New York, NY – Minerals Technologies Inc. reported a record-breaking first quarter in 2024, showcasing strong performance across various segments of the company. With Chairman and CEO Doug Dietrich leading the call, key executives discussed the highlights of the quarter and provided insights into future growth initiatives.

One of the key drivers of the company’s success was the resegmentation implemented last year, which organized product lines around core technologies and streamlined organizational structure. This strategy has led to higher performance levels and expansion into higher-growth, higher-margin markets. Sales in the Consumer & Specialties segment grew by 4%, driven by strong demand for private label cat litter, renewable fuel filtration, and other products.

The company also saw solid operating performance across each business segment, focusing on safety, cost control, and productivity improvements. This operational excellence, combined with a strong sales mix, resulted in record quarterly operating income, earnings per share, and cash flow.

Looking ahead, the company anticipates continued growth, particularly in the Household & Personal Care segment. The introduction of new innovations in pet litter and fabric care, along with the trend towards natural ingredients, is expected to drive further growth in this area. Additionally, the Specialty Additives segment is poised for growth, fueled by new paper and packaging satellites coming online throughout the year.

In the High-Temperature Technologies segment, steady global market demand is expected to continue, particularly in automotive, heavy truck, and industrial casting production. The company’s innovative solutions, such as MINSCAN units for electric arc furnaces, are driving sales growth and customer retention in this segment.

On the environmental front, the company is well-positioned to capitalize on the growing market for PFAS remediation. The recent EPA standard limiting PFAS in drinking water provides a significant opportunity for the company’s FLUORO-SORB product. With ongoing pilot trials and a strong pipeline of opportunities, the company is confident in the long-term potential of this product.

Overall, Minerals Technologies Inc. remains optimistic about its future growth prospects, with a balanced portfolio of leading consumer and industrial businesses driving stable long-term growth and margin expansion. As the company continues to focus on innovation, operational excellence, and sustainable solutions, it is well-positioned for continued success in the coming quarters.