Minerals Technologies Inc. has released its 10-K report today. The company develops, produces, and markets specialty mineral, mineral-based, and synthetic mineral products, and operates through three segments: Performance Materials, Specialty Minerals, and Refractories. The company's shares are currently trading at a price of $72.72, with no significant change in the market.
In the reported financial metrics, worldwide sales increased by 2% in 2023 to $2.170 billion compared to $2.126 billion in 2022. However, consolidated income from operations decreased to $171.8 million from $214.8 million in the previous year. The company's net income was $84.1 million in 2023, down from $122.2 million in the prior year. The reported diluted earnings were $2.58 per share in 2023, a decrease from $3.73 per share in the prior year.
Minerals Technologies Inc. faced challenges in 2023, including a $71.7 million non-cash impairment charge related to fixed assets and $29.2 million of net litigation expenses. The company's balance sheet remains strong, with cash, cash equivalents, and short-term investments totaling $321.5 million as of December 31, 2023, and cash flow from operations amounting to $233.6 million in 2023.
Looking ahead, the company aims to focus on innovation and new product development to drive sales growth in 2024. It plans to increase its presence and market share in various global markets and expand its product solutions for different applications.
In terms of financial performance, the company's worldwide net sales in 2023 increased by 2.1% from the previous year to $2,169.9 million. However, income from operations decreased to $171.8 million in 2023 from $214.8 million in 2022. The company also recorded non-operating deductions of $64.1 million in 2023, compared to $58.1 million in the previous year.
For further details, you can access the company's full 10-K submission here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (M) | $1,808 | $1,791 | $1,595 | $1,858 | $2,126 | $2,153 |
| Gross Margins | 26% | 25% | 25% | 24% | 22% | 22% |
| Net Margins | 9% | 7% | 7% | 9% | 6% | 3% |
| Net Income (M) | $169 | $133 | $112 | $164 | $122 | $64 |
| Net Interest Expense (M) | $46 | $43 | $38 | $37 | $44 | $57 |
| Depreciation & Amort. (M) | $94 | $98 | $94 | $95 | $94 | $94 |
| Diluted Shares (M) | 36 | 35 | 34 | 34 | 33 | 32 |
| Earnings Per Share | $4.75 | $3.78 | $3.29 | $4.86 | $3.73 | $1.98 |
| EPS Growth | n/a | -20.42% | -12.96% | 47.72% | -23.25% | -46.92% |
| Avg. Price | $66.42 | $54.37 | $49.83 | $74.51 | $66.05 | $72.755 |
| P/E Ratio | 13.92 | 14.42 | 15.29 | 15.33 | 17.9 | 36.93 |
| Free Cash Flow (M) | $128 | $173 | $174 | $146 | $23 | $86 |
| CAPEX (M) | $76 | $65 | $67 | $86 | $82 | $94 |
| EV / EBITDA | 8.73 | 8.15 | 8.11 | 9.57 | 9.38 | 12.47 |
| Total Debt (M) | $911 | $828 | $935 | $938 | $957 | $932 |
| Net Debt / EBITDA | 2.01 | 1.91 | 2.01 | 1.93 | 2.3 | 2.73 |
| Current Ratio | 2.29 | 2.31 | 3.49 | 2.45 | 2.13 | 2.31 |
