Minerals Technologies Reports Fourth Quarter Earnings per Share of $1.00, Excluding Special Items
(Thomson Reuters ONE) -
Reported Earnings per Share were $0.48, Including Special Items Associated with
the Restructuring of the Energy Services and Refractories Segments
----------
Company Reports Record 2015 Annual Earnings of $4.31 per Share, Excluding
Special Items; 2015 Earnings per Share, Including Special Items, were $3.08 per
Share
----------
Highlights:
* Fourth Quarter Operating Income of $59.0 Million and 13.7% of Sales,
Excluding Special Items
* Record Annual Earnings for the Specialty Minerals and Performance Materials
Segments
* China Sales Grew 19% in the Fourth Quarter and 18% for the Full Year
* Synergies Continue to Track Ahead of Target
* $50 Million Debt Reduction-Fourth Quarter; $190 Million Debt Reduction-Full
Year
* Signed 24(th) Commercial Agreement for FulFill® High Filler Technology
New York, February 4-Minerals Technologies (NYSE: MTX) today reported fourth
quarter diluted earnings per share of $1.00, excluding special items. Reported
earnings per diluted share for the quarter were $0.48.
For the full year 2015, the company reported earnings per diluted share of
$4.31, excluding special items, compared with earnings of $4.00 per diluted
share in the prior year, an increase of 8 percent. Reported earnings per
diluted share were $3.08 for the full year of 2015.
"MTI delivered a solid 2015 performance, denoting our sixth consecutive year of
record financial results," said Joseph C. Muscari, chairman and chief executive
officer. "Our minerals and specialty chemicals businesses contributed double
digit operating income margins during the year, and the 2014 AMCOL acquisition
continues to be highly accretive, generating nearly $80 million in synergies. We
also continued to restructure the Energy Services and Refractories segments to
maximize profitability in light of the weak conditions in the oil and steel
markets."
Fourth Quarter
Minerals Technologies' fourth quarter worldwide sales decreased 17 percent to
$430.0 million from $516.0 million in the same period in 2014. Foreign exchange
had an unfavorable impact on sales of $23.9 million, or 5 percent. The exit
from the Coiled Tubing service line in early August of 2015 reduced consolidated
sales by an additional $17.0 million, or 3 percent.
Income from operations, excluding special items, represented 13.7 percent of
sales, and was $59.0 million compared with $74.1 million in the fourth quarter
of 2014. Weak market conditions in oil and steel resulted in a combined
decrease in operating profits for Energy Services and Refractories of $18.0
million from the same period in the prior year. In addition, foreign exchange
had an unfavorable impact on operating income of $4.2 million.
The company incurred charges of $28.8 million in special items in the quarter,
primarily related to restructuring costs in the Energy Services and Refractories
segments and acquisition-related integration costs. Reported operating income in
the fourth quarter of 2015 was $37.7 million. The combined effect of these non-
recurring items reduced earnings by $0.52 per share. The company expects to
realize annualized savings from the restructuring program of approximately $9
million.
The Minerals businesses, which include the Specialty Minerals, Performance
Materials and Construction Technologies segments, had a strong quarter.
Operating income grew 5 percent to $53.5 million and represented 16.3 percent of
sales compared with 14.6 percent of sales in last year's fourth quarter.
Fourth quarter worldwide sales for the Specialty Minerals segment, which
includes the precipitated calcium carbonate (PCC) and Processed Minerals product
lines, decreased 1 percent to $157.7 million. Foreign exchange had an
unfavorable impact on sales of $8.2 million, or 5 percentage points.
Consequently, sales on a constant currency basis in the segment increased 4
percent.
Worldwide sales of PCC decreased 4 percent to $123.7 million. On a constant
currency basis, PCC sales grew 3 percent. Paper PCC sales in China grew 92
percent over 2014 due to the start-up of three new facilities since the fourth
quarter of 2014.
"Our growth strategy of penetrating the Chinese paper industry by substituting
our higher value PCC products continues to advance," said Mr. Muscari. "By
replacing other lower-value paper pigments, we will continue to grow at targeted
rates despite conditions in China."
Fourth quarter net sales of Processed Minerals products increased 10 percent to
$34.0 million from $31.0 million in the prior year, primarily due to a 16-
percent increase in ground calcium carbonate sales.
