Materion Corporation (NYSE:MTRN) today reported second quarter
2016 financial results.
- Net sales for the second quarter of
2016 were $249.8 million compared to $235.5 million for the first
quarter of 2016.
- Second quarter 2016 value-added sales
were $153.9 million, up 7% from first quarter 2016 value-added
sales of $143.9 million.
- Second quarter 2016 earnings were $0.27
per share, diluted, in-line with first quarter 2016 earnings of
$0.27 per share, diluted.
- Second quarter 2016 adjusted earnings
were $0.31 per share, diluted, up 15% from first quarter 2016
earnings of $0.27 per share, diluted.
- The Company is narrowing the full-year
adjusted earnings guidance to $1.30 to $1.40 per share, diluted,
from the previous annual guidance range of $1.30 to $1.55 per
share, diluted.
SECOND QUARTER 2016
RESULTS
Net sales for the second quarter were $249.8 million, compared
to net sales of $235.5 million in the first quarter of 2016 and
$276.9 million for the second quarter of 2015. Value-added sales
were $153.9 million in the second quarter of 2016, up sequentially
7% from the first quarter of 2016 value-added sales of $143.9
million and down compared to value-added sales of $162.4 million
for the second quarter of 2015.
The sequential growth in value-added sales in the second quarter
of 2016 compared to the first quarter of 2016 was primarily due to
stronger demand from customers in the consumer electronics,
industrial components and telecommunications infrastructure
markets. New product sales accounted for 11% of total value-added
sales in the quarter. The year-over-year decline in value-added
sales in the second quarter was due almost entirely to the lack of
raw material beryllium hydroxide sales in 2016.
Net income for the second quarter of 2016 was $5.5 million, or
$0.27 per share, diluted. This compares to net income of $5.4
million for the first quarter of 2016 and net income of $9.1
million for the second quarter of the prior year. Adjusted earnings
for the second quarter of 2016, which excludes due diligence costs
for potential acquisitions, a discrete tax benefit and legacy
environmental costs, were $0.31 per share, diluted, up 15% above
first quarter 2016 earnings of $0.27 per share, diluted.
For the first six months of 2016, net sales were $485.3 million
compared to net sales of $566.9 million for the same period of last
year. Value-added sales for the first six months of 2016 were
$297.8 million, compared to $325.0 million for the same period last
year. The 8% year-over-year decline in value-added sales is
primarily reflective of the absence of raw material beryllium
hydroxide sales and a decrease in product sales into the oil and
gas exploration market.
Year-to-date net income was $10.9 million or $0.54 per share,
diluted, as compared to $18.1 million or $0.88 per share, diluted,
in the comparable period of the prior year. Excluding special items
in both periods, earnings for the first half of 2016 were $11.5
million, or $0.57 per share, diluted, as compared to $16.8 million,
or $0.82 per share, diluted, for the same period last year. The
$5.3 million decrease in year-to-date adjusted earnings is driven
by foreign exchange rate impacts, primarily the lack of foreign
exchange hedge gains in 2016, and the temporary loss of beryllium
hydroxide sales.
CHAIRMAN’S COMMENTS
Richard J. Hipple, Chairman, President and Chief Executive
Officer, stated, “The sequential value-added sales and earnings
improvement we experienced in the second quarter of 2016 in spite
of a difficult global economic environment is encouraging. We
anticipate continued sequential growth in the second half of 2016
as we are making progress on both our organic and inorganic growth
initiatives.”
BUSINESS SEGMENT
REPORTING
Performance Alloys and
Composites
Net sales for Performance Alloys and Composites in the second
quarter of 2016 were $97.7 million compared to net sales of $107.7
million in the second quarter of 2015 and $90.6 million in the
first quarter of 2016. Value-added sales were $83.4 million in the
second quarter of 2016, compared to $91.5 million in the second
quarter of 2015 and up sequentially 7% or $5.2 million from the
first quarter of 2016. The year-over-year decline in sales was
driven by the decrease in raw material beryllium hydroxide sales,
as segment product sales were flat with the prior year period. The
sequential improvement in value-added sales was driven by customers
in the consumer electronics and industrial components end markets,
particularly in the Asia region.
Operating profit for the second quarter of 2016 was $0.2 million
as compared to $9.3 million for the same period last year and down
sequentially from the $1.5 million of operating profit recorded in
the first quarter of 2016. The reduction in operating profit is due
to the lack of foreign exchange hedge gains, the temporary loss of
beryllium hydroxide sales, higher operating costs and unfavorable
product mix. The poor product mix partially reflects the decrease
in sales of oil and gas related products offset by growth in strip
product sales in Asia.
