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Materion Corporation Reports First Quarter 2024 Financial Results

Materion Corporation (NYSE: MTRN) today reported first quarter 2024 financial results and provided an update to 2024 earnings guidance.

Financial Summary

  • Net sales were $385.3 million; value-added sales1 were $257.8 million
  • Net income was $13.4 million, or $0.64 per share, diluted, and adjusted earnings of $0.96 per share
  • Full year adjusted earnings outlook updated to $5.60-$6.20 per share, a 5% increase year over year at the midpoint

FIRST QUARTER 2024 RESULTS

Net sales for the quarter were $385.3 million, compared to $442.5 million in the prior year period. Value-added sales were $257.8 million for the quarter, down 14% from the prior year primarily due to continued semiconductor and industrial market weakness combined with some temporary operational challenges. This year-over-year decline was partially offset by strength in the space & defense markets.

Operating profit for the quarter was $22.2 million and net income was $13.4 million, or $0.64 per diluted share, compared to operating profit of $36.9 million and net income of $25.6 million, or $1.23 per share, in the prior year period.

Excluding special items2, adjusted EBITDA3 was $45.2 million in the quarter or 17.5% of value-added sales, compared to $53.4 million or 17.9% of value-added sales in the prior year period. This decline was driven by lower volume, partially offset by the benefit of cost improvement initiatives, resulting in comparable margins year on year.

Adjusted net income was $20.1 million excluding acquisition amortization, or $0.96 per diluted share, compared to $1.34 per share in the prior year period.

“Temporary operational challenges and softer market demand led to results falling short of our expectations for the first time in several quarters,” Materion President & CEO Jugal Vijayvargiya said. “I am proud of our team for mobilizing quickly to mitigate the impact to the quarter and deliver strong margins comparable to last year. The actions taken are also driving structural improvements that will deliver even more value as key markets recover.”

“As we manage through the current environment to drive another year of record results, we remain sharply focused on executing our strategy, delivering on our organic outgrowth initiatives and investing in new capacity and capabilities that will drive long term value for our stakeholders.”

OUTLOOK

Despite a weaker than anticipated first quarter, we expect to deliver another year of record results as we execute our organic and operational excellence initiatives. Since the beginning of the year, the outlook for the commercial aerospace and electric vehicle end-markets has softened and we expect some inventory correction from our precision clad strip customer in the second half. In addition, we expect higher interest expense with the current rate projections. While we expect to mitigate much of the impact of these items through targeted cost reduction initiatives and performance, we are adjusting our outlook to $5.60 to $6.20 for the full year 2024 adjusted earnings per share, an increase of 5% from prior year at the midpoint.

ADJUSTED EARNINGS GUIDANCE

It is not possible for the Company to identify the amount or significance of future adjustments associated with potential insurance and litigation claims, legacy environmental costs, acquisition and integration costs, certain income tax items, or other non-routine costs that the Company adjusts in the presentation of adjusted earnings guidance. These items are dependent on future events that are not reasonably estimable at this time. Accordingly, the Company is unable to reconcile without unreasonable effort the forecasted range of adjusted earnings guidance for the full year to a comparable GAAP range. However, items excluded from the Company's adjusted earnings guidance include the historical adjustments noted in Attachments 4 through 8 to this press release.

CONFERENCE CALL

Materion Corporation will host an investor conference call with analysts at 9:00 a.m. Eastern Time, May 2, 2024. The conference call will be available via webcast through the Company’s website at www.materion.com. By phone, please dial (888) 506-0062. Calls outside the U.S. can dial (973) 528-0011; please reference participant access code of 799148. A replay of the call will be available until May 16, 2024 by dialing (877) 481-4010 or (919) 882-2331 if international; please reference replay ID number 49163. The call will also be archived on the Company’s website.

FOOTNOTES

1 Value-added sales deducts the impact of pass-through metals from net sales

2 Details of the special items can be found in Attachments 4 through 8

3 EBITDA represents earnings before interest, taxes, depreciation, depletion and amortization

ABOUT MATERION

Materion Corporation is a global leader in advanced materials solutions for high-performance industries including semiconductor, industrial, aerospace & defense, energy and automotive. With nearly 100 years of expertise in specialty engineered alloy systems, inorganic chemicals and powders, precious and non-precious metals, beryllium and beryllium composites, and precision filters and optical coatings, Materion partners with customers to enable breakthrough solutions that move the world forward. Headquartered in Mayfield Heights, Ohio, the company employs more than 3,500 talented people worldwide, serving customers in more than 60 countries.

