Minerals Technologies Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012
January 01, 2013 at 03:37 am IST
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Minerals Technologies Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company announced net sales of $244,165,000 compared to $251,742,000 for the same period a year ago. Sales this quarter decreased 3% or about $8 million from the prior year. Foreign exchange had an unfavorable impact of $3 million or about 1% and the permanent and temporary paper mill shutdowns in Finland and France last year, as well as several steel mill shutdowns this year account for the remainder of the decrease. Income from operations was $25,724,000 compared to $25,163,000 for the same period a year ago. Income from continuing operations before tax was $24,745,000 compared to $25,864,000 for the same period a year ago. Consolidated net income was $18,239,000 compared to $20,064,000 for the same period a year ago. Net Income attributable the company was $17,770,000 or $0.50 per basic and diluted share compared to $19,639,000 or $0.55 per basic and diluted share for the same period a year ago. Cash flow from operations was $35.1 million compared to $40.8 million for the same period a year ago. Capital expenditures were $14.3 million compared to $15.1 million for the same period a year ago. Free cash flow was $20.8 million compared to $25.7 million for the same period a year ago.
For the year, the company announced net sales of $1,005,619,000 compared to $1,044,853,000 for the same period a year ago. Income from operations was $110,041,000 compared to $100,338,000 for the same period a year ago. Income from continuing operations before tax was $107,046,000 compared to $97,740,000 for the same period a year ago. Consolidated net income was $76,269,000 compared to $70,254,000 for the same period a year ago. Net income attributable the company was $74,147,000 or $2.09 per diluted share compared to $67,521,000 or $1.86 per diluted share for the same period a year ago. Cash flow from operations was $139.9 million compared to $133.7 million for the same period a year ago. Capital expenditures were $52.1 million compared to $52.0 million for the same period a year ago. Free cash flow was $87.8 million compared to $81.7 million for the same period a year ago. Increase in operating income was due to a strong operating performance highlighted by a 6% company-wide productivity improvement and 3% lower expenses. Operating income improved despite a 4% decrease in worldwide sales due to unfavorable foreign exchange and weakening market conditions in Europe.
Minerals Technologies Inc. is a technology-driven specialty minerals company that develops, produces, and markets a range of mineral and mineral-based products, related systems, and services. The Companyâs segments include Consumer & Specialties and Engineered Solutions. The Consumer & Specialties segment serves consumer end markets directly and provides mineral-based solutions and technologies for its customersâ products. The two product lines in this segment are Household & Personal Care and Specialty Additives. The Company's Engineered Solutions segment combines all engineered systems, mineral blends, and technologies that are designed to aid in customer processes and projects. The two product lines in this segment are High-Temperature Technologies and Environmental & Infrastructure. The Company serves globally a range of consumer and industrial markets, including household, food and pharmaceutical, paper, packaging, automotive, construction, and environmental.