Minerals Technologies Inc. (MTI) reported a decrease in net sales for the third quarter of 2024, totaling $524.7 million, down 4% from $547.8 million in the same period of 2023. For the nine months ended September 29, 2024, net sales were $1,600.4 million, a decline of 3% compared to $1,645.4 million in the prior year. The decrease in sales was attributed to a drop in U.S. sales, which fell 8% to $268.3 million, while international sales slightly increased to $256.4 million.
Despite the decline in sales, MTI experienced significant improvements in profitability. The production margin for the third quarter rose to $135.2 million, a 2% increase from $133.1 million in the previous year. Income from operations surged to $76.6 million, compared to a loss of $7.9 million in Q3 2023. For the nine-month period, income from operations reached $202.4 million, a substantial increase of 93% from $105.0 million in the prior year. Net income for the third quarter was $47.7 million, reversing a loss of $18.1 million in Q3 2023, while net income for the nine months was $116.2 million, up 144% from $47.6 million.
Earnings per share (EPS) also saw a notable improvement, with diluted EPS for the third quarter at $1.45, compared to a loss of $0.59 in the prior year. For the nine months, diluted EPS was $3.49, up from $1.36.
The Consumer & Specialties segment reported net sales of $280.3 million for the third quarter, down from $291.2 million, while the Engineered Solutions segment saw sales decrease to $244.4 million from $256.6 million. The Consumer & Specialties segment's income from operations improved significantly to $41.7 million, compared to a loss of $46.6 million in the prior year, which included a substantial non-cash impairment charge.
On the balance sheet, total current assets increased to $1,140.8 million, and total assets rose to $3,394.0 million. Long-term debt decreased to $894.7 million, down from $911.1 million at the end of 2023. The company maintained a strong liquidity position, with cash and cash equivalents totaling $317.1 million.
Strategically, MTI completed the acquisition of Concept Pet Heimtierprodukte GmbH in April 2022, with an additional payment of $4.0 million made in Q2 2024. The company is focusing on expanding its market share in global pet litter products and enhancing its product offerings in personal care and waste management solutions. Additionally, MTI is navigating ongoing legal challenges related to talc products, with its subsidiaries filing for Chapter 11 bankruptcy in October 2023.
About MINERALS TECHNOLOGIES INC
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