(RTTNews) - Specialty minerals company Minerals Technologies Inc. (MTX) on Thursday reported a swing to profit in the first quarter, as volume growth across both business segments drove double-digit sales growth.
Net income for the quarter rose to $36.2 million or $1.17 per share, compared with a loss of $144.0 million or $4.51 per share in the prior-year period. Adjusted earnings per share increased to $1.38, from $1.14 per share last year.
Revenue for the quarter increased 11% to $546.9 million from $491.8 million a year ago, driven primarily by volume growth across both segments.
"In the first quarter, our sales grew by double digits across multiple businesses, underscoring the momentum we have built in recent quarters. Supported by our innovation pipeline and recent growth investments, we expect this momentum to continue through the year," said Douglas T. Dietrich, MTI's Chairman and Chief Executive Officer. "Recent geopolitical events presented new challenges; however, consistent with our track record, our teams moved quickly to make the necessary adjustments to navigate higher global energy costs."
By segment, Consumer & Specialties sales grew 11%, supported by demand in household and personal care products, while Engineered Solutions revenue increased 12%, driven by stronger infrastructure and steel-related activity.
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