Minerals Technologies Sees Improvement in Markets

Minerals Technologies Inc (MTI) of New York, NY has reported 2020 consolidated third quarter net income of US$29.3 million on worldwide sales of US$388.3 million versus net income of US$39.1 million on net sales of US$449.3 million in the same period of 2019.

Doug Dietrich, MTI’s CEO, said, “During the third quarter, we saw a noticeable improvement in demand across several of our key end markets, along with continued strength in our consumer-oriented products. The actions we have taken over the last several quarters related to cost control, pricing, and productivity, combined with our pipeline of new products, helped drive higher sequential and year-over-year operating margins despite the challenging market environment. ”

MTI’s Minerals businesses, which includes Specialty Minerals and Performance Minerals, saw sales decline in the third quarter from US$350.4 million to US$315.7 million. Operating income for the businesses fell 14% from US$48.6 million to US$46.2 million.

The Performance Minerals segment reported a sales decrease of 8% to US$190.6 million. Metalcasting sales were 4% lower than the prior year as foundry production improved in North America and demand remained strong in China, where sales grew 20% versus the prior year. Household, Personal Care & Specialty Products sales were flat compared with the prior year on continued strong demand for consumer-oriented products. Environmental Products and Building Materials continued to experience COVID-19 related project delays, and sales remained below prior year levels. The segment’s operating income was US$28.2 million, up 5% over the prior year period.

Sales in the Specialty Minerals segment, which includes the precipitated calcium carbonate (pcc) and Processed Minerals product lines, decreased 13% to US$125.1 million. Worldwide sales of pcc were US$98.1 million versus US$107.9 million in the third quarter of 2019. Paper PCC sales in China grew 11% sequentially and 18% over the prior year on continued penetration and strong customer demand. Specialty PCC products sales increased 16% sequentially as automotive and construction demand improved through the quarter and consumer-oriented products remained strong.

MTI’s sales of Processed Minerals products decreased 5% to US$33.3 million. Ground calcium carbonate sales increased 1% to US$23.2 million. Talc sales decreased 17% to US$10.1 million.

Volume 34, Issue 22

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