Minerals Technologies Inc. (MTI) reported a decrease in net sales for the fiscal year ending December 31, 2024, totaling $2.119 billion, down 2.4% from $2.170 billion in 2023. The company's income from operations significantly increased to $286.5 million, compared to $171.8 million in the previous year. This rise was attributed to improved pricing, lower input costs, and higher productivity, despite incurring $11.3 million in litigation expenses related to the bankruptcy of its subsidiary, BMI Oldco Inc. (Oldco), and a $30 million provision for credit losses associated with a Debtor-in-Possession Credit Agreement.
In terms of segment performance, the Consumer & Specialties segment generated $1.140 billion in sales, a slight decline of 1.7% from the previous year, while the Engineered Solutions segment saw a 3.1% decrease in sales to $978.3 million. The Household & Personal Care product line within the Consumer & Specialties segment experienced a 2.4% increase in sales, driven by strong demand for pet litter products. Conversely, the Specialty Additives product line faced a decline primarily due to the deconsolidation of Oldco, which accounted for $40.6 million in sales in the prior year.
The company continued to focus on strategic growth initiatives, including geographic expansion and new product development. In 2024, MTI completed the acquisition of Concept Pet Heimtierprodukte GmbH, enhancing its European pet care business and mineral reserves. The company also refinanced its senior secured revolving credit facility and term loan, increasing commitments to $400 million and extending maturities to 2029 and 2031, respectively.
As of December 31, 2024, MTI's total assets were valued at $3.394 billion, with cash and cash equivalents amounting to $333.1 million. The company employed 3,891 individuals globally, with a focus on maintaining a strong safety culture, achieving a Total Recordable Incident Rate (TRIR) of 0.78. Looking ahead, MTI aims to enhance its market share in pet litter products, expand its presence in personal care applications, and continue developing innovative solutions for environmental challenges.
The company’s outlook remains cautiously optimistic, with plans to leverage its strong balance sheet and available liquidity of over $700 million to support growth initiatives and shareholder returns. However, the ongoing litigation related to Oldco's talc products and the associated bankruptcy proceedings present uncertainties that could impact future financial performance.
About MINERALS TECHNOLOGIES INC
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