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Investing.com -- Minerals Technologies Inc. (NYSE:MTX) reported third quarter earnings that exceeded analyst expectations, with adjusted earnings per share reaching a record for the period, though shares slipped 1.8% in after-hours trading Thursday.
The specialty minerals company posted adjusted earnings of $1.55 per share for the quarter ended September 28, surpassing the analyst estimate of $1.48. Revenue came in at $532.4 million, slightly above the consensus estimate of $531.2 million and up 1% compared to the same period last year.
Operating income excluding special items was $78 million, down 1% both sequentially and YoY, with an operating margin of 14.7%. The company generated $71 million in cash flow from operations and $44 million in free cash flow during the quarter.
"Amidst ongoing mixed market conditions, we delivered a solid operating performance that resulted in MTI’s highest third quarter earnings per share on record," said Douglas T. Dietrich, Chairman and Chief Executive Officer.
The company’s Consumer & Specialties segment reported sales of $277 million, flat sequentially, with operating income of $37 million and a 13.5% operating margin. Household & Personal Care product line sales increased 2% to $130 million, while Specialty Additives decreased 2% to $148 million due to softer residential construction.
The Engineered Solutions segment saw sales rise 2% sequentially to $255 million, with operating income improving 3% to $45 million. This segment achieved a record operating margin of 17.6%.
Dietrich noted that the company is making strategic investments, particularly in Household & Personal Care, that are expected to contribute to growth in both the near and long term.
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