エドガーで原本を確認する
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Date of Report (Date of earliest event reported): April 24, 2025
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MINERALS TECHNOLOGIES INC.
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(Exact name of registrant as specified in its charter)
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Delaware
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001-11430
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25-1190717
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(State or other jurisdiction
of incorporation) |
(Commission File
Number) |
(IRS Employer
Identification No.) |
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622 Third Avenue,
New York, New York
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10017-6707
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(Address of principal executive offices)
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(Zip Code)
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(212) 878-1800
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(Registrant's telephone number, including area code)
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Title of each class
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Trading Symbol
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Name of exchange on which registered
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Common Stock,$0.10 par value
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MTX
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NYSE
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions.
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[☐ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[☐ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[☐ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[☐ ]
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c)) |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company [☐]
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
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Item 2.02
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Results of Operations and Financial Condition.
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On April 24, 2025, Minerals Technologies Inc. issued a press release regarding its financial performance for the first quarter of 2025. A copy of the
press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.
The information in this Item 2.02 and Exhibit 99.1 shall not be deemed filed for the purposes of Section 18 of the Securities and Exchange Act of
1934, as amended, or incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
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Item 9.01
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Financial Statements and Exhibits.
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(d)
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Exhibits
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99.1
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||||
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104
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Cover Page Interactive Data File (formatted as inline XBRL)
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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MINERALS TECHNOLOGIES INC.
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(Registrant)
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By:
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/s/ Timothy J. Jordan
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Name:
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Timothy J. Jordan
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Title:
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Vice President, General Counsel, Secretary and Chief Compliance Officer
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Date: April 24, 2025
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| EXHIBIT 99.1 |
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 |
News Release
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
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||||||||||||||||||||
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MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
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||||||||||||||||||||
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(in millions, except per share data)
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||||||||||||||||||||
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(unaudited)
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||||||||||||||||||||
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Quarter Ended
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% Growth
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|||||||||||||||||||
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Mar. 30,
2025
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Dec. 31,
2024
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Mar. 31,
2024
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Prior
Qtr.
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Prior
Year
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||||||||||||||||
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Net sales
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$
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491.8
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$
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518.1
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$
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534.5
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(5
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)%
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(8
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)%
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||||||||||
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Cost of goods sold
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372.2
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385.4
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398.6
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(3
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)%
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(7
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)%
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|||||||||||||
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Production margin
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119.6
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132.7
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135.9
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(10
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)%
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(12
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)%
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|||||||||||||
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Marketing and administrative expenses
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50.6
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52.8
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53.0
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(4
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)%
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(5
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)%
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|||||||||||||
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Research and development expenses
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5.8
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5.7
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5.6
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2
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%
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4
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%
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|||||||||||||
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Provision for litigation reserve
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215.0
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0.0
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0.0
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*
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*
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|||||||||||||||
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Restructuring and other items, net
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5.5
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0.0
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0.0
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*
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*
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|||||||||||||||
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Gain on sale of assets, net
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0.0
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(12.3
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)
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0.0
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*
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*
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||||||||||||||
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Litigation expenses
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2.8
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2.4
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2.1
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17
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%
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33
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%
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|||||||||||||
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Income (loss) from operations
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(160.1
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)
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84.1
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75.2
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*
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*
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||||||||||||||
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Interest expense, net
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(14.2
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)
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(12.6
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)
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(14.9
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)
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13
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%
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(5
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)%
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||||||||||
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Debt extinguishment expenses
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0.0
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(1.8
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)
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0.0
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*
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*
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||||||||||||||
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Other non-operating deductions, net
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(2.0
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)
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(0.3
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)
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(0.2
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)
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*
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*
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||||||||||||
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Total non-operating deductions, net
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(16.2
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)
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(14.7
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)
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(15.1
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)
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10
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%
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7
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%
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||||||||||
