our ability to fund our inorganic growth strategies."

Minerals Technologies will host a conference call tomorrow, October 27, 2023, at 11 a.m. Eastern Time. The live earnings webcast can be accessed at A presentation for the call will be available at the same location at approximately 10:30 a.m. Eastern Time on October 27, 2023.

This press release may contain "forward‐looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations and forecasts of future events such as new products, revenues and financial performance, and are not limited to describing historical or current facts. They can be identified by the use of words such as “believes,” “expects,” “plans,” “intends,” “anticipates,” and other words and phrases of similar meaning. Forward-looking statements are necessarily based on assumptions, estimates and limited information available at the time they are made. A broad variety of risks and uncertainties, both known and unknown, as well as the inaccuracy of assumptions and estimates, can affect the realization of the expectations or forecasts in these statements. Actual future results may vary materially. Significant factors that could affect the expectations and forecasts include worldwide general economic, business, and industry conditions; the cyclicality of our customers’ businesses and their changing regional demands; our ability to compete in very competitive industries; consolidation in customer industries, principally paper, foundry and steel; our ability to renew or extend long term sales contracts for our satellite operations; our ability to generate cash to service our debt; our ability to comply with the covenants in the agreements governing our debt; our ability to effectively achieve and implement our growth initiatives or consummate the transactions described in the statements; our ability to successfully develop new products; our ability to defend our intellectual property; the increased risks of doing business abroad; the availability of raw materials and access to ore reserves at our mining operations, or increases in costs of raw materials, energy, or shipping; compliance with or changes to regulation in the areas of environmental, health and safety, and tax; risks and uncertainties related to the voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code filed by our subsidiaries Barretts Minerals Inc. and Barretts Ventures Texas LLC; claims for legal, environmental and tax matters or product stewardship issues; the continuing effects of the COVID-19 pandemic and the resulting preventative measures; operating risks and capacity limitations affecting our production facilities; seasonality of some of our businesses; cybersecurity and other threats relating to our information technology systems; and other risk factors and cautionary statements in our 2022 Annual Report on Form 10‐K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward‐looking statement, whether as a result of new information, future events, or otherwise.

About Minerals Technologies Inc.
New York-based Minerals Technologies Inc. (MTI) is a leading, technology-driven specialty minerals company that develops, produces, and markets a broad range of mineral and mineral-based products, related systems, and services. MTI serves globally a wide range of consumer and industrial markets, including household, food and pharmaceutical, paper, packaging, automotive, construction, and environmental. The company reported global sales of $2.1 billion in 2022. For further information, please visit our website at

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