Minerals Technologies Q1 Profit Declines; Net Sales Down 5%

(RTTNews) - Minerals Technologies Inc. (MTX) reported that its first-quarter net Income attributable to the company decreased to $38.6 million or $1.12 per share from $39.1 million or $1.11 per share in the prior year.

Earnings per share were $1.13, excluding special items, for the first quarter, versus $1.11 in the prior year.

Total net sales down 5 percent to $417.5 million. The company specified that COVID-19 pandemic impacted sales by about $7 million and foreign exchange had an unfavorable impact on sales of about $6.0 million.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.77 per share and revenues of $410.53 million for the first-quarter. Analysts' estimates typically exclude special items.

MTX closed Thursday's trading at $44.04, down $2.65 or 5.68%, on NYSE.