secwatch.observer — SEC 8-K summary
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Issuer:     MINERALS TECHNOLOGIES INC (MTX)
CIK:        0000891014
Form:       8-K
Filed at:   2023-07-27T23:59:59+00:00
Accession:  0000891014-23-000071
Event type: earnings
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/891014/000089101423000071/0000891014-23-000071-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/891014/000089101423000071/form8k_072723.htm
  HTML page:      https://secwatch.observer/filing/0000891014-23-000071

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