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. 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: the global economy, including inflationary pressures, potential future recessionary conditions and the impact of tariffs and trade agreements; the impact of any U.S. Federal Government shutdowns or sequestrations; the condition of the markets which we serve, whether defined geographically or by segment; 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 start-up and completion of any capital projects; other financial and economic factors, including the cost and availability of raw materials (both base and precious metals), physical inventory valuations, metal consignment fees, tax rates, exchange rates, interest rates, pension costs and required cash contributions and other employee benefit costs, energy costs, regulatory compliance costs, the cost and availability of insurance, credit availability, and the impact of the Company’s stock price on the cost of incentive compensation plans; the uncertainties related to the impact of war, terrorist activities, and acts of God; changes in government regulatory requirements and the enactment of new legislation that impacts our obligations and operations; the conclusion of pending litigation matters in accordance with our expectation that there will be no material adverse effects; the disruptions in operations from, and other effects of, catastrophic and other extraordinary events including outbreaks from infectious diseases and the conflict between Russia and Ukraine and other hostilities; realization of expected financial benefits expected from the Inflation Reduction Act of 2022; and the risk factors set forth in Part 1, Item 1A of the Company's 2023 Annual Report on Form 10-K and in other reports that we file with the SEC.

Attachment 1

Materion Corporation and Subsidiaries

Consolidated Statements of Income

(Unaudited)

 

 

First Quarter Ended

(Thousands, except per share amounts)

March 29, 2024

 

March 31, 2023

Net sales

$

385,287

 

 

$

442,526

 

Cost of sales

 

314,075

 

 

 

351,190

 

Gross margin

 

71,212

 

 

 

91,336

 

Selling, general, and administrative expense

 

35,844

 

 

 

40,336

 

Research and development expense

 

7,142

 

 

 

7,621

 

Restructuring expense (income)

 

1,620

 

 

 

664

 

Other — net

 

4,357

 

 

 

5,775

 

Operating profit

 

22,249

 

 

 

36,940

 

Other non-operating income—net

 

(643

)

 

 

(730

)

Interest expense — net

 

8,279

 

 

 

7,502

 

Income before income taxes

 

14,613

 

 

 

30,168

 

Income tax expense

 

1,204

 

 

 

4,580

 

Net income

$

13,409

 

 

$

25,588

 

Basic earnings per share:

 

 

 

Net income per share of common stock

$

0.65

 

 

$

1.24

 

Diluted earnings per share:

 

 

 

Net income per share of common stock

$

0.64

 

 

$

1.23

 

Weighted-average number of shares of common stock outstanding:

 

 

 

Basic

 

20,679

 

 

 

20,566

 

Diluted

 

20,973

 

 

 

20,887

 

Attachment 2

Materion Corporation and Subsidiaries

Consolidated Balance Sheets

 

 

 

(Unaudited)

 

 

(Thousands)

 

March 29, 2024

 

December 31, 2023

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

13,104

 

 

$

13,294

 

Accounts receivable, net

 

 

188,282

 

 

 

192,747

 

Inventories, net

 

 

466,574

 

 

 

441,597

 

Prepaid and other current assets

 

 

71,748

 

 

 

61,744

 

Total current assets

 

 

739,708

 

 

 

709,382

 

Deferred income taxes

 

 

4,751

 

 

 

4,908

 

Property, plant, and equipment

 

 

1,304,336

 

 

 

1,281,622

 

Less allowances for depreciation, depletion, and amortization

 

 

(779,893

)

 

 

(766,939

)

Property, plant, and equipment, net

 

 

524,443

 

 

 

514,683

 

Operating lease, right-of-use assets

 

 

62,055

 

 

 

57,645

 

Intangible assets, net

 

 

129,053

 

 

 

133,571

 

Other assets

 

 

25,231

 

 

 

