Minerals Technologies Inc. Files Q2 2024 10-Q Report
Ticker: MTX · Form: 10-Q · Filed: Jul 26, 2024 · CIK: 891014
| Field | Detail |
|---|---|
| Company | Minerals Technologies Inc (MTX) |
| Form Type | 10-Q |
| Filed Date | Jul 26, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.10 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
MTX Q2 10-Q is in. Check financials for latest performance.
AI Summary
Minerals Technologies Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter and the first half of the fiscal year. Key financial data and business operations for this period are detailed within the report.
Why It Matters
This 10-Q filing provides investors and analysts with the latest financial performance and operational updates for Minerals Technologies Inc., crucial for understanding the company's current standing and future outlook.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing and does not inherently present new risks.
Key Players & Entities
- MINERALS TECHNOLOGIES INC (company) — Filer
- 20240630 (date) — Period of Report
- 20240726 (date) — Filing Date
- 622 THIRD AVENUE (address) — Business and Mail Address
- NY (state) — Business and Mail Address State
- 10017-6707 (zip_code) — Business and Mail Address Zip
- 212-878-1800 (phone_number) — Business Phone
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240630, indicating the filing covers the period ending June 30, 2024.
When was this 10-Q filing submitted to the SEC?
The filing was submitted on 20240726.
What is the company's primary business address?
The company's business address is 622 THIRD AVENUE, NEW YORK, NY 10017-6707.
What is the Standard Industrial Classification (SIC) code for Minerals Technologies Inc.?
The SIC code is 2810, categorized under INDUSTRIAL INORGANIC CHEMICALS.
What is the company's fiscal year end?
The company's fiscal year ends on 1231.
Filing Stats: 4,540 words · 18 min read · ~15 pages · Grade level 7.3 · Accepted 2024-07-26 15:11:49
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) — 1661KB
- 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) — 50KB
- 0000891014-24-000089.txt ( ) — 7152KB
- mtx-20240630.xsd (EX-101.SCH) — 37KB
- mtx-20240630_cal.xml (EX-101.CAL) — 68KB
- mtx-20240630_def.xml (EX-101.DEF) — 184KB
- mtx-20240630_lab.xml (EX-101.LAB) — 555KB
- mtx-20240630_pre.xml (EX-101.PRE) — 323KB
- form10q_htm.xml (XML) — 1174KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements: Condensed Consolidated Statements of Income for the three-month and six-month periods ended June 30, 2024 and July 2, 2023 (Unaudited) 3 Condensed Consolidated Statements of Comprehensive Income for the three-month and six-month periods ended June 30, 2024 and July 2, 2023 (Unaudited) 4 Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 5 Condensed Consolidated Statements of Cash Flows for the six -month periods ended June 30, 2024 and July 2, 2023 (Unaudited) 6 Condensed Consolidated Statements of Changes in Shareholders' Equity for the three-month periods ended June 30, 2024 and March 31, 2024 and July 2, 2023 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
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 29 Item 4.
Controls and Procedures
Controls and Procedures 29
OTHER INFORMATION
PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 29 Item 1A.
Risk Factors
Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3. Default Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 30 Signature 31 PART 1. FINANCIAL INFORMATION
Financial Statements
ITEM 1. Financial Statements MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended Six Months Ended (in millions of dollars, except per share data) Jun. 30, 2024 Jul. 2, 2023 Jun. 30, 2024 Jul. 2, 2023 Net sales $ 541.2 $ 551.5 $ 1,075.7 $ 1,097.6 Cost of goods sold 397.3 423.5 795.9 848.9 Production margin 143.9 128.0 279.8 248.7 Marketing and administrative expenses 53.3 51.8 106.3 104.1 Research and development expenses 5.8 5.6 11.4 10.9 Provision for credit losses 30.0 — 30.0 — Restructuring and other items, net — 6.6 — 6.6 Acquisition-related expenses — 0.2 — 0.3 Litigation expenses 4.2 13.9 6.3 13.9 Income from operations 50.6 49.9 125.8 112.9 Interest expense, net ( 14.9 ) ( 14.5 ) ( 29.8 ) ( 28.7 ) Other non-operating deductions, net ( 1.1 ) ( 1.4 ) ( 1.3 ) ( 2.5 ) Total non-operating deductions, net ( 16.0 ) ( 15.9 ) ( 31.1 ) ( 31.2 ) Income before tax and equity in earnings 34.6 34.0 94.7 81.7 Provision for taxes on income 15.6 7.5 29.5 18.0 Equity in earnings of affiliates, net of tax 1.9 1.1 3.3 2.0 Net income 20.9 27.6 68.5 65.7 Less: Net income attributable to non-controlling interests 1.2 1.0 2.1 2.1 Net income attributable to Minerals Technologies Inc. $ 19.7 $ 26.6 $ 66.4 $ 63.6 Earnings per share: Basic: Net income attributable to Minerals Technologies Inc. $ 0.61 $ 0.82 $ 2.06 $ 1.96 Diluted: Net income attributable to Minerals Technologies Inc. $ 0.61 $ 0.82 $ 2.05 $ 1.96 Cash dividends declared per common share $ 0.10 $ 0.05 $ 0.20 $ 0.10 Shares used in computation of earnings per share: Basic 32.2 32.5 32.3 32.5 Diluted 32.4 32.6 32.4 32.5 See accompanying Notes to Condensed Consolidated Financial Statements.