Slide 1: Third Quarter 2024 Earnings Conference Call
THIRD QUARTER 2024 EARNINGS CONFERENCE CALL October 25, 2024 © 2024 Minerals Technologies Inc. All Rights Reserved.
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: Third Quarter 2024 Highlights
Third Quarter 2024 Highlights $79M 15.1% $1.51 $60M $525M Operating Operating Earnings Cash Flow Sales From Income Margin Per Share Operations -2%* +3% +100bps +1% +2% *Underlying sales Delivered record performance; on-track for a record year Returning cash to shareholders: - New share-repurchas
Slide 5: Expanding Our Leadership Position
Expanding Our Leadership Position Consumer & Specialties Engineered Solutions The new brand name for the pet care Progressing on refractory automation business - the leading global supplier of cat deployment strategy litter to both private label partners and globally recognized brands Driving furthe
Slide 6: 2024 Innovation Day
2024 Innovation Day INNOVATION DAY JNLO ENTIAL THROU! Differentiated Global Mineral Reserves Core Application Customer Technologies Expertise Partnership Vv © & Sustainable leadership positions Long-term sustainable growth in all key markets ‘W MINERALS TECHNOLOGIES 6 Innovative Technologies. Essent
Slide 7: Erik C. Aldag, Chief Financial Officer
Erik C. Aldag Senior Vice President, Finance and Treasury and Chief Financial Officer
Slide 8: Third Quarter Financial Summary
Third Quarter Financial Summary Sales vs Prior Year ($M) 548 -2% 534 2 1 Q3 ’24 Q3 ’23 YoY 525 (14) (3) (10) Sales ($M) 525 534* -2%* Q3 ’23 BMI Q3 ’23 H & PC Spec Adds High-Temp Env & Q3 ’24 Gross Margin (%) 25.8 24.3 +150bps Oldco Underlying Tech Infrastructure Consumer & Specialties Engineered So
Slide 9: Consumer & Specialties Segment Third Quarter 2024 Performance
CONSUMER & SPECIALTIES SEGMENT Third Quarter 2024 Performance +1%* Third Quarter Summary Fourth Quarter Outlook $277M $280M $280M Household & Personal Care Seasonally stronger pet litter sales Sales High margin consumer products remained on New satellite startups in Asia Q3 ’23* Q3 ’24 growth
Slide 10: Engineered Solutions Segment Third Quarter 2024 Performance
ENGINEERED SOLUTIONS SEGMENT Third Quarter 2024 Performance -5% Third Quarter Summary Fourth Quarter Outlook $257M $244M $244M High-Temperature Technologies Similar industrial markets conditions Sales Slower North America industrial markets Seasonally slower period for Q3 ’23 Q3 ’24 - Soft end
Slide 11: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow Cash Flow and Capital Deployment Liquidity & Debt Cash From Operations Free Cash Flow Q3 ’24 $166M Cash, Cash Equivalents, and $138M $325M Short-Term Investments $105M Available Revolver $231M $67M Total Liquidity $556M YTD ’23 YTD ’24 ($105M) Q3’24 YTD’24 $763M $658M 1.7
Slide 12: Outlook Summary
Outlook Summary Fourth Quarter Outlook Full Year 2024 Outlook Similar sales sequentially and YOY On-track for record operating ~$525M - Execution on growth initiatives and income and EPS Sales more balanced portfolio helping to offset typical seasonality and Strong operating margin, ahead of i
Slide 13: © 2024 Minerals Technologies Inc. All Rights Reserved.
© 2024 Minerals Technologies Inc. All Rights Reserved.
Slide 14: Appendix
Appendix © 2024 Minerals Technologies Inc. All Rights Reserved.
Slide 15: Net Income and Diluted EPS Excluding Special Items
Reconciliation Net 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-G
Slide 16: Segment Operating Income Excluding Special Items
Reconciliation Segment Operating Income Excluding Special Items (millions of dollars, except per share data) Quarter Ended Nine Months Ended Sep. 29, Oct. 1, Sep. 29, Oct. 1, 2024 2023 2024 2023 Segment Operating Income (Loss) Data Consumer & Specialties Segment $ 41.7 $ (46.6) $ 127.6 $ 5.0 Enginee
Slide 17: Adjusted EBITDA Excluding Special Items
Reconciliation Adjusted EBITDA Excluding Special Items (millions of dollars, except per share data) Quarter Ended Nine Months Ended Sep. 29, Oct. 1, Sep. 29, Oct. 1, 2024 2023 2024 2023 Net income (loss) attributable to MTI $ 46.7 $ (19.2) $ 113.1 $ 44.4 Add back: Depreciation, depletion and amortiz
Slide 18: Sales Growth Excluding BMI Oldco
Reconciliation 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 Inc. (“Oldco”
Slide 19: Free Cash Flow
Reconciliation Free Cash Flow (millions of dollars, except per share data) Quarter Ended Nine Months Ended Sep. 29, Oct. 1, Sep. 29, Oct. 1, 2024 2023 2024 2023 Cash flow from operations $ 60.0 $ 59.1 $ 166.0 $ 138.3 Capital expenditures 24.7 25.1 61.4 71.0 Free cash flow $ 35.3 $ 34.0 $ 104.6 $ 67.