21,664

 

Goodwill

 

 

319,943

 

 

 

320,873

 

Total Assets

 

$

1,805,184

 

 

$

1,762,726

 

Liabilities and Shareholders’ Equity

 

 

 

 

Current liabilities

 

 

 

 

Short-term debt

 

$

46,569

 

 

$

38,597

 

Accounts payable

 

 

134,542

 

 

 

125,663

 

Salaries and wages

 

 

16,030

 

 

 

25,912

 

Other liabilities and accrued items

 

 

40,602

 

 

 

45,773

 

Income taxes

 

 

2,079

 

 

 

5,207

 

Unearned revenue

 

 

14,793

 

 

 

13,843

 

Total current liabilities

 

 

254,615

 

 

 

254,995

 

Other long-term liabilities

 

 

13,304

 

 

 

13,300

 

Operating lease liabilities

 

 

59,887

 

 

 

53,817

 

Finance lease liabilities

 

 

13,242

 

 

 

13,744

 

Retirement and post-employment benefits

 

 

25,431

 

 

 

26,334

 

Unearned income

 

 

95,978

 

 

 

103,983

 

Long-term income taxes

 

 

3,686

 

 

 

3,815

 

Deferred income taxes

 

 

20,408

 

 

 

20,109

 

Long-term debt

 

 

428,710

 

 

 

387,576

 

Shareholders’ equity

 

 

889,923

 

 

 

885,053

 

Total Liabilities and Shareholders’ Equity

 

$

1,805,184

 

 

$

1,762,726

 

Attachment 3

Materion Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

Three Months Ended

(Thousands)

 

March 29, 2024

 

March 31, 2023

Cash flows from operating activities:

 

 

 

 

Net income

 

$

13,409

 

 

$

25,588

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation, depletion, and amortization

 

 

16,185

 

 

 

15,092

 

Amortization of deferred financing costs in interest expense

 

 

429

 

 

 

424

 

Stock-based compensation expense (non-cash)

 

2,495

 

 

2,250

 

Deferred income tax (benefit) expense

 

 

(253

)

 

 

(52

)

Changes in assets and liabilities:

 

 

 

 

Accounts receivable

 

 

2,729

 

 

 

7,538

 

Inventory

 

 

(26,539

)

 

 

(12,081

)

Prepaid and other current assets

 

 

(10,274

)

 

 

(2,865

)

Accounts payable and accrued expenses

 

 

(5,194

)

 

 

(1,904

)

Unearned revenue

 

 

(5,860

)

 

 

254

 

Interest and taxes payable

 

 

(3,294

)

 

 

657

 

Unearned income due to customer prepayments

 

 

 

 

 

7,724

 

Other-net

 

 

2,362

 

 

 

(4,520

)

Net cash (used in) provided by operating activities

 

 

(13,805

)

 

 

38,105

 

Cash flows from investing activities:

 

 

 

 

Payments for purchase of property, plant, and equipment

 

 

(21,314

)

 

 

(30,014

)

Payments for mine development

 

 

(5,333

)

 

 

 

Proceeds from sale of property, plant, and equipment

 

 

348

 

 

 

212

 

Net cash used in investing activities

 

 

(26,299

)

 

 

(29,802

)

Cash flows from financing activities:

 

 

 

 

Proceeds from borrowings under credit facilities, net

 

 

56,779

 

 

 

4,600

 

Repayment of debt

 

 

(7,586

)

 

 

(3,907

)

Principal payments under finance lease obligations

 

 

(191

)

 

 

(799

)

Cash dividends paid

 

 

(2,692

)

 

 

(2,571

)

Payments of withholding taxes for stock-based compensation awards

 

 

(6,013

)

 

 

(3,614

)

Net cash provided by financing activities

 

 

40,297

 

 

 

(6,291

)

Effects of exchange rate changes

 

 

(383

)

 

 

130

 

Net change in cash and cash equivalents

 

 

(190

)

 

 

2,142

 

Cash and cash equivalents at beginning of period

 

 

13,294

 

 

 

13,101

 

Cash and cash equivalents at end of period

 

$

13,104

 

 

$

15,243

 

