Minerals Technologies Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Minerals Technologies Inc. has filed its Q1 2024 10-Q report, detailing financial information and segment performance.</b>

AI Summary

MINERALS TECHNOLOGIES INC (MTX) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. Filing is a 10-Q for Minerals Technologies Inc. for the period ending March 31, 2024. The company's fiscal year ends on December 31. The filing includes data related to various financial statement members such as Common Stock, Noncontrolling Interest, and Retained Earnings for different periods. Specific segments mentioned include Engineered Solutions, Consumer and Specialties, High Temperature Technologies, and Environmental and Infrastructure. The filing is dated April 26, 2024.

Why It Matters

For investors and stakeholders tracking MINERALS TECHNOLOGIES INC, this filing contains several important signals. This 10-Q filing provides an update on the company's financial health and operational performance for the first quarter of 2024. Investors and analysts can use this report to assess the company's financial position, identify trends, and make informed investment decisions.

Risk Assessment

Risk Level: low — MINERALS TECHNOLOGIES INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand the drivers of revenue and profitability for Q1 2024.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-04-26 — Filing Date (Filed as of Date)
• 2024-01-01 — Quarter Start Date (Reporting period for Q1 2024)
• 2023-04-02 — Prior Year Quarter End Date (Comparison period)

Key Players & Entities

• MINERALS TECHNOLOGIES INC (company) — Filer
• 2024-03-31 (date) — Conformed Period of Report
• 2024-04-26 (date) — Filed as of Date
• 212-878-1800 (phone) — Business Phone
• DE (state) — State of Incorporation
• 1231 (date) — Fiscal Year End

FAQ

Industry Context

Minerals Technologies Inc. operates in the industrial inorganic chemicals sector, focusing on specialty minerals, chemicals, and materials.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular reporting of financial information by public companies.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow for Q1 2024.
2. Examine the performance of each business segment (Engineered Solutions, Consumer and Specialties, etc.) for growth and profitability trends.
3. Review any disclosures related to debt, equity, or other financial instruments.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-04-26: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing for the period ending March 31, 2024, and a direct comparison to a prior period's 10-Q is not yet available within this document.

Key Financial Figures

• $0.10 — ange on which registered Common Stock, $0.10 par value MTX New York Stock Exchan

Filing Documents

• form10q.htm (10-Q) — 1069KB
• ex15.htm (EX-15) — 2KB
• ex31_1.htm (EX-31.1) — 12KB
• ex31_2.htm (EX-31.2) — 12KB
• ex32.htm (EX-32) — 6KB
• ex95.htm (EX-95) — 65KB
• ex99.htm (EX-99) — 49KB
• 0000891014-24-000039.txt (&nbsp;) — 5517KB
• mtx-20240331.xsd (EX-101.SCH) — 36KB
• mtx-20240331_cal.xml (EX-101.CAL) — 59KB
• mtx-20240331_def.xml (EX-101.DEF) — 165KB
• mtx-20240331_lab.xml (EX-101.LAB) — 524KB
• mtx-20240331_pre.xml (EX-101.PRE) — 298KB
• form10q_htm.xml (XML) — 734KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements: Condensed Consolidated Statements of Income for the three-month periods ended March 31, 2024 and April 2, 2023 (Unaudited) 3 Condensed Consolidated Statements of Comprehensive Income for the three-month periods ended March 31, 2024 and April 2, 2023 (Unaudited) 4 Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 5 Condensed Consolidated Statements of Cash Flows for the three-month periods ended March 31, 2024 and April 2, 2023 (Unaudited) 6 Condensed Consolidated Statements of Changes in Shareholders' Equity for the three-month periods ended March 31, 2024 and April 2, 2023 (Unaudited) 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 8 Report of Independent Registered Public Accounting Firm 18 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 26

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 3. Default Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 27 Signature 28 PART 1. FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements MINE RALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended (in millions of dollars, except per share data) Mar. 31, 2024 Apr. 2, 2023 Net sales $ 534.5 $ 546.1 Cost of goods sold 398.6 425.4 Production margin 135.9 120.7 Marketing and administrative expenses 53.0 52.3 Research and development expenses 5.6 5.3 Acquisition-related expenses — 0.1 Litigation expenses 2.1 — Income from operations 75.2 63.0 Interest expense, net ( 14.9 ) ( 14.2 ) Other non-operating (deductions) income, net ( 0.2 ) ( 1.1 ) Total non-operating deductions, net ( 15.1 ) ( 15.3 ) Income before tax and equity in earnings 60.1 47.7 Provision for taxes on income 13.9 10.5 Equity in earnings of affiliates, net of tax 1.4 0.9 Net income 47.6 38.1 Less: Net income attributable to non-controlling interests 0.9 1.1 Net income attributable to Minerals Technologies Inc. $ 46.7 $ 37.0 Earnings per share: Basic: Net income attributable to Minerals Technologies Inc. $ 1.45 $ 1.14 Diluted: Net income attributable to Minerals Technologies Inc. $ 1.44 $ 1.14 Cash dividends declared per common share $ 0.10 $ 0.05 Shares used in computation of earnings per share: Basic 32.3 32.5 Diluted 32.4 32.5 See accompanying Notes to Condensed Consolidated Financial Statements. 3 MINE RALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended (in millions of dollars) Mar. 31, 2024 Apr. 2, 2023 Net income $ 47.6 $ 38.1 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments ( 24.3 ) 10.0 Pension and postretirement plan adjustments 0.2 0.4 Unrealized (loss) gains on cash flow hedges 1.4 ( 2.3 ) Total other comprehensive income (loss), net of tax ( 2

View Full Filing

View this 10-Q filing on SEC EDGAR