Advanced Materials
Advanced Materials’ net sales for the second quarter of 2016
were $113.6 million, which compares to second quarter 2015 net
sales of $131.4 million and $108.1 million net sales for the first
quarter of 2016. Value-added sales for the second quarter of 2016
were $47.0 million, up 1% compared to the second quarter 2015
value-added sales of $46.7 million and up 12% as compared to the
first quarter 2016 value-added sales of $42.1 million. The
sequential improvement in value-added sales was primarily driven by
strength from customers serving the consumer electronics end
market.
Operating profit for the second quarter of 2016 was $7.3
million, flat with the operating profit of $7.4 million in the
second quarter of 2015 and up sequentially 40% from the $5.2
million of operating profit in the first quarter of 2016. Operating
profit as a percent of value-added sales in the second quarter of
2016 was 16%, up approximately 300 basis points sequentially, as
compared to the first quarter of 2016. The sequential improvement
is primarily due to increased sales volumes with consumer
electronics customers as our strategy to penetrate the broader
semiconductor market is gaining traction.
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
second quarter of 2016 were $38.5 million, which compares to net
sales of $38.3 million for the second quarter of 2015. Value-added
sales for the second quarter of 2016 were $25.1 million, compared
to value-added sales of $25.2 million for the same period of
2015.
Precision Coatings’ operating profit for the second quarter of
2016 was $2.3 million or 9% of value-added sales, compared to $0.6
million of operating profit recorded in the same period last year.
The increase in profits is due to the improved product mix,
increased manufacturing yields and realization of restructuring
cost savings.
OUTLOOK
The second quarter 2016 consolidated financial results were
in-line with our expectations despite the absence of beryllium
hydroxide sales. Favorable results in both Advanced Materials and
Precision Coatings offset the performance decline in the
Performance Alloy and Composites segment. We continue to forecast
hydroxide sales in the second half of 2016 in anticipation of
completing negotiations with our hydroxide customers.
The relative strength of our end markets remain mixed. Defense
remains strong. Our largest end market, consumer electronics, while
returning to year-over-year growth in the second quarter, is not
anticipated to be as strong as previously forecasted in the second
half. Therefore, the combination of reduced hydroxide sales, the
softer expected growth in our largest end market, partially offset
by enhanced performance in several of our businesses, we are
narrowing the full-year adjusted earnings guidance to $1.30 to
$1.40 per share, diluted, from the previous annual guidance range
of $1.30 to $1.55 per share, diluted.
CONFERENCE CALL
Materion Corporation will host a conference call with analysts
at 9:00 a.m. Eastern Time, July 28, 2016. 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 12, 2016 by dialing (877) 660-6853 or
(201) 612-7415; please reference Conference ID Number 13640503. 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 2016;
- 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, defense, telecommunications
infrastructure, energy, commercial aerospace and science;
- Our ability to successfully complete
negotiations with our largest customer regarding sales of beryllium
hydroxide;
- 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;
- 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;
- Our ability to strengthen our internal
control over financial reporting and disclosure controls and
procedures;
- 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 Part
1, Item 1A of our Form 10-K for the year ended December 31,
2015.