Income from operations for the Specialty Minerals segment in the quarter
increased 4 percent to $25.6 million and represented 16.2 percent of sales as
compared with 15.5 percent in the prior year. This increase was attributable to
volume growth of 5 percent, improved cost and expense control and productivity
improvements that were partially offset by the effects of foreign exchange.
Sales in the Performance Materials segment were $131.3 million for the quarter,
with foreign exchange having an unfavorable impact on sales of $6.0 million.
Weakness in the agricultural sector affected sales in the Metalcasting product
line. Sales in Household, Personal Care and Specialty Products increased 10
percent due to strong Pet Care and Fabric Care sales. Operating income grew 11
percent to $23.9 million and represented 18.2 percent of sales as compared to
15.2 percent of sales in the prior year. This growth was attributable to
increased sales in consumer products and an 8-percent improvement in
productivity
Fourth quarter sales in the Construction Technologies segment were $39.4
million. Foreign exchange had an unfavorable impact on sales of $2.1 million.
Operating income was $4.0 million and represented 10.2 percent of sales.
The Service businesses, which include the Refractories and Energy Services
segments, had a difficult quarter due to a significant downturn in both the
Steel and Energy markets. Sales of $101.6 million in the fourth quarter
decreased 40 percent from last year. Operating income decreased from $25.3
million in last year's fourth quarter to $6.3 million in the current year.
Net sales in the Refractories segment in the fourth quarter of 2015 were $68.2
million, with foreign exchange having an unfavorable impact on sales of $4.4
million. Operating income, excluding special items, was $5.3 million and
represented 7.8 percent of sales. Sales and operating income were affected by
lower sales volumes stemming from continued weak global steel demand.
Energy Services segment sales were $33.4 million for the fourth quarter, a 56-
percent decrease from the prior year. The company exited the Coiled Tubing
service line in early August, reducing sales by $17.0 million, or 22 percent. In
addition, foreign exchange had an unfavorable impact on sales of $3.2 million,
or 4 percent. This segment continues to be affected by weak market conditions in
the oil and gas sector. Operating income, excluding special items, was $1.0
million and represented 3.0 percent of sales.
Full Year 2015
Worldwide sales for the full year grew 4 percent to $1.798 billion. Foreign
exchange had an unfavorable impact on sales of $95 million or 6 percent.
Operating income for the full year, excluding special items, increased 10
percent to $257.4 million from $234.5 million in 2014. Reported operating income
for the full year was $200.3 million. Cash flow from operations for the year was
$270 million; and, the company paid down $190 million of acquisition-related
debt in 2015.
Full-year worldwide sales for the Specialty Minerals segment decreased 4 percent
to $624.6 million. Foreign exchange had an unfavorable impact in sales of $33.5
million, or 5 percent. On a constant currency basis, sales increased 1 percent.
Income from operations, excluding special items, for Specialty Minerals
increased 2 percent to a record $100.8 million in 2015, and represented 16.1
percent of sales.
Performance Materials sales in 2015 were $514.8 million with record operating
income of $95.9 million, representing 18.6 percent of sales compared with 14.5
percent in the prior year. Construction Technologies sales in 2015 were $180.1
million with operating income of $22.5 million, representing 12.5 percent of
sales. Energy Services sales for the full year were $182.2 million with
operating income, excluding special items of $14.1 million.
Full year sales in the Refractories segment were $295.9 million. Foreign
exchange had an unfavorable impact on sales of $23.7 million, or 7 percent.
Operating income, excluding special items, was $29.8 million, and represented
10.1 percent of sales.
"Many factors contributed to our solid 2015 financial performance," said Mr.
Muscari. "The highly accretive 2014 purchase of AMCOL International doubled our
size and created a stronger foundation for future growth-both organically and
through acquisition. Today, we are the world's leader in precipitated calcium
carbonate and bentonite with demonstrated expertise in fine particle
technology. Our three Minerals-based segments, which comprise about 75 percent
of MTI's revenues, were the core contributors to our performance, and the
fundamentals in these business units remain solid, positioning us for growth in
2016. We will also continue to take the necessary steps to maximize
profitability in our two Service-based businesses that face difficult market
conditions. Overall, MTI remains a strong operating company focused on our major
strategies of geographic expansion and technological innovation; and, in 2016 we
expect to improve profitability and maintain strong cash flows."