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Income (loss) before tax and equity in earnings
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(176.3
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)
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69.4
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60.1
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*
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*
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||||||||||||||
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Provision (benefit) for taxes on income
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(32.1
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)
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16.2
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13.9
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* |
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* |
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|||||||||||
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Equity in earnings of affiliates, net of tax
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1.2
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1.5
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1.4
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(20
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)%
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(14
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)%
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|||||||||||||
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Net income (loss)
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(143.0
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)
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54.7
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47.6
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*
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*
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||||||||||||||
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Less: Net income attributable to non-controlling interests
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1.0
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0.7
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0.9
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43
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%
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11
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%
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|||||||||||||
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Net Income (loss) attributable to Minerals Technologies Inc. (MTI)
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$
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(144.0
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)
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$
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54.0
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$
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46.7
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*
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*
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|||||||||||
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Weighted average number of common shares outstanding:
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||||||||||||||||||||
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Basic
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31.9
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31.9
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32.3
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|||||||||||||||||
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Diluted
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31.9
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32.2
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32.4
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Earnings (loss) per share attributable to MTI:
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Basic
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$
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(4.51
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)
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$
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1.69
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$
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1.45
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*
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*
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|||||||||||
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Diluted
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$
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(4.51
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)
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$
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1.68
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$
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1.44
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*
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*
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|||||||||||
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Cash dividends declared per common share
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$
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0.11
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$
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0.11
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$
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0.10
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||||||||||||||
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* Percentage not meaningful
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MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
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NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
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|||||||||||||||
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1
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)
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For comparative purposes, the quarterly periods ended March 30, 2025, December 31, 2024, and March 31, 2024 consisted of 89 days, 93 days, and 91 days,
respectively.
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|||||||||||||
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2
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)
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To supplement the Company's consolidated financial statements presented in accordance with GAAP, the following is a presentation of the Company's
non-GAAP earnings per share, excluding special items, for the quarterly periods ended March 30, 2025, December 31, 2024, and March 31, 2024, and a reconciliation to reported earnings per share for such periods. The Company's management
believes these non-GAAP measures provide meaningful supplemental information regarding its performance as inclusion of such special items are not indicative of the ongoing operating results and thereby affect the comparability of results
between periods. The Company believes inclusion of these non-GAAP measures also provides consistency in its financial reporting and facilitates investors' understanding of historic operating trends.
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(millions of dollars)
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Quarter Ended
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||||||||||||||
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Mar. 30,
2025
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Dec. 31,
2024
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Mar. 31,
2024
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|||||||||||||
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Net income (loss) attributable to MTI
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$
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(144.0
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)
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$
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54.0
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$
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46.7
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||||||||
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% of sales
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*
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10.4
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%
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8.7
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%
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||||||||||
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Special items:
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Provision for litigation reserve
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215.0
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0.0
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0.0
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||||||||||||
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Restructuring and other items, net
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5.5
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0.0
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0.0
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||||||||||||
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Debt extinguishment expenses
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0.0
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1.8
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0.0
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||||||||||||
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Gain on sale of assets, net
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0.0
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(12.3
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)
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0.0
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|||||||||||
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Litigation expenses
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2.8
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2.4
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2.1
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||||||||||||
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Related tax effects on special items
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(42.9
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)
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2.3
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(0.5
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)
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||||||||||
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Net income attributable to MTI, excluding special items
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$
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36.4
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$
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48.2
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$
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48.3
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|||||||||
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% of sales
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7.4
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%
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9.3
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%
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9.0
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%
|
|||||||||
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Diluted earnings per share, excluding special items
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$
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1.14
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$
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1.50
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$
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1.49
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|||||||||
| * Percentage not meaningful |
|||||||||||||||
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In the first quarter of 2025, the Company recorded a $215 million provision to establish a reserve for estimated costs to fund a trust to resolve all
current and future talc-related settlements as well as fund the bankruptcy of Oldco and BVT, and related litigation costs. Included in this provision is $30 million of additional debtor-in-possession financing by Minerals Technologies
Investments LLC to the Debtors.