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
SubsidiariesConsolidated Statements of
Income(Unaudited)
Second Quarter Ended Six Months Ended (In
thousands except per share amounts) July 1, 2016
July 3, 2015 July 1, 2016 July 3, 2015
Net sales $ 249,776 $ 276,855 $ 485,287 $ 566,879 Cost of sales
204,470 225,528 396,624 463,197 Gross
margin 45,306 51,327 88,663 103,682 Selling, general, and
administrative expense 32,437 34,594 62,924 72,527 Research and
development expense 3,171 3,586 6,623 6,934 Other — net 3,921
36 5,807 (2,122 ) Operating profit 5,777
13,111 13,309 26,343 Interest expense — net 512 650
927 1,307
Income before income taxes 5,265
12,461 12,382 25,036 Income tax (benefit) expense (284 ) 3,394
1,465 6,985
Net income $ 5,549 $
9,067 $ 10,917 $ 18,051
Basic earnings per
share: Net income per share of common stock $ 0.28 $ 0.45 $
0.55 $ 0.90
Diluted earnings per share: Net income per share
of common stock $ 0.27 $ 0.44 $ 0.54 $ 0.88
Cash dividends per
share $ 0.095 $ 0.090 $ 0.185 $ 0.175
Weighted-average
number of shares of common stock outstanding: Basic 20,015
20,153 20,016 20,149 Diluted 20,214 20,499 20,220 20,491
Attachment 2
Materion Corporation and
SubsidiariesConsolidated Balance Sheets
(Unaudited)
(Thousands) July 1, 2016
December 31, 2015 Assets Current assets Cash and cash
equivalents $ 20,985 $ 24,236 Accounts receivable 111,752 97,236
Inventories 211,965 211,820 Prepaid expenses 13,663 12,799
Total current assets 358,365 346,091 Long-term deferred
income taxes 27,443 25,743 Property, plant and equipment 856,795
833,834 Less allowances for depreciation, depletion and
amortization (592,117 ) (570,205 ) Property, plant and
equipment—net 264,678 263,629 Intangible assets 10,936 13,389 Other
assets 5,760 6,716 Goodwill 86,725 86,725
Total
Assets $ 753,907 $ 742,293
Liabilities and
Shareholders’ Equity Current liabilities Short-term debt $
14,823 $ 8,990 Accounts payable 30,213 31,888 Salaries and wages
21,665 27,494 Other liabilities and accrued items 23,355 22,035
Income taxes 4,254 2,373 Unearned revenue 2,953 3,695
Total current liabilities 97,263 96,475 Other long-term liabilities
18,049 18,435 Retirement and post-employment benefits 86,864 92,794
Unearned income 43,661 45,953 Long-term income taxes 1,293 1,293
Deferred income taxes 167 110 Long-term debt 13,884 4,276
Shareholders’ equity 492,726 482,957
Total
Liabilities and Shareholders’ Equity $ 753,907 $ 742,293
Attachment 3
Materion Corporation and
SubsidiariesConsolidated Statements of Cash
Flows(Unaudited)
Six Months Ended (Thousands) July 1,
2016 July 3, 2015 Cash flows from operating
activities: Net income $ 10,917 $ 18,051 Adjustments to reconcile
net income to net cash used in operating activities: Depreciation,
depletion and amortization 23,497 20,117 Amortization of deferred
financing costs in interest expense 281 331 Stock-based
compensation expense 1,919 3,357 (Gain) loss on sale of property,
plant, and equipment (695 ) 308 Deferred income tax (benefit)
expense (1,489 ) 1,931 Changes in assets and liabilities net of
acquired assets and liabilities: Decrease (increase) in accounts
receivable (13,013 ) (4,622 ) Decrease (increase) in inventory
1,153 2,150 Decrease (increase) in prepaid and other current assets
(782 ) (4,037 ) Increase (decrease) in accounts payable and accrued
expenses (7,871 ) (16,882 ) Increase (decrease) in unearned revenue
(743 ) (283 ) Increase (decrease) in interest and taxes payable
1,310 3,240 Increase (decrease) in long-term liabilities (6,221 )
(1,801 ) Other-net 771 (817 )
Net cash provided by
operating activities 9,034 21,043 Cash flows from investing
activities: Payments for purchase of property, plant, and equipment
(14,326 ) (16,564 ) Payments for mine development (7,806 ) (10,100
) Proceeds from sale of property, plant, and equipment 827
18
Net cash used in investing activities (21,305 )
(26,646 ) Cash flows from financing activities: Proceeds from
