From GlobeNewswire:

Minerals Technologies Inc. reported record revenue of $525 million for the fourth quarter of 2023, with strong cash flow and free cash flow. The company also increased its dividend and initiated a new $75 million share repurchase program. For the full year 2023, the company saw record revenue of $2.17 billion with EPS of $5.21, excluding special items. Cash flow from operations was $234 million and free cash flow was $140 million, and the company repaid $49 million of debt.

Worldwide net sales for the fourth quarter of 2023 were $525 million, up 3% from the previous year. Consumer & Specialties segment sales were $281 million, up 3% over the prior year, driven by strong demand for cat litter products and growth in other consumer-oriented products. The Engineered Solutions segment had sales of $243 million, up 4% year over year, driven by strong demand in North America and higher volumes in Asia.

For the full year 2023, worldwide net sales were $2.17 billion, up 2% from the previous year. The Consumer & Specialties segment had sales of $1.16 billion, up 3% over the prior year, mainly driven by cat litter products and growth in other consumer-oriented products. The Engineered Solutions segment had sales of $1.01 billion, up 1% over the previous year. Operating margin for the company was 12.9% of sales, which was 100 basis points above the prior year. Minerals Technologies will host a conference call tomorrow, February 2, 2024 at 11 a.m. Eastern Time.



Read more: Minerals Technologies Reports Fourth Quarter 2023 Earnings