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|||||||||||||||
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In the first quarter of 2025, the Company initiated a cost savings program and recorded a $5.5 million charge relating to severance and other costs
related to this program.
|
|||||||||||||||
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In the fourth quarter of 2024, the Company recorded a $12.3 million net gain on an installment sale of refractories manufacturing assets in China.
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|||||||||||||||
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3
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)
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Free cash flow is defined as cash flow from operations less capital expenditures. The following is a presentation of the Company's non-GAAP free cash
flow for the quarterly periods ended March 30, 2025, December 31, 2024, and March 31, 2024 and a reconciliation to cash flow from operations for such periods. The Company's management believes this non-GAAP measure provides meaningful
supplemental information as management uses this measure to evaluate the Company's ability to maintain capital assets, satisfy current and future obligations, repurchase stock, pay dividends and fund future business opportunities. Free cash
flow is not a measure of cash available for discretionary expenditures since the Company has certain non-discretionary obligations such as debt service that are not deducted from the measure. The Company's definition of free cash flow may not
be comparable to similarly titled measures reported by other companies.
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|||||||||||||
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Quarter Ended
|
|||||||||||||||
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(millions of dollars)
|
Mar. 30,
2025
|
Dec. 31,
2024
|
Mar. 31,
2024
|
||||||||||||
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Cash flow from operations
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$
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(4.4
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)
|
$
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70.4
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$
|
55.9
|
||||||||
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Capital expenditures
|
18.3
|
28.1
|
16.5
|
||||||||||||
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Free cash flow
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$
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(22.7
|
)
|
$
|
42.3
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$
|
39.4
|
||||||||
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Depreciation, depletion and amortization expense
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$
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23.5
|
$
|
24.3
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$
|
23.5
|
|||||||||
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4
|
)
|
“Adjusted EBITDA” is a non-GAAP financial measure and refers to earnings before interest, taxes, depreciation and amortization (EBITDA), excluding
special items. The following is a presentation of the Company's non-GAAP EBITDA and Adjusted EBITDA for the quarterly periods ended March 30, 2025, December 31, 2024, and March 31, 2024 and a reconciliation to net income for such periods. The
Company's management believes these non-GAAP measures provide meaningful supplemental information regarding its performance and facilitates investors' understanding of historic operating trends.
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|||||||||||||
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Quarter Ended
|
|||||||||||||||
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(millions of dollars)
|
Mar. 30,
2025
|
Dec. 31,
2024
|
Mar. 31,
2024
|
||||||||||||
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Net income (loss)
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$
|
(144.0
|
)
|
$
|
54.0
|
$
|
46.7
|
||||||||
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Add back:
|
|||||||||||||||
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Depreciation, depletion and amortization expense
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23.5
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24.3
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23.5
|
||||||||||||
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Interest expense, net
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14.2
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12.6
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14.9
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||||||||||||
