Materion Corporation (NYSE:MTRN) today reported fourth quarter
and full-year 2016 financial results.
- Diluted earnings per share for the
fourth quarter and full year of 2016 were $0.33 and $1.27,
respectively. Adjusted earnings per share, diluted, for the fourth
quarter and full year of 2016 were $0.28 and $1.32, respectively,
in line with the Company’s guidance.
- Net sales for the fourth quarter of
2016 were $234.3 million compared to $214.0 million for the fourth
quarter of 2015. Value-added sales for the fourth quarter of 2016
were $145.1 million, an increase of 1% compared to the fourth
quarter of 2015 value-added sales.
- Value-added sales from new products in
the fourth quarter of 2016 totaled $25.7 million, a 47% increase
compared to value-added sales of new products in the fourth quarter
of 2015.
- The Company provides full-year 2017
earnings guidance of $1.45 - $1.60 per share, diluted.
FOURTH QUARTER 2016
RESULTS
Net sales for the fourth quarter of 2016 were $234.3 million,
compared to $214.0 million for the fourth quarter of 2015.
Value-added sales for the fourth quarter of 2016 were $145.1
million, an increase of 1%, compared to $143.4 million for the
fourth quarter of 2015.
The year-over-year increase in value-added sales in the fourth
quarter of 2016 is primarily due to double-digit growth in
value-added sales into our two largest end markets, consumer
electronics and industrial components. The increase in both markets
was driven by new product sales combined with year-over-year end
market demand improvement. New product value-added sales totaled
$25.7 million in the fourth quarter of 2016, a 47% increase from
fourth quarter 2015 levels. This growth was offset by a decline in
medical end market sales and a lack of raw material beryllium
hydroxide sales in the fourth quarter of 2016. Medical end market
sales decreased as our largest blood glucose test strip customer
began to transition from its legacy product to a next-generation
product. The Company was the primary supplier of the legacy product
and fully anticipates being a critical supplier of the
next-generation product. However, the customer’s product transition
will cause a temporary disruption in our sales volume.
Net income in the fourth quarter of 2016 totaled $6.8 million,
or $0.33 per share, diluted, compared to $6.7 million, or $0.33 per
share, diluted, in the fourth quarter of 2015. Adjusted earnings
for the fourth quarter of 2016, which excludes an asset impairment
charge for the planned closure of our service center in Fukaya,
Japan, acquisition costs, and a nonrecurring foreign tax credit,
totaled $5.8 million, or $0.28 per share, diluted, as compared to
$7.2 million, or $0.36 per share, diluted, in the fourth quarter of
2015. The decrease in adjusted earnings is due primarily to a $1.2
million decrease in foreign exchange hedge gains and an increase in
stock-based compensation expense, primarily related to the
Company’s stock price appreciation during the fourth quarter of
2016.
FULL-YEAR 2016 RESULTS
Net sales for the full-year of 2016 were $969.2 million compared
to net sales of $1.0 billion for 2015. Value-added sales for 2016
were $599.9 million, as compared to $617.2 million for 2015.
The $17.3 million, or 3%, decrease in value-added sales year
over year was driven by lower raw material beryllium hydroxide
sales of $12.4 million, continued weakness in the energy end
market, and the decline in medical end market sales experienced
during the fourth quarter of 2016. These headwinds were offset by
4.5% growth in our largest end market, consumer electronics, as
well as growth in other select end markets such as defense and
telecommunications infrastructure, both of which benefited from
successful new product launches. Overall, new product sales were
14% of total value-added sales in 2016 as compared to 12% of total
value-added sales in 2015.
Net income in 2016 totaled $25.7 million, or $1.27 per share,
diluted, compared to $32.2 million, or $1.58 per share, diluted, in
2015. Adjusted earnings for 2016, which exclude acquisition costs,
an asset impairment charge, legacy legal and environmental
expenses, and nonrecurring foreign tax credits, totaled $26.6
million, or $1.32 per share, diluted, as compared to $32.7 million,
or $1.60 per share, diluted, in 2015. Adjusted earnings decreased
as the Company realized $6.2 million of foreign currency hedge
gains in 2015 that were not realized in 2016. Additionally, lower
sales volumes in 2016 as compared to 2015 were partially offset by
new product sales growth and improved manufacturing yields.
