MAYFIELD HEIGHTS, Ohio--(BUSINESS WIRE)--
Materion Corporation (NYSE:MTRN) today reported third quarter 2015
financial results.
-
Third quarter 2015 GAAP earnings were $0.34 per share, diluted.
Adjusted third quarter earnings were $0.40 per share, diluted, in line
with Company's expectations.
-
First nine months of 2015 GAAP earnings were $1.24 per share, diluted.
Adjusted earnings for the first nine months of 2015 were $1.24 per
share, diluted, 7% above prior-year adjusted earnings of $1.16 per
share, diluted.
-
Net sales for the third quarter of 2015 were $244.4 million.
Value-added sales were $148.8 million, 10% below third quarter 2014
value-added sales.
-
Cost reduction actions were taken in the quarter to reduce operating
costs primarily in China, as well as a structural reorganization to
eliminate several executive level positions.
-
The Company declared a fourth quarter dividend of $0.09 per share.
THIRD QUARTER 2015 RESULTS
Net sales for the third quarter were $244.4 million, compared to net
sales of $291.6 million for the third quarter of 2014. Value-added sales
were $148.8 million compared to value-added sales of $165.6 million for
the third quarter of 2014.
The decrease in value-added sales in the third quarter of 2015 compared
to the same period of last year was due primarily to weaker demand from
Asian markets, customers tied to oil and gas exploration and the
negative impacts from foreign exchange rates. Partially offsetting these
headwinds was sales growth in the defense and industrial component
markets both year over year and sequentially. New product value-added
sales grew 8% over the prior-year comparable period and represented 12%
of total third quarter 2015 value-added sales.
Operating profit in the third quarter of 2015 was $10.2 million, which
includes $1.8 million in one-time cost reduction initiatives associated
with headcount reductions primarily in our China operations and the
elimination of several senior-level positions. Excluding these
non-recurring costs, adjusted operating profit for the third quarter of
2015 was $12.0 million, 20% below the prior-year third quarter adjusted
operating profit of $15.0 million. The decreased profits resulted
primarily from the lower value-added sales levels. Adjusted operating
profit margin expressed as a percent of value-added sales was 8.1% in
the third quarter of 2015, below the prior-year period of 9.1%.
Net income for the third quarter of 2015 was $6.9 million, or $0.34 per
share, diluted. This compares to net income of $12.6 million, or $0.61
per share, diluted, for the third quarter of the prior year. Excluding
special items in both periods, adjusted earnings for the third quarter
of 2015 were in line with Company expectations at $0.40 per share
compared to $0.52 per share for the third quarter of 2014.
For the first nine months of 2015, net sales were $811.2 million
compared to net sales of $838.5 million for the same period of last
year. Value-added sales for the first nine months of 2015 were $473.8
million, up 1% compared to $470.1 million for the same period last year
and up 3% exchange rate adjusted. Year-to-date net income was $25.4
million or $1.24 per share, diluted, as compared to $29.9 million in the
comparable period of the prior year. Excluding special items in both
periods, adjusted earnings grew 7% year over year, from $1.16 per share,
diluted, in the first nine months of 2014, to $1.24 per share, diluted,
in the first nine months of 2015.
CHAIRMAN'S COMMENTS
Richard J. Hipple, Chairman, President and Chief Executive Officer,
stated, "Through the first nine months of 2015 we have increased
value-added sales and adjusted earnings over 2014, along with doubling
our cash flow from operations. I am satisfied with our year-to-date
performance in the challenging environment that we find ourselves. The
Materion team has responded very well in taking the necessary actions to
counter some of the headwinds. The economic slowdown in China continues,
along with the ongoing drop off in oil and gas exploration and the
strength of the U.S. dollar; these negative factors reach across several
of our end markets and geographies. We do expect to see a recovery in
our Asian sales as customer inventories are adjusted in response to the
lower growth conditions in Asia."
"Our long-term strategy of driving sustainable organic growth through
new product development and expanding applications of our differentiated
product portfolio remains intact. We made meaningful progress in the
quarter with several of our strategic growth platforms. For example,
optical coating products are being qualified with multiple tier one
consumer electronics manufacturers. We are advancing negotiations of
long-term beryllium contracts and continue to have design wins with
several of our customers regarding newly developed products. While we
execute on our long-term growth initiatives we are responding to current
demand levels and reducing our cost structure where appropriate."
BUSINESS SEGMENT REPORTING
Performance Alloys and Composites
Net sales for Performance Alloys and Composites in the third quarter of
2015 were $93.6 million compared to net sales of $114.2 million in the
third quarter of 2014. Value-added sales were $79.6 million in the third
quarter of 2015, down 16% compared to $94.7 million in the third quarter
of 2014. The decline in value-added sales was due to a combination of
weaker demand in the oil and gas market, unfavorable foreign exchange
rates and slower growth in the consumer electronics and
telecommunications infrastructure primarily in Asia, offset in part by
stronger demand from the defense and industrial components end markets.
