MTI revenues fall as energy segment takes hit
By Myles McCormick
Published: Friday, 05 August 2016
The diversified industrials producer saw sales in its energy services segment fall dramatically in Q2, extending the trend seen in Q1, as other segments remained static. PCC sales fell slightly as a result of US closures while refractories saw a productivity boost.
NYSE-listed
Minerals Technologies Inc. (MTI) reported an 8%
year-on-year (y-o-y) drop in sales for Q2 2016 at $427m.
The decline was primarily the result of a 59% drop in
revenue in its energy services division, which continues to
struggle as a result of the weakness in the oil and gas
sector....