Site Search
+1 216.486.4200

Press Release

Materion Corporation Reports Record Second Quarter 2019 Financial Results and Raises Full-year 2019 Earnings Guidance

July 25, 2019 at 7:54 AM EDT

MAYFIELD HEIGHTS, Ohio--(BUSINESS WIRE)--Jul. 25, 2019-- Materion Corporation (NYSE:MTRN) today reported second quarter 2019 financial results and raised full-year 2019 earnings guidance.

Second Quarter 2019 Results

Net sales were $297.8 million; value-added sales increased 3% to a record of $194.9 million

Operating profit increased 50% compared to prior year to a record $22.8 million, or 12% of value-added sales, the tenth consecutive quarterly year-over-year increase

Diluted earnings per share were $0.75; Adjusted earnings per share were a record of $0.88, up 63% year-over-year

Earnings Guidance

The Company is raising its full-year 2019 adjusted earnings guidance to $3.10 to $3.25 per share, diluted; a 33% increase over prior-year earnings

“I am very pleased with our team’s performance, as we continue to execute on our multi-pillar strategy. We delivered record value-added sales and operating profit in the second quarter and reached a milestone of ten consecutive quarters of year-over-year value-added sales and profit growth,” stated Jugal Vijayvargiya, President and Chief Executive Officer. “Based on our strong first half performance and updated outlook, we are increasing full-year 2019 adjusted earnings guidance range approximately 10% above previous guidance.”

SECOND QUARTER 2019 RESULTS

Net sales for the second quarter of 2019 were $297.8 million, compared to $309.1 million in the prior year. Value-added sales of $194.9 million were a record for any quarter, up 3% from the prior year. Strong commercial execution, particularly in the energy, industrial, and consumer electronics end markets, drove the value-added sales growth and more than offset weakness in the automotive and semiconductor end markets.

Operating profit for the second quarter was $22.8 million, or 12% of value-added sales, a 50% increase compared to $15.2 million in the prior year. Operating profit reached the highest level for any quarter and marks the fourth consecutive quarter with double-digit profit margins. A combination of favorable sales mix, improved operational performance, and savings from cost reduction actions drove the record results.

Second quarter 2019 net income was $15.5 million, or $0.75 per share, diluted, including a non-cash, non-operating pension curtailment charge of $3.3 million related to freezing defined benefits for active U.S. domestic pension plan participants. Excluding the pension curtailment charge, adjusted net income was $18.1 million, or $0.88 per share, a record for any quarter.

OUTLOOK

The Company has delivered ten consecutive quarters of year-over-year value-added sales and adjusted operating profit growth. With our differentiated product portfolio, end market diversification, and multi-pillar strategy, we remain committed to achieving year-over-year growth, despite continued softness in select end markets and global economic uncertainty. Based on our first half performance and outlook, we are raising full-year 2019 adjusted earnings guidance approximately 10% from $2.80 to $3.00 per share, diluted, to $3.10 to $3.25 per share. The midpoint of the revised guidance represents a 33% increase from the prior year.

ADJUSTED EARNINGS GUIDANCE

It is not possible for the Company to identify the amount or significance of future adjustments associated with potential insurance and litigation claims, legacy environmental costs, acquisition and integration costs, certain income tax items, or other non-routine costs that the Company adjusts in the presentation of adjusted earnings guidance. These items are dependent on future events that are not reasonably estimable at this time. Accordingly, the Company is unable to reconcile without unreasonable effort the forecasted range of adjusted earnings guidance for the full year to a comparable GAAP range. However, items excluded from the Company's adjusted earnings guidance include the historical adjustments noted in Attachments 4 and 5 to this press release.

CONFERENCE CALL

Materion Corporation will host an investor conference call with analysts at 9:00 a.m. Eastern Time, July 25, 2019. The conference call will be available via webcast through the Company’s website at www.materion.com or through www.InvestorCalendar.com. By phone, please dial (877) 407-0778. Callers outside the U.S. can dial (201) 689-8565. A replay of the call will be available until August 8, 2019 by dialing (877) 481-4010 or (919) 882-2331; please reference replay ID number 41630. The call will also be archived on the Company’s website.