During the third quarter of 2015, Performance Alloys and Composites, in
response to the lower business levels, reduced headcount by 4% and
reorganized the management structure to reduce senior level positions.
Operating profit for the third quarter of 2015 was $4.5 million compared
to prior-year operating profit of $10.8 million. The decline in
operating profit is a result of the reduction in value-added sales and
unfavorable product mix. Operating profit as a percent of value-added
sales for the third quarter of 2015 was 5.7%.
Advanced Materials
Advanced Materials' net sales for the third quarter of 2015 were $113.6
million, compared to third quarter of 2014 net sales of $137.6 million.
After a strong first half, value-added sales for the third quarter of
2015 were $44.5 million, down 3% compared to the third quarter 2014
value-added sales of $46.1 million. The decline in the third quarter
value-added sales compared to the same period last year was driven
primarily from the weakness in Asia customers serving the consumer
electronics, services and telecommunications infrastructure end markets.
These weaknesses were offset in part by strength from the solar energy,
industrial components, medical and defense end markets.
Operating profit for the third quarter of 2015 was $7.0 million, down
10% compared to operating profit of $7.8 million in the third quarter of
2014. Operating profit as a percent of value-added sales for the third
quarter of 2015 was 15.7%, compared to 16.9% for the prior-year period.
Other
The Other segment includes the operating results of the Precision
Coatings group and unallocated corporate costs.
Within the Other segment, Precision Coatings' net sales for the third
quarter of 2015 were $37.2 million, which compares to net sales of $39.9
million for the third quarter of 2014. Value-added sales for the third
quarter of 2015 were $25.7 million, compared to value-added sales of
$27.0 million for the same period of 2014. Similar to the second quarter
of 2015 results, the year-over-year decline was driven by weaker demand
in consumer electronics, particularly the projector display market.
These declines were offset by a 2% growth in medical end-market sales,
the group's largest end market.
Precision Coatings' operating profit for the third quarter of 2015 was
$2.3 million. Adjusted operating profit for the third quarter of 2015,
excluding severance and other cost reduction actions primarily related
to the precision optics operation in China, was $3.6 million, up $1.5
million as compared to the same period of last year. Adjusted operating
profit as a percent of value-added sales was 14%, up approximately 600
basis points above the same period last year. The improved profitability
on lower sales volume is reflective of improved product mix and lower
operating costs.
OUTLOOK
Demand in Asia, primarily China, fell off significantly in the third
quarter and oil and gas related demand deteriorated sequentially and
year over year. Recovery in these two key markets is not forecasted to
occur in the fourth quarter. Given these softening market demand
conditions and the greater than forecasted decline in third quarter
order entry, we are revising our full-year adjusted EPS guidance to
$1.55 - $1.65 per share, diluted. On an encouraging note, our weekly
order rate appears to have bottomed out and is modestly recovering from
the trough levels, but not yet achieving levels seen in late 2014 and
the first half of 2015. This increase in order rate most likely reflects
some of the market inventory adjustments having been liquidated.
DIVIDEND
Today the Company announced the declaration of its fourth quarter
dividend of $0.09 per share payable on November 27, 2015 to shareholders
of record on November 9, 2015.
CONFERENCE CALL
Materion Corporation will host a conference call with analysts at 9:00
a.m. Eastern Standard Time, October 29, 2015. 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 November
13, 2015 by dialing (877) 660-6853 or (201) 612-7415; please reference
Conference ID Number 13621493. 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 2015;
-
Our ability to strengthen our internal control over financial
reporting and disclosure controls and procedures;
-
The global economy;
-
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:
consumer electronics, industrial components, medical, automotive
electronics, energy, telecommunications infrastructure, defense,
commercial aerospace, and science;
-
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 integrating acquired 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;
-
The availability of adequate lines of credit and the associated
interest rates;
-
Other financial factors, including the cost and availability of raw
materials (both base and precious metals), physical inventory
valuations, metal financing fees, tax rates, exchange rates, pension
costs and required cash contributions and other employee benefit
costs, energy costs, regulatory compliance costs, the cost and
availability of insurance, 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;
-
The success of the realignment of our businesses; and
-
The risk factors as set forth in Item 1A of our Form 10-K for the year
ended December 31, 2014.
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.