----------
Minerals Technologies has scheduled an analyst conference call for Friday,
February 5, 2016 at 11:00 a.m. to discuss operating results for the fourth
quarter. The conference call will be broadcast over the company's website,
www.mineralstech.com.
----------
This press release may contain forward-looking statements, which describe or are
based on current expectations; in particular, statements of anticipated changes
in the business environment in which the company operates and in the company's
future operating results. Actual results may differ materially from these
expectations. In addition, any statements that are not historical fact
(including statements containing the words "believes," "plans," "anticipates,"
"expects," "estimates," and similar expressions) should also be considered to be
forward-looking statements. The company undertakes no obligation to publicly
update any forward-looking statement, whether as a result of new information,
future events, or otherwise. Forward-looking statements in this document should
be evaluated together with the many uncertainties that affect our businesses,
particularly those mentioned in the risk factors and other cautionary statements
in our 2014 Annual Report on Form 10-K and in our other reports filed with the
Securities and Exchange Commission.
Contact:
Rick B. Honey
(212) 878-1831
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
(in millions, except per share data)
(unaudited)
Quarter Ended % Growth Year Ended %
Growth
-------------------------- ----------------- --------------------- --------
Dec. Sept. Dec. Prior Prior Dec. Dec. Prior
31, 27, 31, 31, 31,
2015 2015 2014 Qtr. Year 2015 2014 Year
-------- -------- -------- -------- -------- --------- --------- --------
Net sales
Product sales $ 396.6 $ 410.1 $ 439.9 (3)% (10)% $ 1,615.4 $ 1,514.9 7%
Service revenue 33.4 40.9 76.1 (18)% (56)% 182.2 210.1 (13)%
-------- -------- -------- -------- -------- --------- --------- --------
Total net 430.0 451.0 516.0 (5)% (17)% 1,797.6 1,725.0 4%
sales
Cost of
sales
Cost of goods sold 294.2 302.4 329.5 (3)% (11)% 1,190.0 1,141.5 4%
Cost of service 26.4 29.7 54.1 (11)% (51)% 136.6 148.1 (8)%
revenue
-------- -------- -------- -------- -------- --------- --------- --------
Total cost 320.6 332.1 383.6 (3)% (16)% 1,326.6 1,289.6 3%
of sales
Production margin 109.4 118.9 132.4 (8)% (17)% 471.0 435.4 8%
Marketing and 42.7 47.9 50.0 (11)% (15)% 182.3 177.4 3%
administrative expenses
Research and 5.8 6.2 6.4 (6)% (9)% 23.6 24.4 (3)%
development expenses
Amortization expense of 2.0 2.0 1.9 0% 5% 7.8 4.8 63%
intangible assets
acquired
Acquisition related 3.3 2.4 2.4 38% 38% 11.8 19.1 (38)%
transaction and
integration costs
Restructuring and other 17.9 10.5 31.4 70% (43)% 45.2 43.2 5%
charges
Insurance / litigation 0.0 0.0 (2.3) * * 0.0 (2.3) *
settlement (gain)
-------- -------- -------- -------- -------- --------- --------- --------
Income from 37.7 49.9 42.6 (24)% (12)% 200.3 168.8 19%
operations
Interest expense, net (15.4) (14.5) (16.6) 6% (7)% (60.9) (41.8) 46%
Premium on early 0.0 0.0 0.0 * * (4.5) (5.8) *
extinguishment of debt
Other non-operating (8.0) 2.8 1.3 * * (2.3) 1.8 *
income (deductions),
net
-------- -------- -------- -------- -------- --------- --------- --------
Total non- (23.4) (11.7) (15.3) 100% 53% (67.7) (45.8) 48%
operating
deductions,
net
Income from 14.3 38.2 27.3 (63)% (48)% 132.6 123.0 8%
continuing operations
before tax and equity
in earnings
Provision (benefit) (2.9) 8.4 6.0 * * 22.8 30.8 (26)%
for taxes on income
Equity in earnings of 0.4 0.5 0.6 (20)% (33)% 1.8 1.2 50%
affiliates, net of tax
-------- -------- -------- -------- -------- --------- --------- --------
Income from 17.6 30.3 21.9 (42)% (20)% 111.6 93.4 19%
continuing
operations, net of
tax
Income (loss) from 0.0 0.0 0.1 * * 0.0 2.1 *
discontinued
operations, net of
tax
-------- -------- -------- -------- -------- --------- --------- --------
Consolidated net 17.6 30.3 22.0 (42)% (20)% 111.6 95.5 17%
income
Less: Net income 0.7 1.1 0.7 (36)% 0% 3.7 3.1 19%
attributable to non-