Attachment 4

Materion Corporation and Subsidiaries

Reconciliation of Non-GAAP Measure - Value-added Sales, Operating Profit, and EBITDA

(Unaudited)

 

 

First Quarter Ended

(Millions)

March 29, 2024

 

March 31, 2023

Net Sales

 

 

 

Performance Materials

$

168.6

 

$

187.0

Electronic Materials

 

192.0

 

 

228.8

Precision Optics

 

24.7

 

 

26.7

Other

 

 

 

Total

$

385.3

 

$

442.5

 

 

 

 

Less: Pass-through Metal Cost

 

 

 

Performance Materials

$

13.0

 

$

19.0

Electronic Materials

 

114.4

 

 

124.9

Precision Optics

 

0.1

 

 

Other

 

 

Total

$

127.5

 

$

143.9

 

 

 

 

Value-added Sales (non-GAAP)

 

 

 

Performance Materials

$

155.6

 

$

168.0

Electronic Materials

 

77.6

 

 

103.9

Precision Optics

 

24.6

 

 

26.7

Other

 

 

 

Total

$

257.8

 

$

298.6

 

 

 

 

Gross Margin

 

 

 

Performance Materials(1)

$

40.1

 

$

54.2

Electronic Materials(1)

 

25.0

 

 

28.6

Precision Optics(1)

 

6.1

 

 

8.5

Other

 

 

 

Total (1)

$

71.2

 

$

91.3

(1) See reconciliation of gross margin to adjusted gross margin in Attachment 8

 

First Quarter Ended

(Millions)

March 29, 2024

 

March 31, 2023

Operating Profit

 

 

 

Performance Materials

$

22.6

 

 

$

35.5

 

Electronic Materials

 

9.8

 

 

 

9.7

 

Precision Optics

 

(3.3

)

 

 

(0.4

)

Other

 

(6.9

)

 

 

(7.9

)

Total

$

22.2

 

 

$

36.9

 

 

 

 

 

Non-Operating (Income) Expense

 

 

 

Performance Materials

$

0.1

 

 

$

0.1

 

Electronic Materials

 

 

 

 

 

Precision Optics

 

(0.1

)

 

 

(0.2

)

Other

 

(0.7

)

 

 

(0.7

)

Total

$

(0.7

)

 

$

(0.8

)

 

 

 

 

Depreciation, Depletion, and Amortization

 

 

 

Performance Materials

$

8.2

 

 

$

7.4

 

Electronic Materials

 

4.6

 

 

 

4.3

 

Precision Optics

 

2.9

 

 

 

2.9

 

Other

 

0.5

 

 

 

0.5

 

Total

$

16.2

 

 

$

15.1

 

 

 

 

 

Segment EBITDA

 

 

 

Performance Materials

$

30.7

 

 

$

42.8

 

Electronic Materials

 

14.4

 

 

 

14.0

 

Precision Optics

 

(0.3

)

 

 

2.7

 

Other

 

(5.7

)

 

 

(6.7

)

Total

$

39.1

 

 

$

52.8

 

 

 

 

 

Special Items(2)

 

 

 

Performance Materials

$

5.0

 

 

$

 

Electronic Materials

 

0.1

 

 

 

0.4

 

Precision Optics

 

0.7

 

 

 

0.2

 

Other

 

0.3

 

 

 

 

Total

$

6.1

 

 

$

0.6

 

 

 

 

 

Adjusted EBITDA Excluding Special Items

 

 

 

Performance Materials

$

35.7

 

 

$

42.8

 

Electronic Materials

 

14.5

 

 

 

14.4

 

Precision Optics

 

0.4

 

 

 

2.9

 

Other

 

(5.4

)

 

 

(6.7

)

Total

$

45.2

 

 

$

53.4

 

The cost of gold, silver, platinum, palladium, copper, ruthenium, iridium, rhodium, rhenium, and osmium is passed through to customers and, therefore, the trends and comparisons of net sales are affected by movements in the market price of these metals. Internally, management also reviews net sales on a value-added basis. Value-added sales is a non-GAAP financial measure that deducts the value of the pass-through metals sold from net sales. Value-added sales allows management to assess the impact of differences in net sales between periods or segments and analyze the resulting margins and profitability without the distortion of the movements in pass-through market 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.

