Minerals Technologies Inc. (NYSE:MTX) Q2 2022 Results Conference Call July 29, 2022 11:00 AM ET

Company Participants

Erik Aldag - Head, IR

Doug Dietrich - Chairman, CEO

Matt Garth - CFO

Jonathan Hastings - Group President, Performance Materials

Conference Call Participants

Daniel Moore - CJS Securities

Mike Harrison - Seaport Research Partners

Steve Ferazani - Sidoti

Operator

Good day, everyone, and welcome to the Second Quarter 2022 Minerals Technologies Earnings Call. Today's call is being recorded.

At this time, I'd like to turn the call over to Erik Aldag, Head of Investor Relations for Minerals Technologies. Please go ahead, Mr. Aldag.

Erik Aldag

Thanks, Jennifer. Good morning, everyone, and welcome to our second quarter 2022 earnings conference call. Today's call will be led by Chairman and Chief Executive Officer, Doug Dietrich; and Chief Financial Officer, Matt Garth. Following Doug and Matt's prepared remarks, we'll open it up to questions.

I'd like to remind you that beginning on Page 15 of our 2021 10-K, we list the various risk factors and conditions that may affect our future results. And I'll also point out the safe harbor disclaimer on this slide. Statements related to future performance by members of our team are subject to these limitations, cautionary remarks and conditions.

Now I'll turn the call over to Doug. Doug?

Doug Dietrich

Thanks, Eric. Good morning, everyone, and thanks for joining the call today. We've got quite a bit to go over, so let's get started. I'll walk you through the highlights of our results and what contributed to this record quarter. Then Matt will give you details on our financial results and share our outlook for the third quarter. To conclude, I'll provide some highlights from our 14th Annual Corporate Responsibility and Sustainability Report, which was published Wednesday.

Let's get started with a recap of the quarter. This was a remarkable quarter for MTI with record sales of $557 million, record second quarter operating income of $74 million and record earnings per share of $1.50. This performance is the result of our team's execution over the past several years on some key fronts; delivering on our strategic growth initiatives, driving continuous operating improvements and disciplined capital deployments.

To begin, MTI sales were up 22% versus the prior year and up 27% on a constant currency basis. Every product line grew and contributed to double-digit growth in all 3 of our segments. We saw growth in every region, in North and South America, in EMEA and in Asia despite lower sales in China due to the COVID situation there. This performance was the result of our broad-based approach over the past several years to grow the company both organically and inorganically. It's also the result of our pricing actions and value selling efforts to offset the significant inflation we've experienced over the past 12 months.