issuance of short-term debt 5,805 2,346 Proceeds from issuance of
long-term debt 10,000 51,000 Repayment of long-term debt (399 )
(33,110 ) Principal payments under capital lease obligations (425 )
(404 ) Cash dividends paid (3,704 ) (3,523 ) Repurchase of common
stock (2,663 ) (2,748 )
Net cash provided by financing
activities 8,614 13,561 Effects of exchange rate changes 406
(479 )
Net change in cash and cash equivalents (3,251
) 7,479
Cash and cash equivalents at beginning of period
24,236 13,150
Cash and cash equivalents at end of
period $ 20,985 $ 20,629
Attachment 4
Materion Corporation and
SubsidiariesReconciliation of Non-GAAP Measure - Value-added
Sales(Unaudited)
Second Quarter Ended Six Months Ended
(Millions) July 1, 2016 July 3,
2015 July 1, 2016 July 3, 2015 Net
Sales PAC $ 97.7 $
107.7 $ 188.3 $
211.0
AM 113.6 131.4 221.7
281.3
Other 38.5 37.8 75.3
74.6
PC 38.5 38.3 75.3 74.9 Corp — (0.5 ) —
(0.3
) Total $ 249.8 $ 276.9 $ 485.3 $ 566.9
Less:
Pass-through Metal Cost PAC $ 14.3 $ 16.2 $ 26.7
33.9
AM 66.6 84.7 132.6
182.9
Other 15.0 13.6 28.2
25.1
PC 13.4 13.1 25.6 25.1 Corp 1.6 0.5 2.6
— Total $ 95.9 $ 114.5 $ 187.5 $ 241.9
Value-added
Sales (non-GAAP) PAC $ 83.4 $ 91.5 $ 161.6 $ 177.1 AM 47.0 46.7
89.1
98.4
Other 23.5 24.2 47.1
49.5
PC 25.1 25.2 49.7 49.8 Corp (1.6 ) (1.0 ) (2.6
)
(0.3
) Total $ 153.9 $ 162.4 $ 297.8 $
325.0
Gross Margin
% ofVA
% ofVA
% ofVA
% ofVA
PAC $ 16.3 20 % $ 25.5 28 % $ 34.0 21 %
$
48.6
27 % AM 19.1 41 % 18.8 40 % 34.9 39 %
39.5
40 % Other 9.9 — 7.0 — 19.8 — %
15.6
— PC 9.5 38 % 7.5 30 % 19.5 39 % 15.8 32 % Corp 0.4 —
(0.5 ) — 0.3 — %
(0.2
)
— Total $ 45.3 29 % $ 51.3 32 % $ 88.7 30 %
$
103.7
32 %
Operating Profit
% ofVA
% ofVA
% ofVA
% ofVA
PAC $ 0.2 — % $ 9.3 10 % $ 1.7 1 %
$
16.1
9 % AM 7.3 16 % 7.4 16 % 12.5 14 %
16.3
17 % Other (1.7 ) — (3.6 ) — (0.9 ) — %
(6.1)
— PC 2.3 9 % 0.6 2 % 6.4 13 % 2.3 5 % Corp (4.0 ) —
(4.2 ) — (7.3 ) — %
(8.4
)
— Total $ 5.8 4 % $ 13.1 8 % $ 13.3 4 %
$
26.3
8 %
Second Quarter Ended Six Months Ended
(Millions) July 1, 2016 July 3, 2015 July
1, 2016 July 3, 2015 Special Items PAC $ — $ — $
—
$
—
AM — — —
—
Other 2.3 — 2.3
(2.1
) PC — —
—
— Corp 2.3 —
2.3
(2.1 ) Total $ 2.3 $ — $ 2.3
$
(2.1
)
Operating Profit Excluding Special Items
% ofVA
% ofVA
% ofVA
% ofVA
PAC $ 0.2 — % $ 9.3 10 % $ 1.7
1
%
$
16.1
9 % AM 7.3 16 % 7.4 16 % 12.5
14
%
16.3
17 % Other 0.6 — (3.6 ) — 1.4
—
(8.2
) — PC 2.3 9 % 0.6 2 %
6.4
13
%
2.3 5 % Corp (1.7 ) — (4.2 ) —
(5.0
)
—
(10.5 ) — Total $ 8.1 5 % $ 13.1 8 % $ 15.6
5
%
$
24.2
7 % 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 are 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 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
SubsidiariesReconciliation of Non-GAAP Measures -
Profitability(Unaudited)
Second Quarter Ended Six Months Ended
(Millions except per share amounts) July 1, 2016
July 3, 2015 July 1, 2016 July 3,
2015 GAAP as Reported Net Sales $ 249.8 $ 276.9 $ 485.3
$ 566.9 Gross margin 45.3 51.3 88.7 103.7 Operating profit 5.8 13.1
13.3 26.3 Net income 5.5 9.1 10.9 18.1 EPS - Diluted $ 0.27 $ 0.44
$ 0.54 $ 0.88
Adjustment for Special Items Cost of
sales $ — $ — $ — $ — Selling, general, and administrative expense
1.9 — 1.9 1.7 Other-net 0.4 — 0.4 (3.8 )
Total special items $ 2.3 $ — $ 2.3 $
(2.1 )
Special items - net of tax $ 1.5 $ — $ 1.5 $ (1.5 )
Tax Special Item $ (0.9 ) $ — $ (0.9 ) $ 0.2
Non-GAAP Measures - Adjusted Profitability Value-added (VA)
sales $ 153.9 $ 162.4 $ 297.8 $ 325.0 Gross margin 45.3 51.3 88.7
103.7 Gross margin % of VA 29.4 % 31.6 % 29.8 % 31.9 % Operating
profit 8.1 13.1 15.6 24.2 Operating profit % of VA 5.3 % 8.1 % 5.2
% 7.4 % Net income 6.1 9.1 11.5 16.8 EPS - Diluted $ 0.31 $ 0.44 $
0.57 $ 0.82 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 the results for certain special
items such as the net recovery from insurance and other litigation
claims, legacy environmental costs, merger and acquisition costs,
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.