CHAIRMAN’S COMMENTS
Richard J. Hipple, Chairman, President and Chief Executive
Officer, stated, “Despite a challenging 2016 brought on by weakness
in several of our key end markets and the continued strength of the
U.S. dollar, we still managed to deliver results in line with the
annual earnings guidance we provided at the beginning of 2016. We
delivered this performance by continuing our focus on introducing
new products, combined with cost reduction initiatives. We are
excited as we enter into 2017 and prepare for the integration of
the Heraeus high-performance target materials business scheduled to
close later in the first quarter of 2017. This acquisition,
combined with growth in several key end markets, is forecast to
deliver profitable growth in 2017.”
BUSINESS SEGMENT
REPORTING
Performance Alloys and
Composites
Net sales for Performance Alloys and Composites in the fourth
quarter of 2016 were $95.5 million versus net sales of $90.3
million in the fourth quarter of 2015. Value-added sales were $83.2
million in the fourth quarter of 2016, up 6% compared to $78.4
million in the fourth quarter of 2015. The increase in value-added
sales was due to stronger demand in several key end markets,
particularly consumer electronics, telecommunications
infrastructure, and industrial components, which more than offset
the absence of raw material beryllium hydroxide sales in the fourth
quarter of 2016.
Operating profit for the fourth quarter of 2016 was $0.5
million, which included a $2.6 million non-cash asset impairment
charge for Fukaya, Japan. Excluding this charge, adjusted operating
profit for the fourth quarter of 2016 was $3.1 million, a 7%
increase over 2015 fourth quarter operating profit of $2.9 million.
Value-added sales growth drove the adjusted operating profit
expansion, despite the absence of a $1.2 million foreign exchange
hedge gain which was recognized in the prior-year fourth
quarter.
Advanced Materials
Advanced Materials’ net sales for the fourth quarter of 2016
were $108.3 million, which compares to fourth quarter of 2015 net
sales of $87.4 million. Value-added sales for the fourth quarter of
2016 were $41.2 million, compared to $39.8 million for the fourth
quarter of 2015. The 4% increase in fourth quarter value-added
sales year over year was primarily due to stronger sales into the
consumer electronics and industrial components end markets.
Operating profit for the fourth quarter of 2016 was $5.5
million, up 22% compared to operating profit of $4.5 million in the
fourth quarter of 2015. The increase in operating profit was due to
sales volume growth and improved product mix.
Precision Coatings
Precision Coatings’ net sales for the fourth quarter of 2016
were $30.5 million versus net sales of $36.4 million for the fourth
quarter of 2015. Value-added sales for the fourth quarter of 2016
were $22.2 million, compared to value-added sales of $26.4 million
for the same period of 2015. The decrease in value-added sales was
due to lower sales into the medical end market, as a significant
customer who manufactures blood glucose test strips began
transitioning to a next-generation product.
Precision Coatings’ operating profit for the fourth quarter of
2016 was $1.8 million, or 8% of value-added sales, a decrease
compared to $3.0 million in the same period of the prior year
primarily due to the aforementioned customer product
transition.
Other
The Other segment includes unallocated corporate costs, which
totaled $4.2 million in 2016 versus $2.3 million in 2015. Excluding
special items for acquisition costs and legacy environmental
reserves, adjusted corporate costs were $3.2 million in 2016 versus
$1.6 million in 2015. The increase was primarily due to higher
stock-based compensation expense year over year related to stock
price appreciation during the fourth quarter of 2016.
OUTLOOK
At a macroeconomic level, we are cautiously optimistic about
2017 based on the year-over-year sales growth experienced in the
second half of 2016 in several key end markets. For example, we
believe that the oil and gas exploration market has bottomed out
based on our review of key indicators, and we expect modest growth
in 2017. In addition, we began to experience an increase in demand
for products into the industrial components end market, both year
over year and sequentially, in the fourth quarter of 2016.
