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 Attachment
1
Consolidated Statements of Income (Unaudited)
Third Quarter Ended Nine Months Ended Oct.
2, Sept. 26,
Oct. 2, Sept. 26, (Thousands, except per
share amounts)
2015 2014 (a)
2015 2014
(a)
Net sales $ 244,354 $ 291,570 $ 811,233 $ 838,465
Cost of sales 200,351 236,727 663,548
688,359 Gross margin 44,003 54,843 147,685
150,106 Selling, general, and administrative expense 29,753 34,510
101,578 100,584 Research and development expense 2,501 3,243 9,435
9,473 Other - net 1,590 (644 ) (532 )
(3,177 ) Operating profit 10,159 17,734 37,204 43,226 Interest
expense - net 586 764 1,893
2,132 Income before income taxes 9,573 16,970 35,311
41,094 Income tax expense 2,637 4,326
9,868 11,229
Net income $
6,936 $ 12,644 $ 25,443 $ 29,865
Basic earnings per share: Net income per share of common
stock $ 0.35 $ 0.61 $ 1.26 $ 1.45
Diluted earnings per
share: Net income per share of common stock $ 0.34 $ 0.61 $
1.24 $ 1.42
Cash dividends per share $ 0.090 $
0.085 $ 0.265 $ 0.250
Weighted average number of
shares of common stock outstanding: Basic 20,087 20,490 20,128
20,579 Diluted 20,383 20,870 20,458 20,971 (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.
Materion Corporation Attachment 2
Consolidated Balance Sheets (Unaudited)
Oct. 2, Dec. 31, (Thousands)
2015 2014
(a)
Assets Current assets Cash and cash equivalents $ 24,826
$ 13,150 Accounts receivable 113,961 112,780 Inventories 221,547
232,409 Prepaid expenses 16,902 14,953 Deferred income taxes
11,919 13,402 Total current assets 389,155
386,694 Long-term deferred income taxes 17,722 17,991
Property, plant, and equipment 826,286 800,671
Less allowances for depreciation,
depletion, and amortization
(565,086 ) (553,083 ) Property, plant, and equipment
- net 261,200 247,588 Intangible assets 14,312 18,559 Other assets
5,023 4,781 Goodwill 86,725 86,725
Total Assets $ 774,137 $ 762,338
Liabilities and Shareholders' Equity Current liabilities
Short-term debt $ 15,234 $ 653 Accounts payable 29,017 36,239 Other
liabilities and accrued items 49,325 59,151 Income taxes 3,764
3,144 Unearned revenue 4,105 4,879
Total current liabilities 101,445 104,066 Other long-term
liabilities 17,344 18,203 Retirement and post-employment benefits
98,093 103,891 Unearned income 47,099 51,796 Long-term income taxes
1,750 1,750 Deferred income taxes 2,232 0 Long-term debt 31,038
23,613
Shareholders' equity 475,136
459,019
Total Liabilities and Shareholders'
Equity $ 774,137 $ 762,338 (a) Prior year
amounts have been revised to correct an error in stock compensation
expense.
Materion Corporation
Attachment 3
Consolidated Statements of Cash Flows
(Unaudited) Nine Months Ended Oct. 2, Sept.
26, (Thousands)
2015 2014 (a) Cash flows from
operating activities: Net income $ 25,443 $ 29,865
Adjustments to reconcile net income to net
cash provided from operating activities:
Depreciation, depletion, and amortization 26,069 26,808
Amortization of deferred financing costs in interest expense 497
627 Amortization of mine development costs 2,393 5,525 Stock-based
compensation expense (non-cash) 4,518 3,940 Changes in assets and
liabilities net of acquired assets and liabilities: Decrease
(increase) in accounts receivable (1,583 ) (15,184 ) Decrease
(increase) in inventory 9,928 (24,148 ) Decrease (increase) in
prepaid and other current assets (1,965 ) (579 ) Decrease
(increase) in deferred income taxes 3,841 71 Increase (decrease) in
accounts payable and accrued expenses (19,299 ) 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 ) (14,976 ) 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 CorporationInvestor
Contact:Michael C. Hasychak,
216-383-6823mike.hasychak@materion.comorMedia
Contact:Patrick S. Carpenter,
216-383-6835patrick.carpenter@materion.comorhttp://www.materion.comMayfield
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