Slide 1: Second Quarter 2024 Earnings Conference Call
SECOND QUARTER 2024EARNINGS CONFERENCE CALL July 26, 2024
Slide 2: Forward Looking Statements and Non-GAAP Measures
Forward Looking Statements and Non-GAAP Measures This presentation may contain "forward‐looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations and forecasts of future events such as new products, revenue
Slide 3: Douglas T. Dietrich, Chairman and Chief Executive Officer
Douglas T. Dietrich Chairman and Chief Executive Officer
Slide 4: Second Quarter 2024 Highlights
Second Quarter 2024 Highlights $541M Sales +1%* 15.7% Operating Margin +290bps Operating income, operating margin and earnings per share exclude special items All changes are versus prior year *Underlying sales growth $85M Operating Income +20% $1.65 Earnings Per Share +26% $50M Cash Flow From Opera
Slide 5: Strong Portfolio Built for Higher Performance
Strong Portfolio Built for Higher Performance $1.1B Sales $162M Operating Income $3.15 Earnings Per Share $106M Cash from Operations Strong portfolio of leading businesses Transforming our businesses for higher performance Aligned organization to execute long-term strategy Tracking well against fina
Slide 6: Current Market Dynamics
Current Market Dynamics Strong demand in cat litter and other consumer-oriented markets Stable overall paper and packaging and residential construction markets Stable markets; slow-down in agriculture equipment market Commercial construction remains weak Household & Personal Care Specialty Additives
Slide 7: Erik C. Aldag, Chief Financial Officer
Erik C. Aldag Senior Vice President, Finance and Treasury and Chief Financial Officer
Slide 8: Second Quarter Financial Summary
12.8% +0.8% +0.4% +1.7% 15.7% Second Quarter Financial Summary Q2 ’24 Q2 ’23 YoY Sales ($M) 541 538* +1%* Gross Margin (%) 26.6 23.2 +340bps Operating Income ($M) 85 71 +20% Operating Margin (%) 15.7 12.8 +290bps Adj. EBITDA ($M) 108 93 +16% Adj. EBITDA Margin (%) 19.9 16.8 +310bps EPS ($) 1.65 1.31
Slide 9: Consumer & Specialties Segment Second Quarter 2024 Performance
CONSUMER & SPECIALTIES SEGMENTSecond Quarter 2024 Performance $284M Sales 15.4% Operating Margin $44M Operating Income Operating income, operating margin and earnings per share exclude special items All changes are versus prior year Q2 ’23* Q2 ’24 $277M $284M +3%* Q2 ’23 Q2 ’24 $34M $44M +29% Q2 ’23
Slide 10: Engineered Solutions Segment Second Quarter 2024 Performance
ENGINEERED SOLUTIONS SEGMENTSecond Quarter 2024 Performance $257M Sales 17.4% Operating Margin $45M Operating Income Operating income, operating margin and earnings per share exclude special items All changes are versus prior year Q2 ’23 Q2 ’24 $261M $257M -2% Q2 ’23 Q2 ’24 $38M $45M +16% Q2 ’23 Q2
Slide 11: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow Cash Flow and Capital Deployment YTD ’23 YTD ’24 $79M $33M $106M $69M Liquidity & Debt Q2 ’23 Net Debt Q2 ’24 Net Debt $787M $675M ($112M) Cash From Operations Free Cash Flow Q2 ’24 Cash, Cash Equivalents, and Short-Term Investments $316M Available Revolver $222M Total Li
Slide 12: Third Quarter Outlook Summary
Sales on trend with the first half of 2024 Consumer-oriented markets continue to grow Softness in some industrial markets Margins remain strong Continued strong cash flow generation On track with long-term strategic objectives Third Quarter Outlook Summary $535M-$545M Sales $77M-$80M Operating Incom
Slide 13: Douglas T. Dietrich, Chairman and Chief Executive Officer
Douglas T. Dietrich Chairman and Chief Executive Officer
Slide 14: 16th Annual Sustainability Report
16th Annual Sustainability Report Continue to Advance Sustainability Initiatives Comprehensive view into who we are and our culture Demonstrates our progress meeting environmental targets: Achieved 10 out of 12 targets ahead of 2025 target year Explains our focus on further enhancing disclosures: I
Slide 15: Minerals Technologies: Innovative Technologies. Essential Solutions.
WAV MINERALS W > TECHNOLOGIES Innovative Technologies. Essential Solutions.™
Slide 16: Appendix
MINERALS TECHNOLOGIES Innovative Technologies, Essential Solutions.” Appendix
Slide 17: Reconciliation: Net Income and Diluted EPS Excluding Special Items
ReconciliationNet Income and Diluted EPS Excluding Special Items The information set forth in the Analyst Presentation presents financial measures of the Company that exclude certain special items, and are therefore not in accordance with GAAP. The following is a presentation of the Company’s non-GA
Slide 18: Reconciliation: Segment Operating Income Excluding Special Items
ReconciliationSegment Operating Income Excluding Special Items (millions of dollars, except per share data) Quarter Ended Six Months Ended Jun. 30, Jul. 2, Jun. 30, Jul. 2, 2024 2023 2024 2023 Segment Operating Income Data Consumer & Specialties Segment $ 43.9 $ 19.4 $ 85.9 $ 51.6 Engineered Solutio
Slide 19: Reconciliation: Adjusted EBITDA Excluding Special Items
ReconciliationAdjusted EBITDA Excluding Special Items (millions of dollars, except per share data) Quarter Ended Six Months Ended Jun. 30, Jul. 2, Jun. 30, Jul. 2, 2024 2023 2024 2023 Net income attributable to MTI $ 19.7 $ 26.6 $ 66.4 $ 63.6 Add back: Depreciation, depletion and amortization 24.0 2
Slide 20: Reconciliation: Sales Growth Excluding BMI Oldco
Reconciliation The Company Sales Growth Excluding BMI Oldco (f/k/a Barretts Minerals Inc.) To supplement the Company's consolidated financial statements presented in accordance with GAAP, the following is a presentation of the Company's year over year sales growth, excluding the sales of BMI Oldco f
Slide 21: Reconciliation: Free Cash Flow
Reconciliation Free Cash Flow (millions of dollars, except per share data) Quarter Ended Six Months Ended Jun. 30, Jul. 2, Jun. 30, Jul. 2, 2024 2023 2024 2023 Cash flow from operations $ 50.1 $ 45.5 $ 106.0 $ 79.2 Capital expenditures 20.2 21.4 36.7 45.9 Free cash flow $ 29.9 $ 24.1 $ 69.3 $ 33.3