Minerals Technologies Inc. (MTX, Financial) filed Quarterly Report for the period ended 2012-09-30.
Minerals Technologies, Inc. has a market cap of $1.25 billion; its shares were traded at around $71.47 with a P/E ratio of 17.2 and P/S ratio of 1.2. The dividend yield of Minerals Technologies, Inc. stocks is 0.3%.
Worldwide net sales in the first nine months of 2012 decreased 4% to $761.4 million from $793.1 million in the prior year. Foreign exchange had an unfavorable impact on sales of approximately $23.4 million or approximately 3 percentage points. Sales in the Specialty Minerals segment, which includes the PCC and Processed Minerals product lines, decreased 3% to $501.4 million as compared with $516.1 million for the same period in 2011. Sales in the Refractories segment decreased 6% from the previous year to $260.0 million.
Worldwide net sales of PCC, which is primarily used in the manufacturing process of the paper industry, decreased 4% in the first nine months to $411.4 million from $427.5 million in the prior year. Foreign exchange had an unfavorable impact on sales of $15.4 million, or approximately 4 percentage points. Paper PCC sales decreased 5% to $361.6 million in the first nine months of 2012 from $379.3 million in the prior year. Volumes for this product line declined approximately 4%, primarily in Europe. Sales were affected by the closure of one satellite PCC facility in Finland, and the temporary shutdown of a satellite PCC facility in France. There were however, new PCC satellite facilities in North America and India that partially offset the volume decline. Sales of Specialty PCC increased 3% to $49.8 million from $48.2 million in the prior year. This increase was primarily due to volume increases of 3%.
Net sales of Processed Minerals products increased 2% in the first nine months of 2012 to $90.0 million from $88.6 million in the prior year. This increase was primarily attributable to volume and price increases in our talc product line. Talc sales increased 5% while GCC sales declined 1% primarily due to lower volumes in California.
Net sales in the Refractories segment decreased 6% in the first nine months to $260.0 million from $277.0 million in the prior year. Foreign exchange had an unfavorable impact on sales of $8.0 million, or approximately 3 percentage points. Sales of refractory products and systems to steel and other industrial applications decreased 7% to $200.5 million from $216.1 million primarily due to reduced volumes resulting from the deconsolidation of the Company's Refractory operations in Korea in the third quarter of 2011 of $3.5 million and to volume declines in Europe of 2% due to weakness in the European steel industry. Sales of metallurgical products within the Refractories segment decreased 2% to $59.5 million as compared with $60.9 million in the same period last year.
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Minerals Technologies, Inc. has a market cap of $1.25 billion; its shares were traded at around $71.47 with a P/E ratio of 17.2 and P/S ratio of 1.2. The dividend yield of Minerals Technologies, Inc. stocks is 0.3%.
Highlight of Business Operations:
The Company recorded income from operations of $27.8 million in the third quarter of 2012, a 10% increase from prior year income from operations of $25.4 million. Income from operations represented 11.1% of net sales in the current year as compared with 9.7% of sales in the third quarter of 2011. Income from operations in the third quarter of 2012 for the Specialty Minerals segment was $22.6 million, as compared to income from operations of $19.3 million in the prior year. Operating income for the Refractories segment was $7.2 million as compared to income from operations of $7.5 million in the prior year.Worldwide net sales in the first nine months of 2012 decreased 4% to $761.4 million from $793.1 million in the prior year. Foreign exchange had an unfavorable impact on sales of approximately $23.4 million or approximately 3 percentage points. Sales in the Specialty Minerals segment, which includes the PCC and Processed Minerals product lines, decreased 3% to $501.4 million as compared with $516.1 million for the same period in 2011. Sales in the Refractories segment decreased 6% from the previous year to $260.0 million.
Worldwide net sales of PCC, which is primarily used in the manufacturing process of the paper industry, decreased 4% in the first nine months to $411.4 million from $427.5 million in the prior year. Foreign exchange had an unfavorable impact on sales of $15.4 million, or approximately 4 percentage points. Paper PCC sales decreased 5% to $361.6 million in the first nine months of 2012 from $379.3 million in the prior year. Volumes for this product line declined approximately 4%, primarily in Europe. Sales were affected by the closure of one satellite PCC facility in Finland, and the temporary shutdown of a satellite PCC facility in France. There were however, new PCC satellite facilities in North America and India that partially offset the volume decline. Sales of Specialty PCC increased 3% to $49.8 million from $48.2 million in the prior year. This increase was primarily due to volume increases of 3%.
Net sales of Processed Minerals products increased 2% in the first nine months of 2012 to $90.0 million from $88.6 million in the prior year. This increase was primarily attributable to volume and price increases in our talc product line. Talc sales increased 5% while GCC sales declined 1% primarily due to lower volumes in California.
Net sales in the Refractories segment decreased 6% in the first nine months to $260.0 million from $277.0 million in the prior year. Foreign exchange had an unfavorable impact on sales of $8.0 million, or approximately 3 percentage points. Sales of refractory products and systems to steel and other industrial applications decreased 7% to $200.5 million from $216.1 million primarily due to reduced volumes resulting from the deconsolidation of the Company's Refractory operations in Korea in the third quarter of 2011 of $3.5 million and to volume declines in Europe of 2% due to weakness in the European steel industry. Sales of metallurgical products within the Refractories segment decreased 2% to $59.5 million as compared with $60.9 million in the same period last year.
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