Minerals Technologies Inc. Files Q3 2024 10-Q

TL;DR

MTX Q3 10-Q filed. Financials and ops updated.

AI Summary

Minerals Technologies Inc. filed its 10-Q for the period ending September 29, 2024. The filing details financial performance and operational updates for the third quarter. Specific financial figures and operational highlights are presented within the report.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Minerals Technologies Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing and does not inherently present new risks.

Key Numbers

• 20240929 — Period End Date (The report covers financial data up to this date.)
• 20241025 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• MINERALS TECHNOLOGIES INC (company) — Filer
• 20240929 (date) — Period of Report
• 20241025 (date) — Filing Date
• 622 THIRD AVENUE (address) — Business Address
• NEW YORK (location) — Business Address City
• NY (location) — Business Address State
• 10017-6707 (zip_code) — Business Address Zip
• 212-878-1800 (phone_number) — Business Phone

FAQ

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) — 1817KB
• ex15.htm (EX-15) — 3KB
• ex31_1.htm (EX-31.1) — 12KB
• ex31_2.htm (EX-31.2) — 12KB
• ex32.htm (EX-32) — 7KB
• ex95.htm (EX-95) — 66KB
• ex99.htm (EX-99) — 52KB
• 0000891014-24-000116.txt ( ) — 7498KB
• mtx-20240929.xsd (EX-101.SCH) — 38KB
• mtx-20240929_cal.xml (EX-101.CAL) — 71KB
• mtx-20240929_def.xml (EX-101.DEF) — 184KB
• mtx-20240929_lab.xml (EX-101.LAB) — 568KB
• mtx-20240929_pre.xml (EX-101.PRE) — 326KB
• form10q_htm.xml (XML) — 1260KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements: Condensed Consolidated Statements of Income (Loss) for the three-month and nine-month periods ended September 29, 2024 and October 1, 2023 (Unaudited) 3 Condensed Consolidated Statements of Comprehensive Income (Loss) for the three-month and nine-month periods ended September 29, 2024 and October 1, 2023 (Unaudited) 4 Condensed Consolidated Balance Sheets as of September 29, 2024 (Unaudited) and December 31, 2023 5 Condensed Consolidated Statements of Cash Flows for the nine -month periods ended September 29, 2024 and October 1, 2023 (Unaudited) 6 Condensed Consolidated Statements of Changes in Shareholders' Equity for the three-month periods ended September 29, 2024 , June 30, 2024 and March 31, 2024 and October 1, 2023 , July 2, 2023 and April 2, 2023 (Unaudited) 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 9 Report of Independent Registered Public Accounting Firm 19 Item 2.

Management's Discussion and Analysis of Financial Condition and

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 30

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Default Upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 31 Item 6. Exhibits 31 Signature 32 PART 1. FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) Three Months Ended Nine Months Ended (in millions of dollars, except per share data) Sep. 29, 2024 Oct. 1, 2023 Sep. 29, 2024 Oct. 1, 2023 Net sales $ 524.7 $ 547.8 $ 1,600.4 $ 1,645.4 Cost of goods sold 389.5 414.7 1,185.4 1,263.6 Production margin 135.2 133.1 415.0 381.8 Marketing and administrative expenses 50.1 50.9 156.4 155.0 Research and development expenses 5.9 5.2 17.3 16.1 Provision for credit losses — — 30.0 — Restructuring and other items, net — 0.3 — 6.9 Impairment of assets — 71.7 — 71.7 Acquisition-related expenses — — — 0.3 Litigation expenses 2.6 12.9 8.9 26.8 Income (loss) from operations 76.6 ( 7.9 ) 202.4 105.0 Interest expense, net ( 14.0 ) ( 15.3 ) ( 43.8 ) ( 44.0 ) Other non-operating income (deductions), net ( 3.1 ) 0.6 ( 4.4 ) ( 1.9 ) Total non-operating deductions, net ( 17.1 ) ( 14.7 ) ( 48.2 ) ( 45.9 ) Income (loss) before tax and equity in earnings 59.5 ( 22.6 ) 154.2 59.1 Provision (benefit) for taxes on income 13.7 ( 3.5 ) 43.2 14.5 Equity in earnings of affiliates, net of tax 1.9 1.0 5.2 3.0 Net income (loss) 47.7 ( 18.1 ) 116.2 47.6 Less: Net income attributable to non-controlling interests 1.0 1.1 3.1 3.2 Net income (loss) attributable to Minerals Technologies Inc. $ 46.7 $ ( 19.2 ) $ 113.1 $ 44.4 Earnings (loss) per share: Basic: Net income (loss) attributable to Minerals Technologies Inc. $ 1.45 $ ( 0.59 ) $ 3.51 $ 1.37 Diluted: Net income (loss) attributable to Minerals Technologies Inc. $ 1.45 $ ( 0.59 ) $ 3.49 $ 1.36 Cash dividends declared per common share $ 0.10 $ 0.05 $ 0.30 $ 0.15 Shares used in computation of earnings per

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View this 10-Q filing on SEC EDGAR