Minerals Technologies Inc. reported diluted earnings per share of $1.11, excluding special items, for the 2Q ended June 30, 2019. Worldwide net sales of $463.8 million were essentially flat compared to the prior year. Sales increased 3% excluding the impact of foreign exchange, as the company said in the press release received by Lesprom Network..
Operating income was $45.5 million and represented 9.8% of sales. Operating income excluding special items was $61.2 million and represented 13.2% of sales.
Douglas T. Dietrich, CEO, stated, “Our 2Q results were impacted by slowing demand in the U.S. Metalcasting market as well as rail infrastructure issues, which temporarily limited shipments in our Performance Materials business. In addition, we experienced generally weaker demand across our businesses in China and Europe. We continued to drive healthy sales in our Household and Personal Care, Environmental and Building Materials product lines, as well as in Energy Services. We also advanced our growth strategy with the signing of a new 45,000 ton PCC satellite contract in India and our first commercial deployment of ENVIROFIL® PCC, an innovative minerals recycling technology.”
Minerals Technologies Inc. is a resource- and technology-based growth company that develops, produces and markets worldwide a broad range of specialty mineral, mineral-based and synthetic mineral products and related systems and services.