FORWARD-LOOKING STATEMENTS

Portions of the narrative set forth in this document that are not statements of historical or current facts are forward-looking statements, in particular, the outlook provided above. Our actual future performance may materially differ from that contemplated by the forward-looking statements as a result of a variety of factors.

These factors include, in addition to those mentioned elsewhere herein:

  • Actual net sales, operating rates, and margins for 2019;
  • The global economy, including the impact of tariffs and trade agreements;
  • The impact of any U.S. Federal Government shutdowns and sequestrations;
  • The condition of the markets which we serve, whether defined geographically or by segment, with the major market segments being: semiconductor, industrial, aerospace and defense, automotive, energy, consumer electronics, and telecom and data center.
  • Changes in product mix and the financial condition of customers;
  • Our success in developing and introducing new products and new product ramp-up rates;
  • Our success in passing through the costs of raw materials to customers or otherwise mitigating fluctuating prices for those materials, including the impact of fluctuating prices on inventory values;
  • Our success in identifying acquisition candidates and in acquiring and integrating such businesses;
  • The impact of the results of acquisitions on our ability to fully achieve the strategic and financial objectives related to these acquisitions;
  • Our success in implementing our strategic plans and the timely and successful completion and start-up of any capital projects;
  • Other financial and economic factors, including the cost and availability of raw materials (both base and precious metals), physical inventory valuations, metal financing fees, tax rates, exchange rates, interest rates, pension costs and required cash contributions and other employee benefit costs, energy costs, regulatory compliance costs, the cost and availability of insurance, credit availability, and the impact of the Company’s stock price on the cost of incentive compensation plans;
  • The uncertainties related to the impact of war, terrorist activities, and acts of God;
  • Changes in government regulatory requirements and the enactment of new legislation that impacts our obligations and operations;
  • The conclusion of pending litigation matters in accordance with our expectation that there will be no material adverse effects; and
  • The risk factors as set forth in Item 1A of our 2018 Annual Report on Form 10-K.

Materion Corporation is headquartered in Mayfield Heights, Ohio. The Company, through its wholly owned subsidiaries, supplies highly engineered advanced enabling materials to global markets. Products include precious and non-precious specialty metals, inorganic chemicals and powders, specialty coatings, specialty engineered beryllium alloys, beryllium and beryllium composites, and engineered clad and plated metal systems.

Attachment 1

Materion Corporation and Subsidiaries

Consolidated Statements of Income

(Unaudited)

 

Second Quarter Ended

 

Six Months Ended

(In thousands except per share amounts)

June 28, 2019

 

June 29, 2018

 

June 28, 2019

 

June 29, 2018

Net sales

$

297,843

 

 

$

309,085

 

 

$

599,284

 

 

$

612,552

 

Cost of sales

228,249

 

 

247,247

 

 

460,378

 

 

492,434

 

Gross margin

69,594

 

 

61,838

 

 

138,906

 

 

120,118

 

Selling, general, and administrative expense

39,891

 

 

38,473

 

 

79,955

 

 

76,935

 

Research and development expense

4,062

 

 

3,860

 

 

7,802

 

 

7,503

 

Other — net

2,891

 

 

4,313

 

 

7,012

 

 

7,237

 

Operating profit

22,750

 

 

15,192

 

 

44,137

 

 

28,443

 

Interest expense — net

500

 

 

667

 

 

966

 

 

1,397

 

Other non-operating expense—net

3,112

 

 

437

 

 

3,357

 

 

879

 

Income before income taxes

19,138

 

 

14,088

 

 

39,814

 

 

26,167

 

Income tax expense

3,598

 

 

2,944

 

 

7,368

 

 

4,459

 

Net income

$

15,540

 

 

$

11,144

 

 

$

32,446

 

