Minerals Technologies Inc., Thursday reported a second quarter profit that declined from a year ago, due mostly on higher costs even as revenues grew 5 percent.

Minerals Technologies' second quarter net income declined 13 percent to $16.4 million from $19.0 million recorded in the similar quarter last year. On a per share basis, earnings declined 11 percent to $0.90 from $1.01 in the prior year quarter.

On average, four analysts polled by Thomson Reuters expected earnings of $0.90 per share for the quarter. Analyst estimates typically exclude one-time items.

The specialty minerals company's second quarter sales increased 5 percent to $268.4 million from $255.8 million in the corresponding quarter last year.

Sales for the quarter included a favorable foreign exchange translation of about $9.8 million or 4 percentage points. Street analysts had a consensus revenue estimate of $267.70 million for the quarter.

The New York, New York based company's operating income decreased 9 percent to $25.1 million from $27.5 in the second quarter of 2010.

Sales in the Specialty Minerals segment that includes Precipitated Calcium Carbonate and Processed Minerals grew 2 percent to $171.8 million from $168.2 million last year. A favorable impact from foreign exchange translation added nearly $5.5 million or 3 percentage points to sales.

Sales in the Refractories segment improved 10 percent to $96.6 million from $87.6 million a year ago. Foreign exchange had a favorable impact of about $4.3 million or 5 percentage points on sales.

Cost of goods sold for the quarter increased to $214.7 million from $200.7 million in the prior year quarter.

Minerals Technologies declared a regular quarterly dividend of $0.05 per share on its common stock, payable on September 15, 2011 to shareholders of record on August 31, 2011.

The company also repurchased $13.9 million of its stock during the second quarter, aggregating a repurchase of $54 million under the current $75 million buyback program. The company's Board has authorized an additional share repurchase of $75 million over a two-year period upon completion of the existing program.

MTX closed Thursday's regular trade at $65.10, up $0.96 or 1.50%, on a volume of 0.20 million shares on the NYSE.