controlling interests
-------- -------- -------- -------- -------- --------- --------- --------
Net Income $ 16.9 $ 29.2 $ 21.3 (42)% (21)% $ 107.9 $ 92.4 17%
attributable to
Minerals Technologies
Inc. (MTI)
-------- -------- -------- -------- -------- --------- --------- --------
Weighted average number
of common shares
outstanding:
Basic 34.8 34.7 34.6 34.7 34.5
Diluted 35.0 35.0 34.9 35.0 34.8
Earnings per share
attributable to MTI:
Basic:
Income from $ 0.49 $ 0.84 $ 0.61 (42)% (20)% $ 3.11 $ 2.62 19%
continuing
operations
attributable
to MTI
Income 0.00 0.00 0.01 * * 0.00 0.06 *
(loss) from
discontinued
operations
attributable
to MTI
-------- -------- -------- -------- -------- --------- --------- --------
Net Income $ 0.49 $ 0.84 $ 0.62 (42)% (21)% $ 3.11 $ 2.68 16%
attributable
to MTI
common
shareholders
-------- -------- -------- -------- -------- --------- --------- --------
Diluted:
Income from $ 0.48 $ 0.83 $ 0.61 (42)% (21)% $ 3.08 $ 2.59 19%
continuing
operations
attributable
to MTI
Income (0.00) 0.00 0.00 * * 0.00 0.06 *
(loss) from
discontinued
operations
attributable
to MTI
-------- -------- -------- -------- -------- --------- --------- --------
Net Income $ 0.48 $ 0.83 $ 0.61 (42)% (21)% $ 3.08 $ 2.65 16%
attributable
to MTI
common
shareholders
-------- -------- -------- -------- -------- --------- --------- --------
Cash dividends declared $ 0.05 $ 0.05 $ 0.05 $ 0.20 $ 0.20
per common share
-------- -------- -------- --------- ---------
* Percentage not
meaningful
--------------------------------------------------------------------------------
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME
1) For comparative purposes, the quarterly periods ended December 31, 2015,
September 27, 2015, and December 31, 2014 each consisted of 95 days, 91
days, and 94 days. As a result of the acquisition of AMCOL International on
May 9, 2014, the year-to-date financial results of the acquired business
reflect 237 days.
2) During the third and fourth quarters of 2015, the Company incurred
restructuring charges related to lease termination costs, inventory
writeoffs and impairment of assets relating to its exit Coiled Tubing
product line and restructuring of other onshore services within the Energy
Services segment as a result of the significant reduction in oil prices and
overcapacity in the onshore oil services market. In addition, in the fourth
quarter the Company also restructured its Refractories segment that serves
the steel market due to significant overcapacity in that market.
(millions of Quarter Ended Year Ended
dollars)
----------------------------- ----------------------
Dec. Sept. Dec. Dec. 31, Dec.
31, 27, 31, 31,
2015 2015 2014 2015 2014
--------- --------- --------- ---------- ---------
Impairment of
assets
Performance $ 0.0 $ 0.0 $ 0.4 $ 0.0 $ 0.4
Materials
Construction 0.0 0.0 11.7 0.0 11.7
Technologies
Energy Services 11.9 5.2 11.6 33.0 11.6
Corporate 1.2 0.0 0.0 1.2 0.0
--------- --------- --------- ---------- ---------
Total $ 13.1 $ 5.2 $ 23.7 $ 34.2 $ 23.7
impairment of
assets charge
--------- --------- --------- ---------- ---------
Restructuring
and other costs
Severance and
other employee
benefits
Specialty $ 0.0 $ 0.0 $ 0.3 $ 0.0 $ 3.0
Minerals
Refractories 2.0 0.0 0.1 2.0 0.7
Performance 0.0 0.0 2.4 0.0 5.6
Materials
Construction 0.0 0.0 2.8 0.0 5.8
Technologies
Energy Services 2.8 5.3 1.4 9.0 3.7
--------- --------- --------- ---------- ---------
4.8 5.3 7.0 11.0 18.8
Other costs
Performance 0.0 0.0 0.7 0.0 0.7
Materials
--------- --------- --------- ---------- ---------
Total $ 17.9 $ 10.5 $ 31.4 $ 45.2 $ 43.2
restructuring
and other costs
--------- --------- --------- ---------- ---------
3) 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 December 31, 2015, September 27, 2015, and December 31, 2014 and the
twelve months period ended December 31, 2015 and December 31, 2014 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
feels inclusion of these non-GAAP measures also provides consistency in its
financial reporting and facilitates investors' understanding of historic
operating trends.
