MTX Q2 adjusted EPS $1.31; initiates $10M cost savings; exits talc business

MINERALS TECHNOLOGIES INC

2023-Q2 EPS reported $1.96 revenue$1,097,600,000

Adjusted EPS $1.31 vs reported $0.82; net sales $552M, down 1% YoY, up 1% sequentially.
Operating margin ex-special items 12.8%, up 120 bps sequentially; special items $20.7M (severance $6.6M, talc litigation $13.9M).
Initiated ~$10M annual cost savings program via workforce reductions; full run-rate expected H1 2024.
Announced plan to exit talc business; Barretts Minerals Inc. to be sold; additional litigation costs incurred.
YTD cash from operations $79M, more than double prior year.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

MINERALS TECHNOLOGIES INC reported the second quarter ended July 3, 2023 results: revenue $552 million, EPS $0.82.

Period: the second quarter ended July 3, 2023
Revenue: $552 million
EPS: $0.82
Result: reported results

Exact text from the filing

prudent steps to ensure that any liabilities associated with talc are dealt with effectively and efficiently,” said Mr. Dietrich. Second Quarter 2023 Worldwide net sales were $552 million, up 1 percent sequentially and down 1 percent from the prior year. Foreign exchange had an unfavorable impact of approximately $8 million or 1 percentage point. Operating income

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Source: SEC EDGAR

accession 0000891014-23-000071

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