Minerals Technologies Slips To Loss In Q3

(RTTNews) - Minerals Technologies Inc. (MTX) reported that its third quarter net loss attributable to the company was $19.2 million or $0.59 per share compared to net income of $13.4 million or $0.41 per share in the prior year.

Earnings per share, excluding $85 million of special items associated with BMI's bankruptcy, were $1.49 for the third quarter ended October 1, 2023 compared to $1.35 per share in the prior year.

Net sales for the third quarter were $547.8 million up from $541.9 million in the prior year.

As previously announced, the company increased its regular quarterly dividend to $0.10 per share on the Company's common stock. This is an increase of $0.05 per share compared to the prior quarterly dividend. The dividend is payable on December 7, 2023, to stockholders of record at the close of business on November 1, 2023.

In addition, the company has authorized a new, one-year $75 million share repurchase program, effective immediately.

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