MTI reports revenue drop as market weakness persists in oil and gas
Published: Friday, 06 May 2016
NYSE-listed Minerals Technologies Inc. (MTI) saw its net income and sales decline as the slowdown in oil and gas hindered sales in its energy segment. Refractory product sales also dipped, however, the company expects a profitable 2016 as talc and some calcium carbonate sales showed an increase.
MTI reported a 3% decline in year-on-year (y-o-y) net income
to $33.9m for the first quarter of 2016, although this
represents a 101% improvement on $16.9m in income reported the
previous quarter.Net sales declined 10% y-o-y and 5%
sequentially to $410.2m. However total cost of sales also fell