(millions of Quarter Ended Year Ended
dollars)
----------------------------- ----------------------
Dec. Sept. Dec. Dec. 31, Dec.
31, 27, 31, 31,
2015 2015 2014 2015 2014
--------- --------- --------- ---------- ---------
Income from $ 16.9 $ 29.2 $ 21.2 $ 107.9 $ 90.3
continuing
operations
attributable to
MTI
Special items:
Acquisition 3.3 2.4 2.4 11.8 19.1
related
transaction and
integration
costs
Premium on 0.0 0.0 0.0 4.5 5.8
early
extinguishment
of debt
Non-cash 0.0 0.0 0.0 0.0 5.6
inventory step-
up charges
Write-down of 7.6 0.0 0.0 7.6 0.0
investment
Restructuring 17.9 10.5 31.4 45.2 43.2
and other
charges
Insurance / 0.0 0.0 (2.3) 0.0 (2.3)
litigation
settlement
(gain)
Related tax (10.7) (4.9) (10.0) (26.0) (22.6)
effects on
special items
--------- --------- --------- ---------- ---------
Income from $ 35.0 $ 37.2 $ 42.7 $ 151.0 $ 139.1
continuing
operations
attributable to
MTI, excluding
special items
--------- --------- --------- ---------- ---------
Diluted $ 1.00 $ 1.06 $ 1.22 $ 4.31 $ 4.00
earnings per
share,
excluding
special items
4) Free cash flow is defined as cash flow from continuing operations less
capital expenditures. The following is a presentation of the Company's
non-GAAP free cash flow for the quarterly periods ended December 31, 2015,
September 27, 2015, and December 31, 2014 and the twelve months period
ended ended December 31, 2015, and December 31, 2014 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.
Quarter Ended Year Ended
----------------------------- ----------------------
(millions of Dec. Sept. Dec. Dec. 31, Dec.
dollars) 31, 27, 31, 31,
2015 2015 2014 2015 2014
--------- --------- --------- ---------- ---------
Cash flow from $ 75.0 $ 80.2 $ 119.8 $ 269.7 $ 314.1
continuing
operations
Capital 15.1 21.8 19.4 85.6 81.8
expenditures
--------- --------- --------- ---------- ---------
Free cash flow $ 59.9 $ 58.4 $ 100.4 $ 184.1 $ 232.3
--------- --------- --------- ---------- ---------
5) The following
table reflects
the components
of non-
operating
income and
deductions:
(millions of Quarter Ended Year Ended
dollars)
----------------------------- ----------------------
Dec. Sept. Dec. Dec. 31, Dec.
