Minerals Technologies Inc. (NYSE: MTX) announced its third-quarter financial results, reporting record operating income and earnings per share excluding special items. The company's worldwide net sales were $525 million, down 4 percent as reported or 2 percent versus the prior year on an underlying basis.
For the third quarter of 2024, earnings per share were $1.45, or $1.51 excluding special items, a third-quarter record for MTI. The reported operating income was $77 million, while operating income excluding special items was $79 million, representing 15.1 percent of sales.
The Consumer & Specialties segment sales were $280 million, up 1 percent on an underlying basis. Household & personal care sales were $131 million, up 2 percent from the prior year, while specialty additives sales were $149 million and grew 1 percent on an underlying basis. Segment operating income increased by 9% over the prior year to $42 million, with operating margin expanding by 170 basis points over the prior year to 14.9% of sales.
The Engineered Solutions segment sales were $244 million, down 5 percent from the prior year. High-temperature technologies sales were $175 million, down 1 percent from the prior year, and environmental & infrastructure sales were $70 million, 12 percent lower than the prior year. Segment operating income was $39 million, down 4 percent from the prior year, with operating margin improving by 10 basis points versus the prior year to 15.9 percent of sales.
MTI also announced a new $200 million share repurchase program and completed the previous $75 million program, as well as increased its dividend by 10%.
The company will host a conference call on October 25, 2024, at 11 a.m. Eastern Time to discuss these results. The market has reacted to these announcements by moving the company's shares -0.7% to a price of $77.45. Check out the company's full 8-K submission here.