However, there continues to be general uncertainty regarding the
future economic impact of potential U.S. policy changes due to the
new presidential administration. In addition, the exact timing of
our customer’s transition from the legacy ‘sole-sourced’ product to
the next-generation blood glucose test strip material, which will
be shared with another supplier, and demand for raw material
beryllium hydroxide remain uncertain.
With the combination of these growth initiatives and headwinds,
we expect our continued focus on new products, cost reduction
initiatives, and the acquisition and integration of Heraeus’
high-performance target materials business to more than offset
near-term challenges. Based on these factors, Materion forecasts
full-year 2017 earnings to be in the range of $1.45 to $1.60 per
share. The mid-point of the earnings range represents an
approximate 15% growth over 2016 adjusted earnings.
CONFERENCE CALL
Materion Corporation will host a conference call with analysts
at 9:00 a.m. Eastern Standard Time, February 17, 2017. 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 March 4, 2017 by dialing (877) 481-4010 or (919)
882-2331; please reference Replay ID Number 10201. The call will
also be archived on the Company’s website.
ADJUSTED EARNINGS
GUIDANCE
It is not possible for the Company to identify the amount or
significance of future adjustments associated with potential
insurance and other litigation claims, legacy environmental costs,
acquisition costs, certain income tax items, or other non-routine
costs that the Company adjusts in the presentation of adjusted
earnings guidance. These items are dependent on future events that
are not reasonably estimable at this time. Accordingly, the Company
is unable to reconcile without unreasonable effort the forecasted
range of adjusted earnings guidance for the full year to a
comparable GAAP range. However, items excluded from the Company's
adjusted earnings guidance include the historical adjustments noted
in Attachments 4 and 5 to this press release.
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 2017;
- Our ability to successfully complete
and effectively integrate the acquisition of the principal portion
of the high-performance target materials business of Heraeus;
- 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, defense, automotive electronics, telecommunications
infrastructure, energy, 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 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;
- 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;
- Our ability to strengthen our internal
control over financial reporting and disclosure controls and
procedures; and
- The risk factors as set forth in 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 Subsidiaries Consolidated
Statements of Income Fourth Quarter Ended Year
Ended December 31, December 31,
December 31, December 31, (In thousands
except per share amounts) 2016 2015 2016
2015 Net sales $ 234,330 $ 214,039 $ 969,236 $ 1,025,272
Cost of sales 190,285 170,944 785,773 834,492
Gross margin 44,045 43,095 183,463 190,780 Selling, general, and
administrative expense 32,582 28,363 129,683 129,941 Research and
development expense 2,942 3,361 12,802 12,796 Other — net 4,877
3,307 13,874 2,775 Operating profit 3,644
8,064 27,104 45,268 Interest expense — net 372 557