31, 27, 31, 31,
2015 2015 2014 2015 2014
--------- --------- --------- ---------- ---------
Interest $ 0.5 $ 0.5 $ 1.2 $ 1.7 $ 3.4
income
Interest (15.9) (15.0) (17.8) (62.6) (45.2)
expense
Premium on 0.0 0.0 0.0 (4.5) (5.8)
early
extinguishment
of debt
Foreign 0.1 3.1 1.6 7.0 3.3
exchange gains
(losses)
Write-down of (7.6) 0.0 0.0 (7.6) 0.0
investment in
development
stage
enterprise
Other (0.5) (0.3) (0.3) (1.7) (1.5)
deductions
--------- --------- --------- ---------- ---------
Non-operating $ (23.4) $ (11.7) $ (15.3) $ (67.7) $ (45.8)
income
(deductions),
net
--------- --------- --------- ---------- ---------
6) The analyst conference call to discuss operating results for the
fourth quarter is scheduled for Friday, February 5, 2016 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 Year Ended Growth
----------------------- ----------------- ------------------- -------
SALES DATA Dec. Sept. Dec. Prior Prior Dec. Dec. Prior
31, 27, 31, 31, 31,
2015 2015 2014 Qtr Year 2015 2014 Year
------- ------- ------- -------- -------- --------- --------- -------
United States $ 243.4 $ 264.9 $ 299.8 (8)% (19)% $ 1,049.6 $ 1,004.4 5%
International 186.6 186.1 216.2 0% (14)% 748.0 720.6 4%
------- ------- ------- -------- -------- --------- --------- -------
Net Sales $ 430.0 $ 451.0 $ 516.0 (5)% (17)% $ 1,797.6 $ 1,725.0 4%
------- ------- ------- -------- -------- --------- --------- -------
Paper PCC $ 107.4 $ 106.1 $ 113.2 1% (5)% $ 423.3 $ 454.5 (7)%
Specialty PCC 16.3 15.8 15.4 3% 6% 64.8 66.1 (2)%
------- ------- ------- -------- -------- --------- --------- -------
PCC Products $ 123.7 $ 121.9 $ 128.6 1% (4)% $ 488.1 $ 520.6 (6)%
------- ------- ------- -------- -------- --------- --------- -------
Talc $ 14.0 $ 13.9 $ 13.8 1% 1% $ 55.9 $ 55.5 1%
Ground 20.0 20.7 17.2 (3)% 16% 80.6 74.0 9%
Calcium
Carbonate
------- ------- ------- -------- -------- --------- --------- -------
Processed $ 34.0 $ 34.6 $ 31.0 (2)% 10% $ 136.5 $ 129.5 5%
Minerals
Products
------- ------- ------- -------- -------- --------- --------- -------
Specialty $ 157.7 $ 156.5 $ 159.6 1% (1)% 624.6 650.1 (4)%
Minerals
Segment
------- ------- ------- -------- -------- --------- --------- -------
Refractory $ 52.4 $ 60.5 $ 72.5 (13)% (28)% $ 230.7 $ 273.9 (16)%
products
Metallurgical 15.8 16.9 20.4 (7)% (23)% 65.2 85.8 (24)%
Products
------- ------- ------- -------- -------- --------- --------- -------
Refractories $ 68.2 $ 77.4 $ 92.9 (12)% (27)% $ 295.9 $ 359.7 (18)%
Segment
------- ------- ------- -------- -------- --------- --------- -------
Metalcasting $ 66.1 $ 63.4 $ 72.0 4% (8)% $ 266.4 $ 181.4 47%
Household, 46.1 43.0 41.8 7% 10% 172.7 108.0 60%
Personal Care
& Specialty
Products
Basic 19.1 20.1 27.6 (5)% (31)% 75.7 63.4 19%
Minerals &
Other
Products
------- ------- ------- -------- -------- --------- --------- -------
Performance $ 131.3 $ 126.5 $ 141.4 4% (7)% $ 514.8 $ 352.8 46%
Materials
Segment
------- ------- ------- -------- -------- --------- --------- -------
Environmental $ 14.5 $ 21.7 $ 18.9 (33)% (23)% $ 69.7 $ 70.7 (1)%
products
Building 24.9 28.0 27.1 (11)% (8)% 110.4 81.6 35%
Materials &
Other
Products
------- ------- ------- -------- -------- --------- --------- -------
Construction $ 39.4 $ 49.7 $ 46.0 (21)% (14)% $ 180.1 $ 152.3 18%
Technologies
Segment
------- ------- ------- -------- -------- --------- --------- -------
Energy $ 33.4 $ 40.9 $ 76.1 (18)% (56)% $ 182.2 $ 210.1 (13)%
Services
Segment
------- ------- ------- -------- -------- --------- ---------
Net Sales $ 430.0 $ 451.0 $ 516.0 (5)% (17)% $ 1,797.6 $ 1,725.0 4%
------- ------- ------- -------- -------- --------- --------- -------