Materion Corporation
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Attachment 1
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Consolidated Statements of Income
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(Unaudited)
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Third Quarter Ended
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Nine Months Ended
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Oct. 2,
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Sept. 26,
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Oct. 2,
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Sept. 26,
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(Thousands, except per share amounts)
|
|
2015
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|
2014 (a)
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2015
|
|
2014 (a)
|
|
|
|
|
|
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|
Net sales
|
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$
|
244,354
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|
$
|
291,570
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|
|
$
|
811,233
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|
|
$
|
838,465
|
|
Cost of sales
|
|
|
200,351
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|
236,727
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|
|
|
663,548
|
|
|
|
688,359
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|
Gross margin
|
|
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44,003
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|
|
54,843
|
|
|
|
147,685
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|
|
|
150,106
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|
Selling, general, and administrative expense
|
|
|
29,753
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|
|
34,510
|
|
|
|
101,578
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|
|
|
100,584
|
|
Research and development expense
|
|
|
2,501
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|
|
3,243
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|
|
|
9,435
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9,473
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Other - net
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1,590
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(644
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)
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(532
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)
|
|
|
(3,177
|
)
|
Operating profit
|
|
|
10,159
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|
|
17,734
|
|
|
|
37,204
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|
|
|
43,226
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|
Interest expense - net
|
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|
586
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|
|
764
|
|
|
|
1,893
|
|
|
|
2,132
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|
Income before income taxes
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|
|
9,573
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|
|
16,970
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|
|
|
35,311
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|
|
|
41,094
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
2,637
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|
|
4,326
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|
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9,868
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|
|
|
11,229
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|
|
|
|
|
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Net income
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|
$
|
6,936
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|
$
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12,644
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|
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$
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25,443
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$
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29,865
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Basic earnings per share:
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Net income per share of common stock
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$
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0.35
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$
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0.61
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$
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1.26
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$
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1.45
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Diluted earnings per share:
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Net income per share of common stock
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$
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0.34
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$
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0.61
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$
|
1.24
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|
|
$
|
1.42
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|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
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Cash dividends per share
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$
|
0.090
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|
$
|
0.085
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$
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0.265
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$
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0.250
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|
|
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|
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Weighted average number of shares of common stock outstanding:
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Basic
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20,087
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20,490
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20,128
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20,579
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Diluted
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20,383
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20,870
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|
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20,458
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20,971
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|
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(a) Prior year amounts have been revised to correct an error in
stock compensation expense. Net Income for the quarter and nine
months ended September 26, 2014 was increased by $204 and $120,
respectively.
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Materion Corporation
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Attachment 2
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Consolidated Balance Sheets
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(Unaudited)
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Oct. 2,
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Dec. 31,
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(Thousands)
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2015
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2014 (a)
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Assets
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Current assets
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Cash and cash equivalents
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$
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24,826
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$
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13,150
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Accounts receivable
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113,961
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112,780
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Inventories
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221,547
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232,409
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Prepaid expenses
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16,902
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14,953
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Deferred income taxes
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11,919
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|
|
13,402
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Total current assets
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389,155
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386,694
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Long-term deferred income taxes
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17,722
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17,991
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Property, plant, and equipment
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826,286
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800,671
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Less allowances for depreciation, depletion, and amortization
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(565,086
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)
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(553,083
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)
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Property, plant, and equipment - net
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261,200
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247,588
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Intangible assets
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14,312
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18,559
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Other assets
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5,023
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4,781
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Goodwill |
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86,725
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86,725
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Total Assets
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$
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774,137
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$
|
762,338
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Liabilities and Shareholders' Equity
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Current liabilities
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Short-term debt
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$
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15,234
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$
|
653
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Accounts payable
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29,017
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36,239
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Other liabilities and accrued items
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49,325
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59,151
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Income taxes
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3,764
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3,144
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Unearned revenue
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4,105
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4,879
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Total current liabilities
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101,445
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104,066
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Other long-term liabilities
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17,344
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|
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18,203
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Retirement and post-employment benefits
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98,093
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103,891
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Unearned income
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47,099
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|
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51,796
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Long-term income taxes
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1,750
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|
|
1,750
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Deferred income taxes
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2,232
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|
0
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Long-term debt
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31,038
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23,613
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|
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Shareholders' equity
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475,136
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|
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459,019
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Total Liabilities and Shareholders' Equity
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$
|
774,137
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$
|
762,338
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|
|
|
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(a) Prior year amounts have been revised to correct an error in
stock compensation expense.