1,789 2,450
Income before income taxes 3,272 7,507
25,315 42,818 Income tax (benefit) expense (3,506 ) 792 (425
) 10,660
Net income $ 6,778 $ 6,715 $ 25,740
$ 32,158
Basic earnings per share: Net income per
share of common stock $ 0.34 $ 0.34 $ 1.29 $ 1.60
Diluted
earnings per share: Net income per share of common stock $ 0.33
$ 0.33 $ 1.27 $ 1.58
Cash dividends per share $ 0.095 $
0.090 $ 0.375 $ 0.355
Weighted-average number of shares of
common stock outstanding: Basic 19,944 20,002 19,983 20,097
Diluted 20,287 20,278 20,213 20,402
Attachment 2
Materion Corporation and Subsidiaries Consolidated
Balance Sheets (Thousands) December 31,
2016 December 31, 2015 Assets Current assets Cash
and cash equivalents $ 31,464 $ 24,236 Accounts receivable 100,817
97,236 Inventories 200,865 211,820 Prepaid and other current assets
12,138 12,799 Total current assets 345,284 346,091
Long-term deferred income taxes 39,409 25,743 Property, plant, and
equipment 861,267 833,834 Less allowances for depreciation,
depletion, and amortization (608,636 ) (570,205 ) Property, plant,
and equipment—net 252,631 263,629 Intangible assets 11,074 13,389
Other assets 5,950 6,716 Goodwill 86,950 86,725
Total Assets $ 741,298 $ 742,293
Liabilities and Shareholders’ Equity Current liabilities
Short-term debt $ 733 $ 8,990 Accounts payable 32,533 31,888
Salaries and wages 29,885 27,494 Other liabilities and accrued
items 21,340 22,035 Income taxes 4,781 2,373 Unearned revenue 1,105
3,695 Total current liabilities 90,377 96,475 Other
long-term liabilities 17,979 18,435 Retirement and post-employment
benefits 91,505 92,794 Unearned income 41,369 45,953 Long-term
income taxes 2,100 1,293 Deferred income taxes 274 110 Long-term
debt 3,605 4,276 Shareholders’ equity 494,089 482,957
Total Liabilities and Shareholders’ Equity $ 741,298
$ 742,293
Attachment 3
Materion Corporation and Subsidiaries Years Ended
December 31, 2016 and 2015 Consolidated Statements of Cash
Flows (Thousands) 2016 2015 Cash
flows from operating activities: Net income $ 25,740 $ 32,158
Adjustments to reconcile net income to net cash provided from
operating activities: Depreciation, depletion and amortization
45,651 37,817 Amortization of deferred financing costs in interest
expense 666 654 Stock-based compensation expense (non-cash) 3,174
5,491 (Gain) loss on sale of property, plant, and equipment (648 )
768 Deferred tax (benefit) expense (9,010 ) 4,368 Changes in assets
and liabilities net of acquired assets and liabilities: Decrease
(increase) in accounts receivable (4,096 ) 14,777 Decrease
(increase) in inventory 10,791 19,372 Decrease (increase) in
prepaid and other current assets 658 2,139 Increase (decrease) in
accounts payable and accrued expenses 2,758 (17,989 ) Increase
(decrease) in unearned revenue (2,590 ) (1,184 ) Increase
(decrease) in interest and taxes payable 2,511 (910 ) Increase
(decrease) in long-term liabilities (684 ) (8,923 ) Other-net
(7,747 ) 1,690
Net cash provided from operating
activities 67,174 90,228 Cash flows from investing activities:
Payments for purchase of property, plant, and equipment (27,177 )
(29,505 ) Payments for mine development (9,861 ) (22,585 ) Proceeds
from sale of property, plant, and equipment 1,433 58 Payments for
acquisition (1,750 ) —
Net cash (used in) investing
activities (37,355 ) (52,032 ) Cash flows from financing