Attachment 6
Materion Corporation and
SubsidiariesValue-added sales by Market(Unaudited)
Second Quarter Ended Six Months Ended
(Millions) July 1, 2016 July 3, 2015
% Change July 1, 2016 July 3, 2015
% Change Materion Corporation Consumer
Electronics $ 43.6 $ 42.7 2.1
%
$ 81.7 $ 87.2 (6.3 )% Industrial Components 23.4 23.3 0.4
%
45.2 48.5 (6.8 )% Medical 17.5 17.8 (1.7 )% 35.8 35.5 0.8
%
Defense 15.0 11.4 31.6
%
29.3 21.0 39.5
%
Automotive Electronics 13.6 15.0 (9.3 )% 26.3 30.0 (12.3 )% Telecom
Infrastructure 10.2 10.4 (1.9 )% 18.7 19.6 (4.6 )% Energy 7.5 9.1
(17.6 )% 16.4 21.5 (23.7 )% Other 23.1 32.7 (29.4 )% 44.4 61.7
(28.0 )% Total $ 153.9 $ 162.4 (5.2 )% $ 297.8 $ 325.0 (8.4 )%
Performance Alloy and Composites Consumer Electronics $ 16.6
$ 16.5 0.6
%
$ 31.4 $ 32.4 (3.1 )% Industrial Components 17.1 17.4 (1.7 )% 32.4
35.5 (8.7 )% Medical 1.8 1.7 5.9
%
3.6 3.6 —
%
Defense 9.6 6.8 41.2
%
19.3 11.7 65.0
%
Automotive Electronics 13.0 13.7 (5.1 )% 24.9 27.5 (9.5 )% Telecom
Infrastructure 7.8 7.7 1.3
%
14.0 14.3 (2.1 )% Energy 4.4 5.4 (18.5 )% 10.0 13.7 (27.0 )% Other
13.1 22.3 (41.3 )% 26.0 38.4 (32.3 )% Total $ 83.4 $ 91.5 (8.9 )% $
161.6 $ 177.1 (8.8 )%
Advanced Materials Consumer
Electronics $ 21.8 $ 21.7 0.5
%
$ 41.1 $ 45.1 (8.9 )% Industrial Components 5.7 5.1 11.8
%
10.7 11.4 (6.1 )% Medical 3.0 2.6 15.4
%
5.8 5.3 9.4
%
Defense 1.7 1.5 13.3
%
3.2 3.5 (8.6 )% Automotive Electronics — — —
%
— — —
%
Telecom Infrastructure 2.4 2.7 (11.1 )% 4.7 5.3 (11.3 )% Energy 3.1
3.7 (16.2 )% 6.4 7.8 (17.9 )% Other 9.3 9.4 (1.1 )% 17.2 20.0 (14.0
)% Total $ 47.0 $ 46.7 0.6
%
$ 89.1 $ 98.4 (9.5 )%
Other Consumer Electronics $ 5.2 $ 4.5
15.6
%
$ 9.2 $ 9.7 (5.2 )% Industrial Components 0.6 0.8 (25.0 )% 2.1 1.6
31.3
%
Medical 12.7 13.5 (5.9 )% 26.4 26.6 (0.8 )% Defense 3.7 3.1 19.4
%
6.8 5.8 17.2
%
Automotive Electronics 0.6 1.3 (53.8 )% 1.4 2.5 (44.0 )% Telecom
Infrastructure — — —
%
— — —
%
Energy — — —
%
— — —
%
Other 0.7 1.0 (30.0 )% 1.2 3.3 (63.6 )% Total $ 23.5 $ 24.2 (2.9 )%
$ 47.1 $ 49.5 (4.8 )%
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160728005821/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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