Minerals Technologies Inc. (MTI) recorded a 24% year-on-year increase in its fourth quarter earnings thanks to higher operating income in the Refractories segment, the US minerals producer said.
MTI’s operating income for the full year 2011, excluding special items, was $100.8m compared to $99.1m in 2010, while worldwide sales increased 4% to $1.04bn compared with $1bn recorded in 2010.
“For the second year in a row, Minerals Technologies recorded the highest annual earnings in its 19-year history,” chairman and CEO Joseph Muscari said, underlining that MTI continued to advance its growth strategies of geographic market expansion and new product innovation and development.
“We saw good improvement in our Refractories and Performance Minerals product lines and we have laid a strong foundation for future growth in the precipitated calcium carbonate (PCC) product line,” he added.