activities: Repayment of short-term debt (8,305 ) (653 ) Proceeds
from issuance of long-term debt 10,000 78,000 Repayment of
long-term debt (10,694 ) (88,000 ) Principal payments under capital
lease obligations (736 ) (759 ) Cash dividends paid (7,496 ) (7,132
) Deferred financing fees (1,000 ) (838 ) Repurchase of common
stock (3,798 ) (7,129 ) Tax (expense) benefit from stock
compensation realization (83 ) 416
Net cash (used in)
financing activities (22,112 ) (26,095 ) Effects of exchange
rate changes (479 ) (1,015 )
Net change in cash and cash
equivalents 7,228 11,086
Cash and cash equivalents at
beginning of period 24,236 13,150
Cash and
cash equivalents at end of period $ 31,464 $ 24,236
Attachment 4
Materion Corporation and Subsidiaries Reconciliation of
Non-GAAP Measure - Value-added Sales Fourth Quarter
Ended Year Ended (Millions) December 31,
2016 December 31, 2015 December 31, 2016
December 31, 2015 Net Sales
Performance Alloys and Composites $ 95.5 $ 90.3 $
387.5 $ 394.8 Advanced Materials 108.3 87.4 437.2 482.3 Precision
Coatings 30.5 36.4 144.5 148.4 Other — — —
(0.2 ) Total $ 234.3 $ 214.0 $ 969.2 $ 1,025.3
Less:
Pass-through Metal Cost Performance Alloys and Composites $
12.3 $ 11.9 $ 55.5 $ 59.7 Advanced Materials 67.1 47.6 260.9 299.5
Precision Coatings 8.3 10.0 46.8 46.6 Other 1.5 1.2
6.1 2.3 Total $ 89.2 $ 70.7 $ 369.3 $ 408.1
Value-added Sales (non-GAAP) Performance Alloys and
Composites $ 83.2 $ 78.4 $ 332.0 $ 335.1 Advanced Materials 41.2
39.8 176.3 182.8 Precision Coatings 22.2 26.4 97.7 101.8 Other (1.5
) (1.2 ) (6.1 ) (2.5 ) Total $ 145.1 $ 143.4 $ 599.9 $ 617.2
% of % of % of % of Gross Margin
VA VA VA VA Performance Alloys and
Composites $ 19.0 23% $ 17.9 23% $ 73.6 22% $ 84.6 25% Advanced
Materials 16.7 41% 15.5 39% 71.6 41% 72.1 39% Precision Coatings
7.6 34% 9.1 34% 37.8 39% 34.1 33% Other 0.8 — 0.6 —
0.5 — — — Total $ 44.1 30% $ 43.1 30% $ 183.5 31% $
190.8 31%
% of % of % of % of
Operating Profit VA VA VA VA
Performance Alloys and Composites $ 0.5 1% $ 2.9 4% $ 6.6 2% $ 23.6
7% Advanced Materials 5.5 13% 4.5 11% 26.3 15% 27.8 15% Precision
Coatings 1.8 8% 3.0 11% 11.6 12% 7.5 7% Other (4.2 ) — (2.3 ) —
(17.4 ) — (13.6 ) — Total $ 3.6 2% $ 8.1 6% $ 27.1 5% $ 45.3 7%
Fourth Quarter Ended Year Ended
(Millions) December 31, 2016 December 31,
2015 December 31, 2016 December 31, 2015
Special Items Performance Alloys
and Composites $ 2.6 $ — $ 2.6 $ — Advanced Materials — — — —
Precision Coatings — 0.1 — 1.4 Other 1.0 0.7 5.3
(0.9 ) Total $ 3.6 $ 0.8 $ 7.9 $ 0.5
% of %
of % of % of Operating Profit Excluding
Special Items VA VA VA VA
Performance Alloys and Composites $ 3.1 4% $ 2.9 4% $ 9.2 3% $ 23.6
7% Advanced Materials 5.5 13% 4.5 11% 26.3 15% 27.8 15% Precision
Coatings 1.8 8% 3.1 12% 11.6 12% 8.9 9% Other (3.2 ) — (1.6 ) —
(12.1 ) — (14.5 ) — Total $ 7.2 5% $ 8.9 6% $ 35.0 6% $ 45.8 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 Subsidiaries Reconciliation of
Non-GAAP Measures - Profitability Fourth Quarter
Ended Year Ended December 31, December
31, December 31, December 31, (Millions
except per share amounts) 2016 2015 2016
2015 GAAP as Reported Net Sales $ 234.3 $ 214.0 $
969.2 $ 1,025.3 Operating profit 3.6 8.1 27.1 45.3 Net income 6.8
6.7 25.7 32.2 EPS - Diluted $ 0.33 $ 0.33 $ 1.27 $ 1.58
Operating Profit Special Items Cost reductions $ 2.6 $ 0.1 $