(2) See additional details of special items in Attachment 5.

Attachment 5

Materion Corporation and Subsidiaries

Reconciliation of Net sales to Value-added sales, Net Income to EBITDA and Adjusted EBITDA

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months

Ended

 

 

 

Three Months

Ended

 

 

(Millions)

March 29, 2024

 

% of VA

 

March 31, 2023

 

% of VA

Net sales

$

385.3

 

 

 

$

442.5

 

 

Pass-through metal cost

 

127.5

 

 

 

 

143.9

 

 

Value-added sales

$

257.8

 

 

 

$

298.6

 

 

 

 

 

 

 

 

 

 

Net income

$

13.4

 

5.2

%

 

$

25.6

 

8.6

%

Income tax expense

 

1.2

 

0.5

%

 

 

4.6

 

1.5

%

Interest expense - net

 

8.3

 

3.2

%

 

 

7.5

 

2.5

%

Depreciation, depletion and amortization

 

16.2

 

6.3

%

 

 

15.1

 

5.1

%

Consolidated EBITDA

$

39.1

 

15.2

%

 

$

52.8

 

17.7

%

 

 

 

 

 

 

 

 

Special items

 

 

 

 

 

 

 

Restructuring and cost reduction

$

2.4

 

0.9

%

 

$

0.6

 

0.2

%

Additional start up resources and scrap

 

3.7

 

1.4

%

 

 

 

%

Total special items

 

6.1

 

2.4

%

 

 

0.6

 

0.2

%

Adjusted EBITDA

$

45.2

 

17.5

%

 

$

53.4

 

17.9

%

In addition to presenting financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), this earnings release contains financial measures, including operating profit, segment operating profit, earnings before interest, taxes, depreciation, depletion and amortization (EBITDA), net income, and earnings per share, on a non-GAAP basis. As detailed in the above reconciliation and Attachment 6, we have adjusted the results for certain special items such as restructuring and cost reductions (which includes costs associated with temporarily idled facilities as a result of decreased demand) and additional start up resources and scrap. Internally, management reviews the results of operations without the impact of these costs in order to assess the profitability from ongoing activities. We are providing this information because we believe it will assist investors in analyzing our financial results and, when viewed in conjunction with the GAAP results, provide a more comprehensive understanding of the factors and trends affecting our operations.

Attachment 6

Materion Corporation and Subsidiaries

Reconciliation of Net Income to Adjusted Net Income and Diluted Earnings per Share to Adjusted Diluted Earnings per Share

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months

Ended

 

Diluted

 

Three Months

Ended

 

Diluted

(Millions)

March 29, 2024

 

EPS

 

March 31, 2023

 

EPS

Net income and EPS

$

13.4

 

 

$

0.64

 

$

25.6

 

 

$

1.23

 

 

 

 

 

 

 

 

 

Special items

 

 

 

 

 

 

 

Restructuring and cost reduction

 

2.4

 

 

 

 

 

0.6

 

 

 

Additional start up resources and scrap

 

3.7

 

 

 

 

 

 

 

 

Provision for income taxes(1)

 

(1.9

)

 

 

 

 

(0.7

)

 

 

Total special items

 

4.2

 

 

 

0.20

 

 

(0.1

)

 

 

(0.01

)

Adjusted net income and adjusted EPS

$

17.6

 

 

$

0.84

 

$

25.5

 

 

$

1.22

 

Acquisition amortization (net of tax)

 

2.5

 

 

 

0.12

 

 

2.5

 

 

 

0.12

 

Adjusted net income and adjusted EPS excl. amortization

$

20.1

 

 

$

0.96

 

$

28.0

 

 

$

1.34

 

(1) Provision for income taxes includes the net tax impact on pre-tax adjustments (listed above), the impact of discrete tax items recorded during the respective periods as well as other adjustments to reflect the use of one overall effective tax rate on adjusted pre-tax income in interim periods.