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Equity in earnings of affiliates, net of tax
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(1.2
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)
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(1.5
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)
|
(1.4
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)
|
|||||||||
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Net income attributable to non-controlling interests
|
1.0
|
0.7
|
0.9
|
||||||||||||
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Provision (benefit) for taxes on income
|
(32.1
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)
|
16.2
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13.9
|
|||||||||||
|
EBITDA
|
(138.6
|
)
|
106.3
|
98.5
|
|||||||||||
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Add special items:
|
|||||||||||||||
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Provision for litigation reserve
|
215.0
|
0.0
|
0.0
|
||||||||||||
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Restructuring and other items, net
|
5.5
|
0.0
|
0.0
|
||||||||||||
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Debt extinguishment expenses
|
0.0
|
1.8
|
0.0
|
||||||||||||
|
Gain on sale of assets, net
|
0.0
|
(12.3
|
)
|
0.0
|
|||||||||||
|
Litigation expenses
|
2.8
|
2.4
|
2.1
|
||||||||||||
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Adjusted EBITDA
|
$
|
84.7
|
$
|
98.2
|
$
|
100.6
|
|||||||||
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% of sales
|
17.2
|
%
|
19.0
|
%
|
18.8
|
%
|
|||||||||
|
5
|
)
|
The following table reflects the components of non-operating income and deductions:
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|||||||||||||
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(millions of dollars)
|
Quarter Ended
|
||||||||||||||
|
Mar. 30,
2025
|
Dec. 31,
2024
|
Mar. 31,
2024
|
|||||||||||||
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Interest income
|
$
|
1.2
|
$
|
1.8
|
$
|
1.1
|
|||||||||
|
Interest expense
|
(15.4
|
)
|
(14.4
|
)
|
(16.0
|
)
|
|||||||||
|
Foreign exchange gains (losses)
|
(0.2
|
)
|
1.4
|
0.9
|
|||||||||||
|
Debt extinguishment expenses
|
0.0
|
(1.8
|
)
|
0.0
|
|||||||||||
|
Other deductions
|
(1.8
|
)
|
(1.7
|
)
|
(1.1
|
)
|
|||||||||
|
Non-operating deductions, net
|
$
|
(16.2
|
)
|
$
|
(14.7
|
)
|
$
|
(15.1
|
)
|
||||||
|
6
|
)
|
The analyst conference call to discuss operating results for the first quarter is scheduled for Friday, April 25, 2025 at 11:00 am and will be broadcast
over the Company's website (www.mineralstech.com). The broadcast will remain on the Company's website for no less than one year.
|
|||||||||||||
|
SUPPLEMENTARY DATA
|
||||||||||||||||||||||||||||||||
|
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
|
||||||||||||||||||||||||||||||||
|
(millions of dollars)
|
||||||||||||||||||||||||||||||||
|
(unaudited)
|
||||||||||||||||||||||||||||||||
|
Quarter Ended
|
% Growth
|
|||||||||||||||||||||||||||||||
|
SALES DATA
|
Mar. 30,
2025
|
% of
Total Sales
|
Dec. 31,
2024
|
% of
Total Sales
|
Mar. 31,
2024
|
% of
Total Sales
|
Prior Qtr.
|
Prior Year
|
||||||||||||||||||||||||
|
United States
|
$
|
262.4
|
53
|
%
|
$
|
264.7
|
51
|
%
|
$
|
275.1
|
51
|
%
|
(1
|
)%
|
(5
|
)%
|
||||||||||||||||
|
International
|
229.4
|
47
|
%
|
253.4
|
49
|
%
|
259.4
|
49
|
%
|
(9
|
)%
|
(12
|
)%
|
|||||||||||||||||||
|
Net Sales
|
$
|
491.8
|
100
|
%
|
$
|
518.1
|
100
|
%
|
$
|
534.5
|
100
|
%
|
(5
|
)%
|
(8
|
)%
|
||||||||||||||||
|
Household & Personal Care
|
$
|
123.1
|
25
|
%
|
$
|
133.9
|
26
|
%
|
$
|
138.4
|
26
|
%
|
(8
|
)%
|
(11
|
)%
|
||||||||||||||||
|
Specialty Additives
|
145.2
|
30
|
%
|
144.8
|
28
|
%
|
158.5
|
30
|
%
|
0
|
%
|
(8
|
)%
|
|||||||||||||||||||
|
Consumer & Specialties Segment
|
$
|
268.3
|
55
|
%
|
$
|
278.7
|
54
|
%
|
$
|
296.9
|
56
|
%
|
(4
|
)%
|
(10
|
)%
|
||||||||||||||||
|
High-Temperature Technologies
|
$
|
169.4
|
34
|
%
|
$
|
176.4
|
34
|
%
|
$
|
177.3
|
33
|
%
|
(4
|
)%
|
(4
|
)%
|
||||||||||||||||
|
Environmental & Infrastructure
|
54.1
|
11
|
%
|
63.0
|
12
|
%
|
60.3
|
11
|
%
|
(14
|
)%
|
(10
|
)%
|
|||||||||||||||||||
|
Engineered Solutions Segment
|
$
|
223.5
|
45
|
%
|
$
|
239.4
|
46
|
%
|
$
|
237.6
|
44
|
%
|
(7
|
)%
|
(6
|
)%
|
||||||||||||||||
|
MTI Consolidated Net Sales
|
$
|
491.8
|
100
|
%
|
$
|
518.1
|
100
|
%
|
$
|
534.5
|
100
|
%
|
(5
|
)%
|
(8
|
)%
|
||||||||||||||||
|
SUPPLEMENTARY DATA
|
||||||||||||||||||||
|
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
|
||||||||||||||||||||
|
(millions of dollars)
|
||||||||||||||||||||
|
(unaudited)
|
||||||||||||||||||||
|
Quarter Ended
|
% Growth
|
|||||||||||||||||||
|
Mar. 30,
2025
|
Dec. 31,
2024
|
Mar. 31,
2024
|
Prior
Qtr.