2.6 $ 1.9 Legacy legal & environmental costs (benefits) — 0.7
1.4 (1.4 ) Acquisition costs 1.0 — 3.9 —
Total operating profit special items $ 3.6 $
0.8 $ 7.9 $ 0.5
Operating Profit Special
Items - net of tax $ 2.3 $ 0.5 $ 5.1 $ 0.3
Tax Special
Item $ (3.3 ) $ — $ (4.2 ) $ 0.2
Non-GAAP Measures -
Adjusted Profitability Value-added (VA) sales $ 145.1 $ 143.4 $
599.9 $ 617.2 Operating profit 7.2 8.9 35.0 45.8 Operating profit %
of VA 5.0 % 6.2 % 5.8 % 7.4 % Net income 5.8 7.2 26.6 32.7 EPS -
Diluted $ 0.28 $ 0.36 $ 1.32 $ 1.60
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, segment operating profit,
net income, and earnings per share, on a non-GAAP basis. As
detailed in the above reconciliation and Attachment 4, we have
adjusted the results for certain special items such as cost
reduction initiatives (i.e., asset impairment charges and
severance), legacy legal and 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 Subsidiaries Value-added sales
by Market Fourth Quarter Ended Year Ended
December 31, December 31, December 31,
December 31, (Millions) 2016
2015 % Change 2016 2015 % Change
Materion Corporation
Consumer Electronics $ 41.5 $ 35.9 15.6 % $ 168.7 $ 161.4 4.5 %
Industrial Components 23.9 20.5 16.6 % 90.3 94.4 (4.3 )% Defense
14.8 15.5 (4.5 )% 56.1 49.4 13.6 % Medical 13.9 19.0 (26.8 )% 68.1
73.1 (6.8 )% Automotive Electronics 12.1 10.7 13.1 % 50.7 54.0 (6.1
)% Telecom Infrastructure 9.8 7.2 36.1 % 37.7 35.1 7.4 % Energy 7.3
7.9 (7.6 )% 31.7 37.4 (15.2 )% Other 21.8 26.7 (18.4
)% 96.6 112.4 (14.1 )% Total $ 145.1 $ 143.4 1.2 % $
599.9 $ 617.2 (2.8 )%
Performance Alloy and Composites
Consumer Electronics $ 17.8 $ 12.8 39.1 % $ 68.2 $ 58.9 15.8 %
Industrial Components 17.1 14.9 14.8 % 64.1 69.9 (8.3 )% Defense
9.9 11.2 (11.6 )% 36.2 31.1 16.4 % Medical 1.7 1.6 6.3 % 7.5 6.3
19.0 % Automotive Electronics 11.3 10.2 10.8 % 47.9 50.2 (4.6 )%
Telecom Infrastructure 8.1 5.6 44.6 % 29.8 25.9 15.1 % Energy 4.5
4.8 (6.3 )% 19.7 22.8 (13.6 )% Other 12.8 17.3 (26.0
)% 58.6 70.0 (16.3 )% Total $ 83.2 $ 78.4 6.1 % $
332.0 $ 335.1 (0.9 )%
Advanced Materials Consumer
Electronics $ 18.7 $ 17.9 4.5 % $ 81.1 $ 83.3 (2.6 )% Industrial
Components 5.5 4.5 22.2 % 22.1 20.8 6.3 % Defense 1.6 1.4 14.3 %
6.5 6.4 1.6 % Medical 2.7 2.9 (6.9 )% 11.4 11.2 1.8 % Automotive
Electronics — — — % — — — % Telecom Infrastructure 1.7 1.6 6.3 %
7.9 9.2 (14.1 )% Energy 2.7 3.1 (12.9 )% 12.0 14.6 (17.8 )% Other
8.3 8.4 (1.2 )% 35.3 37.3 (5.4 )% Total
$ 41.2 $ 39.8 3.5 % $ 176.3 $ 182.8 (3.6 )%
Precision
Coatings Consumer Electronics $ 5.0 $ 5.2 (3.8 )% $ 19.5 $ 19.2
1.6 % Industrial Components 1.2 1.1 9.1 % 4.0 3.6 11.1 % Defense
3.3 2.9 13.8 % 13.5 11.9 13.4 % Medical 9.5 14.6 (34.9 )% 49.2 55.6
(11.5 )% Automotive Electronics 0.8 0.5 60.0 % 2.8 3.8 (26.3 )%
Telecom Infrastructure — — — % — — — % Energy — — — % — — — % Other
2.4 2.0 20.0 % 8.7 7.7 13.0 % Total $
22.2 $ 26.3 (15.6 )% $ 97.7 $ 101.8 (4.0 )%
Eliminations $ (1.5 ) $ (1.1 ) $ (6.1 ) $ (2.5 )
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Materion CorporationInvestor
Contact:Stephen F. Shamrock, 216-383-4010stephen.shamrock@materion.comorMedia Contact:Patrick S. Carpenter,
216-383-6835patrick.carpenter@materion.comorhttp://www.materion.comMayfield Hts-g
Materion (NYSE:MTRN)
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