Minerals Technologies Inc. (NYSE:MTX) Q1 2022 Earnings Conference Call April 29, 2022 11:00 AM ET

Company Participants

Erik Aldag - Head of Investor Relations

Doug Dietrich - Chairman & Chief Executive Officer

Matt Garth - Chief Financial Officer

Brett Argirakis - Vice President & Managing Director, Minteq International Inc

Jonathan Hastings - Group President, Performance Materials

Conference Call Participants

Daniel Moore - CJS Securities.

Mike Harrison - Seaport Research Partners

Silke Kueck - JP Morgan

David Silver - CL King

Operator

Good day everyone, and welcome to the First Quarter 2022 Minerals Technologies Earnings Call. Today's call is being recorded. At this time, I'd like to turn the conference 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 first 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 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, Erik. Good morning, everyone. Welcome to today's call. I'll start by walking you through our results for the first quarter and provide an overview of market dynamics, as well as some strategic highlights. I'll also provide some context to put our first quarter results into perspective and explain what's driving our strong performance. Matt will then review our financial results in more detail. And we'll also share our second-quarter outlook.

First quarter was a record financial performance for MTI. And these results reflect the team's successful execution on a number of fronts. Sales of $519 million were up 15% versus the prior year, and up 19% on a constant currency basis. From a market perspective, demand remains robust across our segments. Our consumer-oriented products, which make up approximately 30% of our sales, continue to benefit from favorable secular market trends.

We've seen steady growth across pet care, personal care, edible oil purification, food and pharma applications. Also continue to see strong demand from our industrial product lines with robust sales to the foundry steel and construction customers. Our results this quarter are also a function of our strategic growth initiatives, driven by multi-year advancements in new product development and geographic penetration, as well as additional growth from acquisitions. I'll take you through this in more detail in a few moments.