Attachment 7

Reconciliation of Segment Net sales to Segment Value-added sales and Segment EBITDA to Adjusted Segment EBITDA

(Unaudited)

Performance Materials

 

Three Months

Ended

 

 

 

Three Months

Ended

 

 

(Millions)

March 29, 2024

 

% of VA

 

March 31, 2023

 

% of VA

Net sales

$

168.6

 

 

 

 

$

187.0

 

 

 

Pass-through metal cost

 

13.0

 

 

 

 

 

19.0

 

 

 

Value-added sales

$

155.6

 

 

 

 

$

168.0

 

 

 

 

 

 

 

 

 

 

 

EBITDA

$

30.7

 

 

19.7

%

 

$

42.8

 

 

25.5

%

Restructuring and cost reduction

 

1.3

 

 

0.8

%

 

 

 

 

%

Additional start up resources and scrap

 

3.7

 

 

2.4

%

 

 

 

 

%

Adjusted EBITDA

$

35.7

 

 

22.9

%

 

$

42.8

 

 

25.5

%

 

 

 

 

 

 

 

 

Electronic Materials

 

Three Months

Ended

 

 

 

Three Months

Ended

 

 

(Millions)

March 29, 2024

 

% of VA

 

March 31, 2023

 

% of VA

Net sales

$

192.0

 

 

 

 

$

228.8

 

 

 

Pass-through metal cost

 

114.4

 

 

 

 

 

124.9

 

 

 

Value-added sales

$

77.6

 

 

 

 

$

103.9

 

 

 

 

 

 

 

 

 

 

 

EBITDA

$

14.4

 

 

18.6

%

 

$

14.0

 

 

13.5

%

Restructuring and cost reduction

 

0.1

 

 

0.1

%

 

 

0.4

 

 

0.4

%

Adjusted EBITDA

$

14.5

 

 

18.7

%

 

$

14.4

 

 

13.9

%

 

 

 

 

 

 

 

 

Precision Optics

 

Three Months

Ended

 

 

 

Three Months

Ended

 

 

(Millions)

March 29, 2024

 

% of VA

 

March 31, 2023

 

% of VA

Net sales

$

24.7

 

 

 

 

$

26.7

 

 

 

Pass-through metal cost

 

0.1

 

 

 

 

 

 

 

 

Value-added sales

$

24.6

 

 

 

 

$

26.7

 

 

 

 

 

 

 

 

 

 

 

EBITDA

$

(0.3

)

 

(1.0

)%

 

$

2.7

 

 

10.1

%

Restructuring and cost reduction

 

0.7

 

 

2.8

%

 

 

0.2

 

 

0.7

%

Adjusted EBITDA

$

0.4

 

 

1.8

%

 

$

2.9

 

 

10.8

%

 

 

 

 

 

 

 

 

Other

 

Three Months

Ended

 

 

 

Three Months

Ended

 

 

(Millions)

March 29, 2024

 

 

 

March 31, 2023

 

 

EBITDA

$

(5.7

)

 

 

 

$

(6.7

)

 

 

Restructuring and cost reduction

 

0.3

 

 

 

 

 

 

 

 

Adjusted EBITDA

$

(5.4

)

 

 

 

$

(6.7

)

 

 

Attachment 8

Materion Corporation and Subsidiaries

Reconciliation of Non-GAAP Measure - Gross Margin to Adjusted Gross Margin

(Unaudited)

 

 

Three Months Ended

(Millions)

March 29, 2024

 

March 31, 2023

Gross Margin

 

 

 

Performance Materials

$

40.1

 

$

54.2

Electronic Materials

 

25.0

 

 

28.6

Precision Optics

 

6.1

 

 

8.5

Other

 

 

 

Total

$

71.2

 

$

91.3

 

 

 

 

Special Items (1)

 

 

 

Performance Materials

$

4.2

 

$

Electronic Materials

 

 

 

Precision Optics

 

0.1

 

 

Other

 

 

 

Total

$

4.3

 

$

 

 

 

 

Adjusted Gross Margin

 

 

 

Performance Materials

$

44.3

 

$

54.2

Electronic Materials

 

25.0

 

 

28.6

Precision Optics

 

6.2

 

 

8.5

Other

 

 

 

Total

$

75.5

 

$

91.3

(1) Special items impacting gross margin represent restructuring and cost reduction and additional start up resources and scrap in 2024.

 

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