 

$

21,708

 

Basic earnings per share:

 

 

 

 

 

 

 

Net income per share of common stock

$

0.76

 

 

$

0.55

 

 

$

1.60

 

 

$

1.08

 

Diluted earnings per share:

 

 

 

 

 

 

 

Net income per share of common stock

$

0.75

 

 

$

0.54

 

 

$

1.57

 

 

$

1.05

 

Weighted-average number of shares of common stock outstanding:

 

 

 

 

 

 

 

Basic

20,383

 

 

20,221

 

 

20,326

 

 

20,178

 

Diluted

20,666

 

 

20,593

 

 

20,635

 

 

20,583

 

Attachment 2

Materion Corporation and Subsidiaries

Consolidated Balance Sheets

 

 

 

(Unaudited)

 

 

(Thousands)

 

June 28, 2019

 

December 31, 2018

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

74,856

 

 

$

70,645

 

Accounts receivable

 

142,327

 

 

130,538

 

Inventories, net

 

213,329

 

 

214,871

 

Prepaid and other current assets

 

23,904

 

 

23,299

 

Total current assets

 

454,416

 

 

439,353

 

Deferred income taxes

 

1,052

 

 

5,616

 

Property, plant, and equipment

 

913,325

 

 

898,251

 

Less allowances for depreciation, depletion, and amortization

 

(669,861

)

 

(647,233

)

Property, plant, and equipment—net

 

243,464

 

 

251,018

 

Operating lease, right-of-use asset

 

26,788

 

 

 

Intangible assets

 

5,213

 

 

6,461

 

Other assets

 

15,280

 

 

7,236

 

Goodwill

 

90,633

 

 

90,657

 

Total Assets

 

$

836,846

 

 

$

800,341

 

Liabilities and Shareholders’ Equity

 

 

 

 

Current liabilities

 

 

 

 

Short-term debt

 

$

847

 

 

$

823

 

Accounts payable

 

41,658

 

 

49,622

 

Salaries and wages

 

36,250

 

 

47,501

 

Other liabilities and accrued items

 

38,482

 

 

33,301

 

Income taxes

 

1,971

 

 

2,615

 

Unearned revenue

 

5,829

 

 

5,918

 

Total current liabilities

 

125,037

 

 

139,780

 

Other long-term liabilities

 

11,419

 

 

14,764

 

Operating lease liabilities

 

21,118

 

 

 

Finance lease liabilities

 

18,325

 

 

15,221

 

Retirement and post-employment benefits

 

30,663

 

 

38,853

 

Unearned income

 

30,354

 

 

32,563

 

Long-term income taxes

 

3,093

 

 

2,993

 

Deferred income taxes

 

383

 

 

195

 

Long-term debt

 

1,669

 

 

2,066

 

Shareholders’ equity

 

594,785

 

 

553,906

 

Total Liabilities and Shareholders’ Equity

 

$

836,846

 

 

$

800,341

 

Attachment 3

Materion Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

Six Months Ended

(Thousands)

 

June 28, 2019

 

June 29, 2018

Cash flows from operating activities:

 

 

 

 

Net income

 

$

32,446

 

 

$

21,708

 

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

 

 

 

 

Depreciation, depletion, and amortization

 

22,607

 

 

18,349

 

Amortization of deferred financing costs in interest expense

 

472

 

 

514

 

Stock-based compensation expense (non-cash)

 

3,541

 

 

2,164

 

Deferred income tax expense

 

4,578

 

 

429

 

Pension curtailment charge

 

3,296

 

 

 

Changes in assets and liabilities:

 

 

 

 

Decrease (increase) in accounts receivable

 

(11,778

)

 

(12,060

)

Decrease (increase) in inventory

 

1,306

 

 

10,428

 

Decrease (increase) in prepaid and other current assets

 

(588

)

 

4,928

 

Increase (decrease) in accounts payable and accrued expenses

 

(18,813

)

 

(14,189

)

