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[February 2007]
Minerals Technologies Reports Full-Year Figures
Minerals Technologies Inc (New York, USA) reported world-wide sales for the full year 2006 of US$1.059 billion, a 7% increase over the US$991 million reported in 2005. For the year, foreign exchange had a favourable impact on sales of less than 1 percentage point. The company's operating income for the full year 2006 was US$84.9 million, a 5% increase over the US$81 million in 2005.Income from continuing operations declined 2% to US$51.6 million from US$52.7 million. Net income for the full year decreased 6% to US$50 million from US$53.3 million. Diluted earnings per share were US$2.53, a 2% decline from US$2.59 in the previous year.
World-wide sales of Processed Minerals products decreased 5% in the fourth quarter to US$34.5 million from US$36.5 million in the same period of the prior year. For the full year, Processed Minerals product sales increased 5% to US$154.4 million in 2006 from US$146.7 million in 2005. Processed Minerals products, which include ground calcium carbonate, talc and
Synsil(R) products, are used in the building materials, polymers, ceramics, paints and coatings, glass and other manufacturing industries.Sales of Other Processed Minerals products decreased 14% during the fourth quarter due primarily to weakness in the residential construction market.
In the company's Refractories segment, sales for the fourth quarter were US$89.9 million, an 8% increase over the US$83.2 million in Q4 2005. This increase was primarily attributable to sales from ASMAS, a recently acquired refractory business in Turkey. Sales for the full year for the Refractories segment were US$347.9 million, a 6% increase over the US$327.8 million in 2005.
Sales of refractory products and systems to steel and other industrial applications increased by 22% in the fourth quarter to US$71.2 million. Sales of metallurgical products decreased 25% in Q4 to US$18.7 million. This decrease was primarily attributable to lower volumes and weak market conditions in North America.
Operating income for the fourth quarter for the Refractories segment was US$8.9 million, a 16% increase over the same period in 2005. This increase was primarily attributable to strong sales in refractories and equipment systems outside of North America and a pension settlement and curtailment gain. For the full year, Refractories' operating income was US$32 million, a 13% increase over the US$28.3 million in the previous year.
www.mineralstech.com
ENDS