Fri, Jul 26, 7:12 PM (43 days ago)
For the quarter ended June 30, 2024, Minerals Technologies Inc. reported net sales of $541.2 million, a 2% decrease from $551.5 million in the prior year. The decline was attributed to the deconsolidation of Oldco, which had contributed $13.7 million in sales in the previous year. Income from operations was $50.6 million, up slightly from $49.9 million, despite a $30 million provision for credit losses related to a Debtor-in-Possession Credit Agreement with Oldco. Net income attributable to the company was $19.7 million, down from $26.6 million, primarily due to higher litigation expenses and a significant increase in the effective tax rate to 45.1%. Cash and cash equivalents stood at $310.6 million, with total available liquidity exceeding $500 million. The company continues to focus on cost management and operational efficiencies while navigating uncertainties related to Oldco’s bankruptcy proceedings.