Increase (decrease) in unearned revenue

 

(88

)

 

2,132

 

Increase (decrease) in interest and taxes payable

 

(1,130

)

 

2,084

 

Domestic pension plan contributions

 

(3,000

)

 

(13,000

)

Other-net

 

(2,803

)

 

5,817

 

Net cash provided by operating activities

 

30,046

 

 

29,304

 

Cash flows from investing activities:

 

 

 

 

Payments for purchase of property, plant, and equipment

 

(13,833

)

 

(17,153

)

Payments for mine development

 

(1,591

)

 

(3,425

)

Proceeds from sale of property, plant, and equipment

 

15

 

 

27

 

Net cash used in investing activities

 

(15,409

)

 

(20,551

)

Cash flows from financing activities:

 

 

 

 

Repayment of long-term debt

 

(397

)

 

(383

)

Principal payments under finance lease obligations

 

(599

)

 

(425

)

Cash dividends paid

 

(4,368

)

 

(4,137

)

Repurchase of common stock

 

(199

)

 

 

Payments of withholding taxes for stock-based compensation awards

 

(4,763

)

 

(2,765

)

Net cash used in financing activities

 

(10,326

)

 

(7,710

)

Effects of exchange rate changes

 

(100

)

 

8

 

Net change in cash and cash equivalents

 

4,211

 

 

1,051

 

Cash and cash equivalents at beginning of period

 

70,645

 

 

41,844

 

Cash and cash equivalents at end of period

 

$

74,856

 

 

$

42,895

 

Attachment 4

Materion Corporation and Subsidiaries

Reconciliation of Non-GAAP Measure - Value-added Sales

(Unaudited)

 

 

Second Quarter Ended

 

Six Months Ended

(Millions)

June 28, 2019

 

June 29, 2018

 

June 28, 2019

 

June 29, 2018

Net Sales

 

 

 

 

 

 

 

 

 

 

 

Performance Alloys and Composites

$

135.2

 

 

 

$

129.7

 

 

 

$

262.3

 

 

 

$

248.0

 

 

Advanced Materials

133.2

 

 

 

150.4

 

 

 

277.3

 

 

 

303.9

 

 

Precision Coatings

29.4

 

 

 

29.0

 

 

 

59.7

 

 

 

60.7

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

Total

$

297.8

 

 

 

$

309.1

 

 

 

$

599.3

 

 

 

$

612.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Pass-through Metal Cost

 

 

 

 

 

 

 

 

 

 

 

Performance Alloys and Composites

$

19.9

 

 

 

$

19.6

 

 

 

$

37.4

 

 

 

$

37.6

 

 

Advanced Materials

74.9

 

 

 

93.1

 

 

 

161.5

 

 

 

188.3

 

 

Precision Coatings

6.3

 

 

 

5.6

 

 

 

14.1

 

 

 

13.7

 

 

Other

1.8

 

 

 

0.9

 

 

 

3.7

 

 

 

1.8

 

 

Total

$

102.9

 

 

 

$

119.2

 

 

 

$

216.7

 

 

 

$

241.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value-added Sales (non-GAAP)

 

 

 

 

 

 

 

 

 

 

 

Performance Alloys and Composites

$

115.3

 

 

 

$

110.1

 

 

 

$

224.9

 

 

 

$

210.4

 

 

Advanced Materials

58.3

 

 

 

57.3

 

 

 

115.8

 

 

 

115.6

 

 

Precision Coatings

23.1

 

 

 

23.4

 

 

 

45.6

 

 

 

47.0

 

 

Other

(1.8

)

 

 

(0.9

)

 

 

(3.7

)

 

 

(1.8

)

 

Total

$

194.9

 

 

 

$

189.9

 

 

 

$

382.6

 

 

 

$

371.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Margin

 

% of
VA

 

 

% of
VA

 

 

% of
VA

 

 

% of
VA

Performance Alloys and Composites

$

41.6

 

36%

 

$

31.1

 

28%

 