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Materion Corporation
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Attachment 3
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Consolidated Statements of Cash Flows
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(Unaudited)
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Nine Months Ended
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Oct. 2,
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|
Sept. 26,
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(Thousands)
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2015
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|
2014 (a)
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Cash flows from operating activities:
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Net income
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$
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25,443
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$
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29,865
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Adjustments to reconcile net income to net cash provided from
operating activities:
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Depreciation, depletion, and amortization
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26,069
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26,808
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Amortization of deferred financing costs in interest expense
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497
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|
627
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Amortization of mine development costs
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2,393
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5,525
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Stock-based compensation expense (non-cash)
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4,518
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3,940
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Changes in assets and liabilities net of acquired assets and
liabilities:
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Decrease (increase) in accounts receivable
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|
(1,583
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)
|
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(15,184
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)
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Decrease (increase) in inventory
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9,928
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|
|
|
(24,148
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)
|
Decrease (increase) in prepaid and other current assets
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|
|
(1,965
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)
|
|
|
(579
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)
|
Decrease (increase) in deferred income taxes
|
|
|
3,841
|
|
|
|
71
|
|
Increase (decrease) in accounts payable and accrued expenses
|
|
|
(19,299
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)
|
|
|
2,315
|
|
Increase (decrease) in unearned revenue
|
|
|
(773
|
)
|
|
|
760
|
|
Increase (decrease) in interest and taxes payable
|
|
|
896
|
|
|
|
6,017
|
|
Increase (decrease) in long-term liabilities
|
|
|
(5,175
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)
|
|
|
(14,976
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)
|
Other - net
|
|
|
54
|
|
|
|
(14
|
)
|
Net cash provided by operating activities
|
|
|
44,844
|
|
|
|