|
Prior
Year
|
||||||||||||||||
|
SEGMENT OPERATING INCOME (LOSS) DATA
|
||||||||||||||||||||
|
Consumer & Specialties Segment
|
$
|
27.5
|
$
|
37.9
|
$
|
42.0
|
(27
|
)%
|
(35
|
)%
|
||||||||||
|
% of Sales
|
10.2
|
%
|
13.6
|
%
|
14.1
|
%
|
||||||||||||||
|
Engineered Solutions Segment
|
$
|
33.6
|
$
|
52.0
|
$
|
38.5
|
(35
|
)%
|
(13
|
)%
|
||||||||||
|
% of Sales
|
15.0
|
%
|
21.7
|
%
|
16.2
|
%
|
||||||||||||||
|
Unallocated and Other Corporate Expenses
|
$
|
(221.2
|
)
|
$
|
(5.8
|
)
|
$
|
(5.3
|
)
|
*
|
*
|
|||||||||
|
MTI Consolidated
|
$
|
(160.1
|
)
|
$
|
84.1
|
$
|
75.2
|
*
|
*
|
|||||||||||
|
% of Sales
|
*
|
16.2
|
%
|
14.1
|
%
|
|||||||||||||||
|
SPECIAL ITEMS
|
||||||||||||||||||||
|
Consumer & Specialties Segment
|
$
|
2.5
|
$
|
0.0
|
$
|
0.0
|
*
|
*
|
||||||||||||
|
Engineered Solutions Segment
|
$
|
0.8
|
$
|
(12.3
|
)
|
$
|
0.0
|
*
|
*
|
|||||||||||
|
Unallocated and Other Corporate Expenses
|
$
|
220.0
|
$
|
2.4
|
$
|
2.1
|
*
|
*
|
||||||||||||
|
MTI Consolidated
|
$
|
223.3
|
$
|
(9.9
|
)
|
$
|
2.1
|
*
|
*
|
|||||||||||
|
To supplement the Company's consolidated financial statements presented in accordance with GAAP, the following is a presentation of the Company's
non-GAAP operating income, excluding special items (set forth in the above table), for the quarterly periods ended March 30, 2025, December 31, 2024 and March 31, 2024, constituting a reconciliation to GAAP operating income (loss) set forth
above. The Company's management believe these non-GAAP measures provide meaningful supplemental information regarding its performance as inclusion of such special items are not indicative of ongoing operating results and thereby affect the
comparability of results between periods. The Company believes inclusion of these non-GAAP measures also provides consistency in its financial reporting and facilitates investors' understanding of historic operating trends.
|
||||||||||||||||||||
|
Quarter Ended
|
% Growth
|
|||||||||||||||||||
|
SEGMENT OPERATING INCOME,
|
Mar. 30,
2025
|
Dec. 31,
2024
|
Mar. 31,
2024
|
Prior
Qtr.
