Minerals Technologies Inc. has announced its financial results for the fourth quarter and full year of 2024. The company reported record operating income and earnings per share, excluding special items, for both periods.
For the fourth quarter of 2024, worldwide net sales were $518 million, a 1 percent decrease from the prior year. Reported operating income was $84 million, while operating income excluding special items was $74 million, representing a 7 percent increase over the prior year. The Consumer & Specialties segment recorded sales of $279 million, down 1 percent from the prior year. However, segment operating income increased by 4 percent to $38 million. The Engineered Solutions segment saw sales of $239 million, a 2 percent decrease from the prior year, while operating income excluding special items was $40 million, an 8 percent increase over the prior year.
For the full year 2024, worldwide net sales were $2.12 billion, down 2 percent as reported or down 1 percent versus the prior year on an underlying basis. Reported operating income was $287 million, while operating income excluding special items was $316 million, a 13 percent increase over the prior year. Cash flow from operations was $236 million, and free cash flow was $147 million. The Consumer & Specialties segment reported sales of $1.14 billion, up 2 percent over the prior year on an underlying basis, with segment operating income up 17 percent to $166 million. The Engineered Solutions segment recorded sales of $978 million, down 3 percent from the prior year, while operating income excluding special items was $162 million, a 7 percent increase over the prior year.
The company improved its balance sheet strength by increasing liquidity and extending debt maturities, and its net leverage ratio stands at 1.6 times adjusted EBITDA. In addition, Minerals Technologies Inc. repaid $39 million of its debt, repurchased $64 million of shares, and increased its dividend.
MTI will host a conference call on February 7, 2025, at 11 a.m. Eastern Time to discuss these results, with a live earnings webcast accessible on their investor relations website. As a result of these announcements, the company's shares have moved 0.6% on the market, and are now trading at a price of $76.66. If you want to know more, read the company's complete 8-K report here.