21,027
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
Payments for purchase of property, plant, and equipment
|
|
|
(24,085
|
)
|
|
|
(19,843
|
)
|
Payments for mine development
|
|
|
(16,972
|
)
|
|
|
(670
|
)
|
Proceeds from sale of property, plant, and equipment
|
|
|
43
|
|
|
|
3,084
|
|
Other investments - net
|
|
|
-
|
|
|
|
(2
|
)
|
Net cash (used in) investing activities
|
|
|
(41,014
|
)
|
|
|
(17,431
|
)
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
Proceeds from issuance (repayment) of short-term debt
|
|
|
14,152
|
|
|
|
(291
|
)
|
Proceeds from issuance of long-term debt
|
|
|
53,990
|
|
|
|
33,252
|
|
Repayment of long-term debt
|
|
|
(46,275
|
)
|
|
|
(18,739
|
)
|
Principal payments under capital lease obligations
|
|
|
(582
|
)
|
|
|
(497
|
)
|
Cash dividends paid
|
|
|
(5,331
|
)
|
|
|
(5,156
|
)
|
Repurchase of common stock
|
|
|
(7,129
|
)
|
|
|
(15,615
|
)
|
Issuance of common stock under stock option plans
|
|
|
-
|
|
|
|
360
|
|
Tax benefit from stock compensation realization
|
|
|
-
|
|
|
|
109
|
|
Net cash provided by (used in) financing activities
|
|
|
8,825
|
|
|
|
(6,577
|
)
|
Effects of exchange rate changes
|
|
|
(979
|
)
|
|
|
(183
|
)
|
Net change in cash and cash equivalents
|
|
|
11,676
|
|
|
|
(3,164
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
13,150
|
|
|
|
22,774
|
|
Cash and cash equivalents at end of period
|
|
$
|
24,826
|
|
|
$
|
19,610
|
|
|
|
|
|
|
|
|
|
|
(a) Prior year amounts have been revised to correct an error in
stock compensation expense.
|
|
Materion Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment 4
|
Reconciliation of Non-GAAP Measure Value-added sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions)
|
|
Third Quarter Ended
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
Oct. 2, 2015
|
|
|
|
Sept. 26, 2014(a)
|
|
|
|
Oct. 2, 2015
|
|
|
|
Sept. 26, 2014(a)
|
|
|
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAC
|
|
$
|
93.6
|
|
|
|
|
|
|
$
|
114.2
|
|
|
|
|
|
|
$
|
304.5
|
|
|
|
|
|
|
$
|
321.0
|
|
|
|
|
|
|
AM
|
|
|
113.6
|
|
|
|
|
|
|
|
137.6
|
|
|
|
|
|
|
|
394.9
|
|
|
|
|
|
|
|
412.0
|
|
|
|
|
|
|
Other
|
|
|
37.2
|
|
|
|
|
|
|
|
39.8
|
|
|
|
|
|
|
|
111.8
|
|
|
|
|
|
|
|
105.5
|
|
|
|
|
|
|
PC
|
|
|
|
37.2
|
|
|
|
|
|
|
39.9
|
|
|
|
|
|
|
112.0
|
|
|
|
|
|
|
107.9
|
|
|
|
|
Corp
|
|
|
|
-
|
|
|
|
|
|
|
(0.1
|
)
|
|
|
|
|
|
(0.2
|
)
|
|
|
|
|
|
(2.4
|
)
|
|
|
|
Total
|
|
$
|
244.4
|
|
|
|
|
|
|
$
|
291.6
|
|
|
|
|
|
|
$
|
811.2
|
|
|
|
|
|
|
$
|
838.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Pass-through Metal Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAC
|
|
$
|
14.0
|
|
|
|
|
|
|
$
|
19.5
|
|
|
|
|
|
|
$
|
47.8
|
|
|
|
|
|
|
$
|
56.4
|
|
|
|
|
|
|
AM
|
|
|
69.1
|
|
|
|
|
|
|
|
91.5
|
|
|
|
|
|
|
|
251.9
|
|
|
|
|
|
|
|
279.3
|
|
|
|
|
|
|
Other
|
|
|
12.5
|
|
|
|
|
|
|
|
15.0
|
|
|
|
|
|
|
|
37.7
|
|
|
|
|
|
|
|
32.7
|
|
|
|
|
|
|
PC
|
|
|
|
11.5
|
|
|
|
|
|
|
12.9
|
|
|
|
|
|
|
36.6
|
|
|
|
|
|
|
32.0
|
|
|
|
|
Corp
|
|
|
|
1.0
|
|
|
|
|
|
|
2.1
|
|
|
|
|
|
|
1.1
|
|
|
|
|
|
|
0.7
|
|
|
|
|
Total
|
|
$
|
95.6
|
|
|
|
|
|
|
$
|
126.0
|
|
|
|
|
|
|
$
|
337.4
|
|
|
|
|
|
|
$
|
368.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value-added Sales (non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAC
|
|
$
|
79.6
|
|
|
|
|
|
|
$
|
94.7
|
|
|
|
|
|
|
$
|
256.7
|
|
|
|
|
|
|
$
|
264.6
|
|
|
|
|
|
|
AM
|
|
|
44.5
|
|
|
|
|
|
|
|
46.1
|
|
|
|
|
|
|
|
143.0
|
|
|
|
|
|
|
|
132.7
|
|
|
|
|
|
|
Other
|
|
|
24.7
|
|
|
|
|
|
|
|
24.8
|
|
|
|
|
|
|
|
74.1
|
|
|
|
|
|
|
|
72.8
|
|
|
|
|
|
|
PC
|
|
|
|
25.7
|
|
|
|
|
|
|
27.0
|
|
|
|
|
|
|
75.4
|
|
|
|
|
|
|
75.9
|
|
|
|
|
Corp
|
|
|
|
(1.0
|
)
|
|
|
|
|
|
(2.2