|
Prior
Year
|
|||||||||||||||
|
EXCLUDING SPECIAL ITEMS
|
||||||||||||||||||||
|
Consumer & Specialties Segment
|
$
|
30.0
|
$
|
37.9
|
$
|
42.0
|
(21
|
)%
|
(29
|
)%
|
||||||||||
|
% of Sales
|
11.2
|
%
|
13.6
|
%
|
14.1
|
%
|
||||||||||||||
|
Engineered Solutions Segment
|
$
|
34.4
|
$
|
39.7
|
$
|
38.5
|
(13
|
)%
|
(11
|
)%
|
||||||||||
|
% of Sales
|
15.4
|
%
|
16.6
|
%
|
16.2
|
%
|
||||||||||||||
|
Unallocated and Other Corporate Expenses
|
$
|
(1.2
|
)
|
$
|
(3.4
|
)
|
$
|
(3.2
|
)
|
(65
|
)%
|
(63
|
)%
|
|||||||
|
MTI Consolidated
|
$
|
63.2
|
$
|
74.2
|
$
|
77.3
|
(15
|
)%
|
(18
|
)%
|
||||||||||
|
% of Sales
|
12.9
|
%
|
14.3
|
%
|
14.5
|
%
|
||||||||||||||
|
* Percentage not meaningful
|
||||||||||||||||||||
|
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
ASSETS
|
|||||||||
|
(In Millions of Dollars)
|
|||||||||
|
March 30,
2025
|
December 31,
2024
|
||||||||
|
*
|
**
|
||||||||
|
Current assets:
|
|||||||||
|
Cash & cash equivalents
|
$
|
306.6
|
$
|
333.1
|
|||||
|
Short-term investments
|
5.6
|
4.0
|
|||||||
|
Accounts receivable, net
|
405.9
|
385.2
|
|||||||
| Inventories | 352.5 |
342.1 |
|||||||
|
Prepaid expenses and other current assets
|
65.6
|
66.6
|
|||||||
|
Total current assets
|
1,136.2
|
1,131.0
|
|||||||
|
Property, plant and equipment
|
2,261.6
|
2,236.6
|
|||||||
|
Less accumulated depreciation
|
1,269.7
|
1,246.9
|
|||||||
|
Net property, plant & equipment
|
991.9
|
989.7
|
|||||||
| Goodwill | 914.6 |
913.8 |
|||||||
|
Intangible assets
|
215.8
|
218.1
|
|||||||
|
Other assets and deferred charges
|
142.7
|
141.3
|
|||||||
|
Total assets
|
$
|
3,401.2
|
$
|
3,393.9
|
|||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|||||||||
|
Current liabilities:
|
|||||||||
|
Short-term debt
|
$
|
19.7
|
$
|
5.1
|
|||||
|
Current maturities of long-term debt
|
6.6
|
6.5
|
|||||||
|
Accounts payable
|
189.9
|
185.5
|
|||||||
|
Other current liabilities
|
383.7
|
200.6
|
|||||||
|
Total current liabilities
|
599.9
|
397.7
|
|||||||
|
Long-term debt
|
960.1
|
959.6
|
|||||||
|
Deferred income taxes
|
87.9
|
130.5
|
|||||||
|
Other non-current liabilities
|
118.5
|
122.9
|
|||||||
|
Total liabilities
|
1,766.4
|
1,610.7
|
|||||||
|
Total MTI shareholders' equity
|
1,598.2
|
1,747.0
|
|||||||
|
Non-controlling Interests
|
36.6
|
36.2
|
|||||||
|
Total shareholders' equity
|
1,634.8
|
1,783.2
|
|||||||
|
Total liabilities and shareholders' equity
|
$
|
3,401.2
|
$
|
3,393.9
|
|||||
|
* Unaudited
|
|
||||||||
|
** Condensed from audited financial statements.
|
|||||||||