Minerals Technologies' Fourth Quarter Diluted Earnings

Feb. 4, 2010
Minerals Technologies Inc. today reported net income of $4.1 million, or $0.22 per share, for the fourth quarter 2009, compared with $8.9 million, or $0.47 per share in the third quarter of 2009. Earnings per share, excluding restructuring and impairment charges, were $0.62 compared to $0.53 per share in the third quarter.
This growth was attributable to the significant improvement in the Refractories segment as a result of volume increases related to improved steel industry conditions, and to the benefits from the restructuring program.
"In the fourth quarter of 2009, we saw improved financial results over the third quarter on increased sales in our precipitated calcium carbonate (PCC) and Refractories businesses," said Joseph C. Muscari, chairman and chief executive officer. "In addition, the restructuring program we announced in July is on track to provide annualized savings of between $16 million and $20 million upon completion; and, we continue to improve our productivity, which better positions us for increased profitability.