|
)
|
|
|
|
|
|
(1.3
|
)
|
|
|
|
|
|
(3.1
|
)
|
|
|
|
Total
|
|
$
|
148.8
|
|
|
|
|
|
|
$
|
165.6
|
|
|
|
|
|
|
$
|
473.8
|
|
|
|
|
|
|
$
|
470.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of VA
|
|
|
|
|
|
% of VA
|
|
|
|
|
|
% of VA
|
|
|
|
|
|
% of VA
|
Gross Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAC
|
|
$
|
18.0
|
|
|
|
|
23
|
%
|
|
$
|
26.8
|
|
|
|
|
28
|
%
|
|
$
|
66.7
|
|
|
|
|
26
|
%
|
|
$
|
74.1
|
|
|
|
|
28
|
%
|
|
AM
|
|
|
17.1
|
|
|
|
|
38
|
%
|
|
|
19.3
|
|
|
|
|
42
|
%
|
|
|
56.6
|
|
|
|
|
40
|
%
|
|
|
53.0
|
|
|
|
|
40
|
%
|
|
Other
|
|
|
8.9
|
|
|
|
|
|
|
|
8.7
|
|
|
|
|
35
|
%
|
|
|
24.4
|
|
|
|
|
|
|
|
23.0
|
|
|
|
|
|
|
PC
|
|
|
|
9.2
|
|
|
36
|
%
|
|
|
|
9.0
|
|
|
33
|
%
|
|
|
|
25.0
|
|
|
33
|
%
|
|
|
|
23.8
|
|
|
31
|
%
|
|
Corp
|
|
|
|
(0.3
|
)
|
|
30
|
%
|
|
|
|
(0.3
|
)
|
|
|
|
|
|
(0.6
|
)
|
|
46
|
%
|
|
|
|
(0.8
|
)
|
|
-
|
|
|
Total
|
|
$
|
44.0
|
|
|
|
|
30
|
%
|
|
$
|
54.8
|
|
|
|
|
33
|
%
|
|
$
|
147.7
|
|
|
|
|
31
|
%
|
|
$
|
150.1
|
|
|
|
|
32
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of VA
|
|
|
|
|
|
% of VA
|
|
|
|
|
|
% of VA
|
|
|
|
|
|
% of VA
|
Operating Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAC
|
|
$
|
4.5
|
|
|
|
|
6
|
%
|
|
$
|
10.8
|
|
|
|
|
11
|
%
|
|
$
|
20.7
|
|
|
|
|
8
|
%
|
|
$
|
23.3
|
|
|
|
|
9
|
%
|
|
AM
|
|
|
7.0
|
|
|
|
|
16
|
%
|
|
|
7.8
|
|
|
|
|
17
|
%
|
|
|
23.3
|
|
|
|
|
16
|
%
|
|
|
25.5
|
|
|
|
|
19
|
%
|
|
Other
|
|
|
(1.3
|
)
|
|
|
|
|
|
|
(0.9
|
)
|
|
|
|
|
|
|
(6.8
|
)
|
|
|
|
|
|
|
(5.6
|
)
|
|
|
|
|
|
PC
|
|
|
|
2.3
|
|
|
9
|
%
|
|
|
|
2.1
|
|
|
8
|
%
|
|
|
|
4.5
|
|
|
6
|
%
|
|
|
|
6.7
|
|
|
9
|
%
|
|
Corp
|
|
|
|
(3.6
|
)
|
|
-
|
|
|
|
|
(3.0
|
)
|
|
-
|
|
|
|
|
(11.3
|
)
|
|
-
|
|
|
|
|
(12.3
|
)
|
|
-
|
|
|
Total
|
|
$
|
10.2
|
|
|
|
|
7
|
%
|
|
$
|
17.7
|
|
|
|
|
11
|
%
|
|
$
|
37.2
|
|
|
|
|
8
|
%
|
|
$
|
43.2
|
|
|
|
|
9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAC
|
|
$
|
-
|
|
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
AM
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5.0
|
)
|
|
|
|
|
|
Other
|
|
|
1.8
|
|
|
|
|
|
|
|
(2.7
|
)
|
|
|
|
|
|
|
(0.3
|
)
|
|
|
|
|
|
|
(3.5
|
)
|
|
|
|
|
|
PC
|
|
|
|
1.3
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
1.3
|
|
|
|
|
|
|
(2.5
|
)
|
|
|
|
Corp
|
|
|
-
|
|
|
0.5
|
|
|
|
|
|
-
|
|
|
(2.7
|
)
|
|
|
|
|
|
(1.6
|
)
|
|
|
|
|
-
|
|
|
(1.0
|
)
|
|
|
|
Total
|
|
$
|
1.8
|
|
|
|
|
|
|
$
|
(2.7
|
)
|
|
|
|
|
|
$
|
(0.3
|
)
|
|
|
|
|
|
$
|
(8.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit Excluding Special Items
|
|
|
|
% of VA
|
|
|
|
|
|
% of VA
|
|
|
|
|
|
% of VA
|
|
|
|
|
|
% of VA
|
|
PAC
|
|
$
|
4.5
|
|
|
|
|
5.7
|
%
|
|
$
|
10.8
|
|
|
|
|
11.4
|
%
|
|
$
|
20.7
|
|
|
|
|
8.1
|
%
|
|
$
|
23.3
|
|
|
|
|
8.8
|
%
|
|
AM
|
|
|
7.0
|
|
|
|
|
15.7
|
%
|
|
|
7.8
|
|
|
|
|
16.9
|
%
|
|
|
23.3
|
|
|
|
|
16.3
|
%
|
|
|
20.5
|
|
|
|
|
15.4
|
%
|
|
Other
|
|
|
0.5
|
|
|
|
|
|
|
|
(3.6
|
)
|
|
|
|
|
|
|
(7.1
|
)
|
|
|
|
|
|
|
(9.1
|
)
|
|
|
|
|
|
PC
|
|
|
|
3.6
|
|
|
14.0
|
%
|
|
|
|
2.1
|
|
|
7.8
|
%
|
|
|
|
5.8
|
|
|
7.7
|
%
|
|
|
|
4.2
|
|
|
5.5
|
%
|
|
Corp
|
|
|
|
(3.1
|
)
|
|
-
|
|
|
|
|
(5.7
|
)
|
|
-
|
|
|
|
|
(12.9
|
)
|
|
-
|
|
|
|
|
(13.3
|
)
|
|
-
|
|
|
Total
|
|
$
|
12.0
|
|
|
|
|
8.1
|
%
|
|
$
|
15.0
|
|
|
|
|
9.1
|
%
|
|
$
|
36.9
|
|
|
|
|
7.8
|
%
|
|
$
|
34.7
|
|
|
|
|
7.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 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 their 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
|
|
(a) Operating loss for Corporate for the third quarter and nine
months ended September 26, 2014 was reduced by $0.3 and $0.2
respectively, to correct an error in stock compensation expense.