--------------------------------------------------------------------------------
SUPPLEMENTARY DATA
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
(millions of dollars)
(unaudited)
%
Quarter Ended % Growth Year Ended Growth
-------------------------- ----------------- ------------------- -------
Dec. Sept. Dec. Prior Prior Dec. Dec. Prior
31, 27, 31, 31, 31,
SEGMENT 2015 2015 2014 Qtr. Year 2015 2014 Year
OPERATING
INCOME DATA
-------- -------- -------- -------- -------- -------- -------- -------
Specialty $ 25.6 $ 25.0 $ 24.4 2% 5% $ 100.8 $ 95.8 5%
Minerals
Segment
-------- -------- -------- -------- -------- -------- -------- -------
% of Sales 16.2% 16.0% 15.3% 16.1% 14.7%
Refractories $ 3.3 $ 7.9 $ 14.2 (58)% (77)% $ 27.8 $ 43.2 (36)%
Segment
-------- -------- -------- -------- -------- -------- -------- -------
% of Sales 4.8% 10.2% 15.3% 9.4% 12.0%
Performance $ 23.9 $ 22.7 $ 18.0 5% 33% $ 95.9 $ 41.0 134%
Materials
Segment
-------- -------- -------- -------- -------- -------- -------- -------
% of Sales 18.2% 17.9% 12.7% 18.6% 11.6%
Construction $ 4.0 $ 6.1 $ (9.8) (34)% * $ 22.5 $ (0.8) *
Technologies
Segment
-------- -------- -------- -------- -------- -------- -------- -------
% of Sales 10.2% 12.3% -21.3% 12.5% -0.5%
Energy $ (13.7) $ (7.9) $ 0.2 73% * $ (27.9) $ 16.3 *
Services
Segment
-------- -------- -------- -------- -------- -------- -------- -------
% of Sales -41.0% -19.3% 0.3% -15.3% 7.8%
Unallocated $ (2.1) $ (1.5) $ (2.0) 40% 5% $ (7.0) $ (7.6) (8)%
and Other
Corporate
Expenses
-------- -------- -------- -------- -------- -------- -------- -------
Acquisition $ (3.3) $ (2.4) $ (2.4) 38% 38% $ (11.8) $ (19.1) (38)%
related
transaction
costs
-------- -------- -------- -------- -------- -------- -------- -------
Consolidated $ 37.7 $ 49.9 $ 42.6 (24)% (12)% $ 200.3 $ 168.8 19%
-------- -------- -------- -------- -------- -------- -------- -------
% of Sales 8.8% 11.1% 8.3% 11.1% 9.8%
SPECIAL
ITEMS
Specialty $ 0.0 $ 0.0 $ 0.3 * * $ 0.0 $ 3.0 *
Minerals
Segment
-------- -------- -------- -------- -------- -------- -------- -------
Refractories $ 2.0 $ 0.0 $ (2.1) * * $ 2.0 $ (1.5) *
Segment
-------- -------- -------- -------- -------- -------- -------- -------
Performance $ 0.0 $ 0.0 $ 3.5 * * $ 0.0 $ 10.3 *
Materials
Segment
-------- -------- -------- -------- -------- -------- -------- -------
Construction $ 0.0 $ 0.0 $ 14.4 * * $ 0.0 $ 19.5 *
Technologies
Segment
-------- -------- -------- -------- -------- -------- -------- -------
Energy $ 14.7 $ 10.5 $ 13.0 * * $ 42.0 $ 15.3 *
Services
Segment
-------- -------- -------- -------- -------- -------- -------- -------
Unallocated $ 1.3 $ 0.0 $ 0.0 * * $ 1.3 $ 0.0 *
and Other
Corporate
Expenses
-------- -------- -------- -------- -------- -------- -------- -------
Acquisition $ 3.3 $ 2.4 $ 2.4 38% 38% $ 11.8 $ 19.1 (38)%
related
transaction
costs
-------- -------- -------- -------- -------- -------- -------- -------
Consolidated $ 21.3 $ 12.9 $ 31.5 * * $ 57.1 $ 65.7 *
-------- -------- -------- -------- -------- -------- -------- -------
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 (as set forth in the above table), for the quarterly periods
ended December 31, 2015, September 27, 2015, and December 31, 2014, and the twelve
month periods ended December 31, 2015 and 2014 constituting a reconciliation to GAAP
operating income 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 feels
inclusion of these non-GAAP measures also provides consistency in its financial
reporting and facilitates investors' understanding of historic operating trends.
