Minerals Technologies Posts $5.90/Sh Loss in Q2, Deeply in the Red
MTX sits 34% above its 52-week low of $53.94.
Summary
Minerals Technologies reported a Q2 loss of $5.90 per share, a massive miss against any reasonable expectation. The company swung to a net loss due to a talc-related litigation charge, following the June 29 Chapter 11 plan for its talc subsidiary that committed $450 million to a trust. The company has a market cap around $2.2B and a stock price near $72, with Q2 sales of $548.4 million. The loss is far larger than the quarterly dividend of $0.12 per share and will raise urgent questions about the ongoing cash impact of the talc liabilities. The stock is likely to gap down sharply as the market digests the scale of the loss.
At the time of this announcement, MTX was trading at $72.51 on NYSE in the Manufacturing sector, with a market capitalization of approximately $2.2B. The 52-week trading range was $53.94 to $84.34. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.