|
|
Materion Corporation
|
|
|
|
|
|
|
|
Attachment 5
|
Reconciliation of Non-GAAP Measure - Profitability
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter Ended
|
|
Nine Months Ended
|
|
|
(In millions except per share amounts)
|
|
Oct. 2, 2015
|
|
Sept. 26, 2014 |
|
Oct. 2, 2015
|
|
Sept. 26, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP as Reported
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
244.4
|
|
|
$
|
291.6
|
|
|
$
|
811.2
|
|
|
$
|
838.5
|
|
|
|
|
Gross margin
|
|
|
44.0
|
|
|
|
54.8
|
|
|
|
147.7
|
|
|
|
150.1
|
|
|
|
|
Operating profit
|
|
|
10.2
|
|
|
|
17.7
|
|
|
|
37.2
|
|
|
|
43.2
|
|
|
|
|
Net income
|
|
|
6.9
|
|
|
|
12.6
|
|
|
|
25.4
|
|
|
|
29.9
|
|
|
|
|
EPS - Diluted
|
|
$
|
0.34
|
|
|
$
|
0.61
|
|
|
$
|
1.24
|
|
|
$
|
1.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reorganization costs (benefits)
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
$
|
0.6
|
|
|
$
|
-
|
|
|
$
|
0.6
|
|
|
$
|
0.2
|
|
|
|
|
Selling, general, and administrative expense
|
|
|
1.2
|
|
|
|
0.3
|
|
|
|
1.2
|
|
|
|
0.8
|
|
|
|
|
Other-net
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2.6
|
)
|
|
Recovery from insurance and other litigation, net of expenses
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
Selling, general, and administrative expense
|
|
|
-
|
|
|
|
1.0
|
|
|
|
1.7
|
|
|
|
3.9
|
|
|
|
|
Other-net
|
|
|
-
|
|
|
|
(4.0
|
)
|
|
|
(3.8
|
)
|
|
|
(10.8
|
)
|
|
|
Total special items
|
|
$
|
1.8
|
|
|
$
|
(2.7
|
)
|
|
$
|
(0.3
|
)
|
|
$
|
(8.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items - net of tax
|
|
$
|
1.3
|
|
|
$
|
(1.8
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(5.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Special Item
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
0.2
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Measures - Adjusted Profitability
|
|
|
|
|
|
|
|
|
|
|
|
Value-added (VA) sales
|
|
$
|
148.8
|
|
|
$
|
165.6
|
|
|
$
|
473.8
|
|
|
$
|
470.1
|
|
|
|
|
Gross margin
|
|
|
44.6
|
|
|
|
54.8
|
|
|
|
148.3
|
|
|
|
150.3
|
|
|
|
|
Gross margin % of VA |
|
|
30.0
|
%
|
|
|
33.1
|
%
|
|
|
31.3
|
%
|
|
|
32.0
|
%
|
|
|
|
Operating profit
|
|
|
12.0
|
|
|
|
15.0
|
|
|
|
36.9
|
|
|
|
34.7
|
|
|
|
|
Operating profit % of VA |
|
|
8.1
|
%
|
|
|
9.1
|
%
|
|
|
7.8
|
%
|
|
|
7.4
|
%
|
|
|
|
Net income
|
|
|
8.2
|
|
|
|
10.8
|
|
|
|
25.4
|
|
|
|
24.3
|
|
|
|
|
EPS - Diluted
|
|
$
|
0.40
|
|
|
$
|
0.52
|
|
|
$
|
1.24
|
|
|
$
|
1.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In addition to presenting financial statements prepared in
accordance with U.S. generally accepted accounting principles
(GAAP), this earnings release contains financial measures, including
gross margin, operating profit, net income and earnings per share,
on a non-GAAP basis. As detailed in the above reconciliation, we
have adjusted out the cost (benefit) impact of the net recovery from
insurance and other litigation claims, reorganization costs
(benefits) and certain income tax items from the applicable GAAP
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.