Quarter Ended % Growth Year Ended %
Growth
-------------------------- ----------------- ----------------- -------
SEGMENT Dec. Sept. Dec. Prior Prior Dec. Dec. Prior
OPERATING 31, 27, 31, 31, 31,
INCOME,
EXCLUDING 2015 2015 2014 Qtr. Year 2015 2014 Year
SPECIAL
ITEMS
-------- -------- -------- -------- -------- -------- -------- -------
Specialty $ 25.6 $ 25.0 $ 24.7 2% 4% $ 100.8 $ 98.8 2%
Minerals
Segment
-------- -------- -------- -------- -------- -------- -------- -------
% of Sales 16.2% 16.0% 15.5% 16.1% 15.2%
Refractories $ 5.3 $ 7.9 $ 12.1 (33)% (56)% $ 29.8 $ 41.7 (29)%
Segment
-------- -------- -------- -------- -------- -------- -------- -------
% of Sales 7.8% 10.2% 13.0% 10.1% 11.6%
Performance $ 23.9 22.7 $ 21.5 5% 11% $ 95.9 $ 51.3 87%
Materials
Segment
-------- -------- -------- -------- -------- -------- -------- -------
% of Sales 18.2% 17.9% 15.2% 18.6% 14.5%
Construction $ 4.0 6.1 $ 4.6 (34)% (13)% $ 22.5 $ 18.7 20%
Technologies
Segment
-------- -------- -------- -------- -------- -------- -------- -------
% of Sales 10.2% 12.3% 10.0% 12.5% 12.3%
Energy $ 1.0 2.6 $ 13.2 (62)% (92)% $ 14.1 $ 31.6 (55)%
Services
Segment
-------- -------- -------- -------- -------- -------- -------- -------
% of Sales 3.0% 6.4% 17.3% 7.7% 15.0%
Unallocated $ (0.8) $ (1.5) $ (2.0) (47)% (60)% $ (5.7) $ (7.6) (25)%
Corporate
Expenses
-------- -------- -------- -------- -------- -------- -------- -------
Consolidated $ 59.0 $ 62.8 $ 74.1 (6)% (20)% $ 257.4 $ 234.5 10%
-------- -------- -------- -------- -------- -------- -------- -------
% of Sales 13.7% 13.9% 14.4% 14.3% 13.6%
* Percentage
not
meaningful
--------------------------------------------------------------------------------
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
(In Millions of Dollars)
December 31, December 31,
2015* 2014**
-------------- -------------
Current assets:
Cash & cash equivalents $ 229.4 $ 249.6
Short-term investments 2.6 0.8
Accounts receivable, net 348.7 412.6
Inventories 194.9 211.8
Prepaid expenses and other current assets 28.0 28.7
-------------- -------------
Total current assets 803.6 903.5
-------------- -------------
Property, plant and equipment 2,167.3 2,174.2
Less accumulated depreciation 1,063.0 992.1
-------------- -------------
Net property, plant & 1,104.3 1,182.1
equipment
-------------- -------------
Goodwill 781.2 770.9
Intangible assets 212.7 212.1
Other assets and deferred charges 78.2 86.3
-------------- -------------
Total assets $ 2,980.0 $ 3,154.9
-------------- -------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
liabilities:
Short-term debt $ 6.5 $ 5.6
Current maturities of long-term debt 3.1 0.3
Accounts payable 152.4 170.4
Other current liabilities 156.5 175.2
-------------- -------------
Total current liabilities 318.5 351.5
Long-term debt 1,255.3 1,426.8
Deferred income taxes 252.0 272.8
Other non-current liabilities 216.4 214.9
-------------- -------------
Total liabilities 2,042.2 2,266.0
-------------- -------------
Total MTI shareholders' equity 910.6 863.0
Non-controlling Interest 27.2 25.9
-------------- -------------
Total shareholders' equity 937.8 888.9
-------------- -------------
Total liabilities and $ 2,980.0 $ 3,154.9
shareholders' equity
-------------- -------------
* Unaudited
** Condensed from audited financial statements.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Minerals Technologies Inc via GlobeNewswire
[HUG#1983565]
Unternehmensinformation / Kurzprofil:
Datum: 04.02.2016 - 23:01 Uhr
Sprache: Deutsch
News-ID 448881
Anzahl Zeichen: 52284
contact information:
Town:
New York
Kategorie:
Business News
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"Minerals Technologies Reports Fourth Quarter Earnings per Share of $1.00, Excluding Special Items"
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