$

80.8

 

36%

 

$

58.9

 

28%

Advanced Materials

20.2

 

35%

 

21.3

 

37%

 

42.2

 

36%

 

42.1

 

36%

Precision Coatings

10.3

 

45%

 

9.1

 

39%

 

19.7

 

43%

 

19.1

 

41%

Other

(2.5

)

 

0.3

 

 

(3.8

)

 

 

Total

$

69.6

 

36%

 

$

61.8

 

33%

 

$

138.9

 

36%

 

$

120.1

 

32%

 

 

 

 

 

 

 

 

 

 

 

 

Operating Profit

 

% of
VA

 

 

% of
VA

 

 

% of
VA

 

 

% of
VA

Performance Alloys and Composites

$

19.3

 

17%

 

$

12.3

 

11%

 

$

38.3

 

17%

 

$

22.2

 

11%

Advanced Materials

6.1

 

10%

 

5.6

 

10%

 

13.2

 

11%

 

11.5

 

10%

Precision Coatings

3.9

 

17%

 

2.2

 

9%

 

6.0

 

13%

 

5.6

 

12%

Other

(6.5

)

 

(4.9

)

 

(13.4

)

 

(10.8

)

Total

$

22.8

 

12%

 

$

15.2

 

8%

 

$

44.1

 

12%

 

$

28.5

 

8%

 

Second Quarter Ended

 

Six Months Ended

(Millions)

June 28, 2019

 

June 29, 2018

 

June 28, 2019

 

June 29, 2018

Special Items

 

 

 

 

 

 

 

 

 

 

 

Performance Alloys and Composites

$

 

 

 

$

 

 

 

$

 

 

 

$

 

 

Advanced Materials

 

 

 

 

 

 

 

 

 

 

 

Precision Coatings

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

0.7

 

 

Total

$

 

 

 

$

 

 

 

$

 

 

 

$

0.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Profit Excluding Special Items

 

% of
VA

 

 

% of
VA

 

 

% of
VA

 

 

% of
VA

Performance Alloys and Composites

$

19.3

 

17%

 

$

12.3

 

11%

 

$

38.3

 

17%

 

$

22.2

 

11%

Advanced Materials

6.1

 

10%

 

5.6

 

10%

 

13.2

 

11%

 

11.5

 

10%

Precision Coatings

3.9

 

17%

 

2.2

 

9%

 

6.0

 

13%

 

5.6

 

12%

Other

(6.5

)

 

(4.9

)

 

(13.4

)

 

(10.1

)

Total

$

22.8

 

12%

 

$

15.2

 

8%

 

$

44.1

 

12%

 

$

29.2

 

8%

The cost of gold, silver, platinum, palladium, and copper is passed through to customers and, therefore, the trends and comparisons of net sales are affected by movements in the market price of these metals. Internally, management also reviews net sales on a value-added basis. Value-added sales is a non-GAAP financial measure that deducts the value of the pass-through metals sold from net sales. Value-added sales allows management to assess the impact of differences in net sales between periods or segments and analyze the resulting margins and profitability without the distortion of the movements in pass-through metal prices. The dollar amount of gross margin and operating profit is not affected by the value-added sales calculation. The Company sells other metals and materials that are not considered direct pass throughs, and these costs are not deducted from net sales to calculate value-added sales.

The Company’s pricing policy is to pass the cost of these metals on to customers in order to mitigate the impact of price volatility on the Company’s results from operations. Value-added information is being presented since changes in metal prices may not directly impact profitability. It is the Company’s intent to allow users of the financial statements to review sales with and without the impact of the pass-through metals.