|
|
Materion Corporation
|
|
|
|
|
|
|
|
|
|
|
|
Attachment 6
|
Value-added Sales by Market
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter Ended
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
|
|
|
Oct. 2, 2015
|
|
Sept. 26, 2014 |
|
% Change
|
|
Oct. 2, 2015
|
|
Sept. 26, 2014 |
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Materion Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Electronics
|
|
$ 38.3 |
|
$ 46.0 |
|
-17%
|
|
$ 125.4 |
|
$ 132.8 |
|
-6%
|
|
Industrial Components
|
|
25.3
|
|
23.0
|
|
10%
|
|
73.8
|
|
64.2
|
|
15%
|
|
Medical
|
|
18.6
|
|
21.6
|
|
-14%
|
|
54.0
|
|
55.0
|
|
-2%
|
|
Automotive Electronics |
|
13.3
|
|
14.1
|
|
-6%
|
|
43.3
|
|
41.6
|
|
4%
|
|
Energy
|
|
8.0
|
|
14.0
|
|
-43%
|
|
29.5
|
|
38.4
|
|
-23%
|
|
Defense
|
|
13.0
|
|
9.7
|
|
34%
|
|
34.1
|
|
26.8
|
|
27%
|
|
Telecom Infrastructure
|
|
8.2
|
|
11.0
|
|
-25%
|
|
27.9
|
|
29.0
|
|
-4%
|
|
Other
|
|
24.1
|
|
26.2
|
|
-8%
|
|
85.8
|
|
82.3
|
|
4%
|
|
|
Total
|
|
$ 148.8 |
|
$ 165.6 |
|
-10%
|
|
$ 473.8 |
|
$ 470.1 |
|
1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Alloy & Composites
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Electronics
|
|
$ 13.7 |
|
$ 16.5 |
|
-17%
|
|
$ 46.1 |
|
$ 48.5 |
|
-5%
|
|
Industrial Components
|
|
19.6
|
|
18.2
|
|
8%
|
|
55.1
|
|
48.4
|
|
14%
|
|
Medical
|
|
1.1
|
|
4.8
|
|
-77%
|
|
4.6
|
|
11.2
|
|
-59%
|
|
Automotive Electronics |
|
12.5
|
|
13.8
|
|
-9%
|
|
40.1
|
|
40.6
|
|
-1%
|
|
Energy
|
|
4.3
|
|
11.1
|
|
-61%
|
|
18.0
|
|
29.3
|
|
-39%
|
|
Defense
|
|
8.4
|
|
5.5
|
|
53%
|
|
20.2
|
|
15.4
|
|
31%
|
|
Telecom Infrastructure
|
|
6.1
|
|
8.4
|
|
-27%
|
|
20.4
|
|
21.8
|
|
-6%
|
|
Other
|
|
13.9
|
|
16.4
|
|
-15%
|
|
52.2
|
|
49.4
|
|
6%
|
|
|
Total
|
|
$ 79.6 |
|
$ 94.7 |
|
-16%
|
|
$ 256.7 |
|
$ 264.6 |
|
-3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advanced Materials
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Electronics
|
|
$ 20.3 |
|
$ 22.6 |
|
-10%
|
|
$ 65.4 |
|
$ 64.2 |
|
2%
|
|
Industrial Components
|
|
4.9
|
|
4.4
|
|
11%
|
|
16.4
|
|
13.7
|
|
20%
|
|
Medical
|
|
3.1
|
|
2.7
|
|
15%
|
|
8.3
|
|
6.7
|
|
24%
|
|
Automotive Electronics |
|
-
|
|
-
|
|
0%
|
|
-
|
|
-
|
|
0%
|
|
Energy
|
|
3.7
|
|
2.9
|
|
28%
|
|
11.5
|
|
9.1
|
|
26%
|
|
Defense
|
|
1.5
|
|
1.3
|
|
15%
|
|
5.0
|
|
4.0
|
|
25%
|
|
Telecom Infrastructure
|
|
2.1
|
|
2.6
|
|
-19%
|
|
7.5
|
|
7.2
|
|
4%
|
|
Other
|
|
8.9
|
|
9.6
|
|
-7%
|
|
28.9
|
|
27.8
|
|
4%
|
|
|
Total
|
|
$ 44.5 |
|
$ 46.1 |
|
-3%
|
|
$ 143.0 |
|
$ 132.7 |
|
8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other/Precision Coatings Group
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Electronics
|
|
$ 4.3 |
|
$ 6.9 |
|
-38%
|
|
$ 13.9 |
|
$ 20.1 |
|
-31%
|
|
Industrial Components
|
|
0.8
|
|
0.4
|
|
100%
|
|
2.3
|
|
2.1
|
|
10%
|
|
Medical
|
|
14.4
|
|
14.1
|
|
2%
|
|
41.1
|
|
37.1
|
|
11%
|
|
Automotive Electronics |
|
0.8
|
|
0.3
|
|
167%
|
|
3.2
|
|
1.0
|
|
220%
|
|
Energy
|
|
|
|
-
|
|
-
|
|
|
|
-
|
|
-
|
|
Defense
|
|
3.1
|
|
2.9
|
|
7%
|
|
8.9
|
|
7.4
|
|
20%
|
|
Telecom Infrastructure
|
|
-
|
|
-
|
|
-
|
|
|
|
-
|
|
-
|
|
Other
|
|
1.3
|
|
0.2
|
|
0%
|
|
4.7
|
|
5.1
|
|
0%
|
|
|
Total
|
|
$ 24.7 |
|
$ 24.8 |
|
0%
|
|
$ 74.1 |
|
$ 72.8 |
|
2%
|

View source version on businesswire.com: http://www.businesswire.com/news/home/20151029005774/en/
Materion Corporation
Investor Contact:
Michael
C. Hasychak, 216-383-6823
mike.hasychak@materion.com
or
Media
Contact:
Patrick S. Carpenter, 216-383-6835
patrick.carpenter@materion.com
or
http://www.materion.com
Mayfield
Hts-g
Source: Materion Corporation
News Provided by Acquire Media