Minerals Technologies Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
January 30, 2014 at 10:03 pm
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Minerals Technologies Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported income from operations of $33,462,000, income from continuing operations, before tax of $32,893,000, income from continuing operations, net of tax of $23,598,000 or $0.65 diluted per share, consolidated net income of $23,559,000, net Income attributable to Minerals Technologies Inc. was $22,590,000 or $0.65 diluted per share on net sales of $256,633,000 against income from operations of $27,046,000, income from continuing operations, before tax of $26,067,000, income from continuing operations, net of tax of $19,140,000 or $0.53 diluted per share, consolidated net income of $18,239,000, net income attributable to Minerals Technologies Inc. was $17,770,000 or $0.50 diluted per share on net sales of $256,633,000 for the same period a year ago. Cash flow from continuing operations was $44.2 million against $33.5 million for the same period a year ago. Capital expenditures was $11.6 million against $15.4 million for the same period a year ago.
For the year, the company reported income from operations of $126,852,000, income from continuing operations, before tax of $123,710,000, income from continuing operations, net of tax of $89,195,000 or $2.46 diluted per share, consolidated net income of $83,451,000, net income attributable to Minerals Technologies Inc. was $80,330,000 or $2.30 diluted per share on net sales of $1,018,181,000 against income from operations of $113,640,000, income from continuing operations, before tax of $110,645,000, income from continuing operations, net of tax of $78,719,000 or $2016 diluted per share, consolidated net income of $76,269,000, net income attributable to Minerals Technologies Inc. was $74,147,000 or $2.09 diluted per share on net sales of $996,764,000 for the same period a year ago. Cash flow from continuing operations was $137.5 million against $142.1 million for the same period a year ago. Capital expenditures was $43.9 million against $52.1 million for the same period a year ago. The increase in operating income was due to a strong operating performance highlighted by sales growth in both segments, a 5% company-wide productivity improvement and continued cost and expense control.
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.