Attachment 5

Materion Corporation and Subsidiaries

Reconciliation of Non-GAAP Measures - Profitability

(Unaudited)

 

 

Second Quarter Ended

 

Six Months Ended

(Millions except per share amounts)

June 28, 2019

 

June 29, 2018

 

June 28, 2019

 

June 29, 2018

GAAP as Reported

 

 

 

 

 

 

 

Net Sales

$

297.8

 

 

$

309.1

 

 

$

599.3

 

 

$

612.6

 

Operating profit

22.8

 

 

15.2

 

 

44.1

 

 

28.5

 

Net income

15.5

 

 

11.1

 

 

32.4

 

 

21.7

 

EPS - Diluted

$

0.75

 

 

$

0.54

 

 

$

1.57

 

 

$

1.05

 

 

 

 

 

 

 

 

 

Operating Profit Special Items

 

 

 

 

 

 

 

Legacy legal & environmental costs

 

 

 

 

 

 

0.7

 

Operating Profit Special Items - net of tax

$

 

 

$

 

 

$

 

 

$

0.6

 

Other Non-Operating Expense Special Items - net of tax

$

2.6

 

 

$

 

 

$

2.6

 

 

$

 

Tax Special Item

$

 

 

$

 

 

$

 

 

$

(0.6

)

 

 

 

 

 

 

 

 

Non-GAAP Measures - Adjusted Profitability

 

 

 

 

 

 

 

Value-added (VA) sales

$

194.9

 

 

$

189.9

 

 

$

382.6

 

 

$

371.2

 

Operating profit

22.8

 

 

15.2

 

 

44.1

 

 

29.2

 

Operating profit % of VA

11.7

%

 

8.0

%

 

11.5

%

 

7.9

%

Net income

18.1

 

 

11.1

 

 

35.0

 

 

21.7

 

EPS - Diluted

$

0.88

 

 

$

0.54

 

 

$

1.70

 

 

$

1.05

 

In addition to presenting financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), this earnings release contains financial measures, including operating profit, segment operating profit, net income, and earnings per share, on a non-GAAP basis. As detailed in the above reconciliation and Attachment 4, we have adjusted the results for certain special items such as non-cash pension charges, legacy legal and environmental costs, and certain income tax items from the applicable GAAP financial measure. Internally, management reviews the results of operations without the impact of these costs in order to assess the profitability from ongoing activities. We are providing this information because we believe it will assist investors in analyzing our financial results and, when viewed in conjunction with the GAAP results, provide a more comprehensive understanding of the factors and trends affecting our operations.

Attachment 6

Materion Corporation and Subsidiaries

Value-added sales by Market

(Unaudited)

 

 

Second Quarter Ended

 

 

 

Six Months Ended

 

 

(Millions)

June 28, 2019

 

June 29, 2018

 

%
Change

 

June 28, 2019

 

June 29, 2018

 

%
Change

Materion Corporation

 

 

 

 

 

 

 

 

 

 

 

Industrial

$

36.4

 

 

$

33.7

 

 

8.0

%

 

$

70.0

 

 

$

66.8

 

 

4.8

%

Semiconductor

35.7

 

 

39.0

 

 

(8.5

)%

 

73.1

 

 

76.0

 

 

(3.8

)%

Aerospace and Defense

29.6

 

 

29.5

 

 

0.3

%

 

60.1

 

 

51.0

 

 

17.8

%

Consumer Electronics

19.2

 

 

18.0

 

 

6.7

%

 

33.4

 

 

35.6

 

 

(6.2

)%

Energy

19.1

 

 

15.9

 

 

20.1

%

 

37.4

 

 

32.7

 

 

14.4

%

Telecom and Data Center

16.1

 

 

15.0

 

 

7.3

%

 

31.2

 

 

27.6

 

 

13.0

%

Automotive

14.8

 

 

19.3

 

 

(23.3

)%

 

31.8

 

 

38.7

 

 

(17.8

)%

Other

24.0

 

 

19.5

 

 

23.1

%

 

45.6

 

 

42.8

 

 

6.5

%

Total

$

194.9

 

 

$

189.9

 

 

2.6

%

 

$

382.6

 

 

$

371.2

 

 

3.1

%

Performance Alloy and Composites

 

 

 

 

 

 

 

 

 

 

 

Industrial

$

26.0

 

 

$

25.7

 

 

1.2

%

 

$

50.0

 

 

$

51.4

 

 

(2.7

)%

Semiconductor

1.3

 

 

1.3

 

 

%

 

3.2

 

 

2.4

 

 

33.3

%

Aerospace and Defense

24.3

 

24.1

 

0.8

%

 

49.3

 

40.3

 

22.3

%

Consumer Electronics

14.7

 

12.9

 

14.0

%

 

25.3

 

26.1

 

(3.1

)%

Energy

10.0

 

8.5

 

17.6

%

 

19.9

 

15.2

 

30.9

%

Telecom and Data Center

16.0

 

14.9

 

7.4

%

 

31.0

 

27.4

 

13.1

%

Automotive

12.7

 

17.0

 

(25.3

)%

 

28.2

 

34.6

 

(18.5

)%

Other

10.3

 

5.7

 

80.7

%

 

18.0

 

13.0

 

38.5

%

Total

$

115.3

 

 

$

110.1

 

 

4.7

%

 

$

224.9

 

 

$

210.4

 

 

6.9

%

Advanced Materials

 

 

 

 

 

 

 

 

 

 

 

Industrial

$

6.6

 

 

$

4.8

 

 

37.5

%

 

$

12.1

 

 

$

9.5

 

 

27.4

%

Semiconductor

34.3

 

 

37.3

 

 

(8.0

)%

 

69.7

 

 

72.7

 

 

(4.1

)%

Aerospace and Defense

0.5

 

0.4

 

25.0

%

 

1.2

 

1.0

 

20.0

%

Consumer Electronics

0.1

 

0.1

 

%

 

0.2

 

0.2

 

%

Energy

9.1

 

7.4

 

23.0

%

 

17.6

 

17.5

 

0.6

%

Telecom and Data Center

0.1

 

 

0.1

 

 

%

 

0.2

 

 

0.2

 

 

%

Automotive

1.7

 

1.8

 

(5.6

)%

 

3.0

 

3.4

 

(11.8

)%

Other

5.9

 

5.4

 

9.3

%

 

11.8

 

11.1

 

6.3

%

Total

$

58.3

 

 

$

57.3

 

 

1.7

%

 

$

115.8

 

 

$

115.6

 

 

0.2

%

Precision Coatings

 

 

 

 

 

 

 

 

 

 

 

Industrial

$

3.8

 

 

$

3.2

 

 

18.8

%

 

$

8.0

 

 

$

5.9

 

 

35.6

%

Semiconductor

0.1

 

 

0.4

 

 

(75.0

)%

 

0.2

 

 

1.0

 

 

(80.0

)%

Aerospace and Defense

4.8

 

5.0

 

(4.0

)%

 

9.6

 

9.6

 

%

Consumer Electronics

4.4

 

 

5.0

 

 

(12.0

)%

 

7.9

 

 

9.3

 

 

(15.1

)%

Energy

 

 

 

 

%

 

 

 

 

 

%

Telecom and Data Center

 

 

 

 

%

 

 

 

 

 

%

Automotive

0.4

 

 

0.5

 

 

(20.0

)%

 

0.6

 

 

0.7

 

 

(14.3

)%

Other

9.6

 

9.3

 

3.2

%

 

19.3

 

20.5

 

(5.9

)%

Total

$

23.1

 

 

$

23.4

 

 

(1.3

)%

 

$

45.6

 

 

$

47.0

 

 

(3.0

)%

 

 

 

 

 

 

 

 

 

 

 

 

Eliminations

$

(1.8

)

 

$

(0.9

)

 

 

 

$

(3.7

)

 

$

(1.8

)

 

 

 

Source: Materion Corporation

Investor Contact:
Stephen F. Shamrock
(216) 383-4010
stephen.shamrock@materion.com

Media Contact:
John G. McCloskey
(216) 383-6835
john.mccloskey@materion.com
https://materion.com
Mayfield Hts-g