Materion Corporation (NYSE: MTRN) today reported record second
quarter 2024 financial results and updated 2024 earnings
guidance.
Financial Summary
- Net sales were $425.9 million; value-added sales1 were a second
quarter record of $279.8 million, an increase of 4% year over
year
- Net income was $19.0 million, or $0.91 per share, diluted;
adjusted earnings of $1.42 per share, an increase of 3% year over
year and a second quarter record
- Operating profit of $32.1 million; record quarterly adjusted
EBITDA2 of $57.8 million versus $55.5 million in the prior
year
- Updated full year adjusted earnings per share range to
$5.60–5.90, a 2% increase from prior year at the midpoint
Business Highlights
- Awarded a new $150 million, multi-year contract to supply
critical materials for space propulsion systems
- Leading Aerospace and Defense customer to invest ~$10 million
to expand capacity and capabilities at existing Materion site
- Announcing Precision Clad Strip application is PMI’s IQOS
ILUMA, a smoke-free product gaining popularity in Europe and
Japan
- Outperformed adjusted EBITDA margin target of 20% in the second
quarter
“Our return to record profitability in the second quarter
exemplifies the talent and commitment of our global team and the
power of our diverse portfolio, as we delivered strong top- and
bottom-line growth against a notably mixed market backdrop,” Jugal
Vijayvargiya, Materion President and CEO said. “Our unwavering
focus on operational excellence and delivering on our organic
initiatives is driving margin expansion despite the end-market
conditions.”
“We are also pleased to share several exciting new wins and
customer initiatives that continue to seed our organic growth
pipeline and strengthen our position as a critical partner for the
development of advanced materials solutions aligned with compelling
global megatrends,” Vijayvargiya added. “Our teams are doing a
great job of working with customers to demonstrate the critical and
unique role that Materion can play in accelerating their innovation
and driving future growth.”
SECOND QUARTER 2024
RESULTS
Net sales for the quarter were $425.9 million, compared to
$398.6 million in the prior year period. Value-added sales were
$279.8 million for the quarter, up 4% from the prior year period
primarily driven by strength in aerospace and defense,
semiconductor and consumer electronics (precision clad strip).
Operating profit for the quarter was $32.1 million and net
income was $19.0 million, or $0.91 per diluted share, compared to
operating profit of $35.4 million and net income of $24.1 million,
or $1.15 per share, in the prior year period.
Excluding special items3, EBITDA2 was $57.8 million in the
quarter or 20.7% of value-added sales, compared to $55.5 million or
20.7% of value-added sales in the prior year period. This increase
was driven by higher volume, improving operational performance and
strong cost management.
Adjusted net income was $29.7 million excluding acquisition
amortization, or $1.42 per diluted share, compared to $1.38 per
share in the prior year period.
OUTLOOK
While we have continued to win new business and drive
operational improvements throughout the company, the outlook for
semiconductor, automotive and industrial end-market demand has
softened since our last earnings report. Despite the softer
end-market outlook, we remain confident in our ability to execute
and deliver another year of record results. With that, we are
lowering the top end of our guide, revising our range to $5.60 to
$5.90 for the full year 2024 adjusted earnings per share, an
increase of 2% 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, August 6, 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 876666. A replay of the call will be
available until August 20, 2024 by dialing (877) 481-4010 or (919)
882-2331 if international; please reference replay ID number 49165.
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 EBITDA represents earnings before interest, taxes,
depreciation, depletion and amortization 3 Details of the special
items can be found in Attachments 4 through 8
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)
Second Quarter Ended
Six Months Ended
(In thousands except per share
amounts)
June 28, 2024
June 30, 2023
June 28, 2024
June 30, 2023
Net sales
$
425,866
$
398,551
$
811,153
$
841,076
Cost of sales
345,007
309,496
659,082
660,685
Gross margin
80,859
89,055
152,071
180,391
Selling, general, and administrative
expense
33,601
38,911
69,445
79,247
Research and development expense
7,702
7,154
14,844
14,776
Restructuring expense
3,048
1,454
4,668
2,118
Other — net
4,446
6,192
8,803
11,966
Operating profit
32,062
35,344
54,311
72,284
Other non-operating income—net
(640
)
(726
)
(1,283
)
(1,456
)
Interest expense — net
8,802
7,641
17,081
15,142
Income before income taxes
23,900
28,429
38,513
58,598
Income tax expense
4,864
4,347
6,068
8,928
Net income
$
19,036
$
24,082
$
32,445
$
49,670
Basic earnings per share:
Net income per share of common stock
$
0.92
$
1.17
$
1.57
$
2.41
Diluted earnings per share:
Net income per share of common stock
$
0.91
$
1.15
$
1.55
$
2.38
Weighted-average number of shares of
common stock outstanding:
Basic
20,741
20,625
20,710
20,596
Diluted
20,914
20,896
20,937
20,892
Attachment 2
Materion Corporation and
Subsidiaries
Consolidated Balance
Sheets
(Unaudited)
(Thousands)
June 28, 2024
December 31, 2023
Assets
Current assets
Cash and cash equivalents
$
17,098
$
13,294
Accounts receivable, net
185,244
192,747
Inventories, net
462,963
441,597
Prepaid and other current assets
73,811
61,744
Total current assets
739,116
709,382
Deferred income taxes
4,782
4,908
Property, plant, and equipment
1,321,083
1,281,622
Less allowances for depreciation,
depletion, and amortization
(793,008
)
(766,939
)
Property, plant, and equipment—net
528,075
514,683
Operating lease, right-of-use assets
60,217
57,645
Intangible assets, net
126,015
133,571
Other assets
25,922
21,664
Goodwill
319,752
320,873
Total Assets
$
1,803,879
$
1,762,726
Liabilities and Shareholders’
Equity
Current liabilities
Short-term debt
$
38,765
$
38,597
Accounts payable
117,269
125,663
Salaries and wages
13,487
25,912
Other liabilities and accrued items
40,571
45,773
Income taxes
1,533
5,207
Unearned revenue
15,857
13,843
Total current liabilities
227,482
254,995
Other long-term liabilities
12,486
13,300
Operating lease liabilities
58,124
53,817
Finance lease liabilities
13,005
13,744
Retirement and post-employment
benefits
25,226
26,334
Unearned income
89,418
103,983
Long-term income taxes
3,696
3,815
Deferred income taxes
21,367
20,109
Long-term debt
445,990
387,576
Shareholders’ equity
907,085
885,053
Total Liabilities and Shareholders’
Equity
$
1,803,879
$
1,762,726
Attachment 3
Materion Corporation and
Subsidiaries
Consolidated Statements of
Cash Flows
(Unaudited)
Six Months Ended
(Thousands)
June 28, 2024
June 30, 2023
Cash flows from operating activities:
Net income
$
32,445
$
49,670
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion, and
amortization
32,698
31,444
Amortization of deferred financing costs
in interest expense
857
855
Stock-based compensation expense
(non-cash)
5,334
5,042
Deferred income tax expense (benefit)
926
(166
)
Changes in assets and liabilities:
Accounts receivable
5,274
26,886
Inventory
(24,312
)
(36,451
)
Prepaid and other current assets
(12,494
)
1,210
Accounts payable and accrued expenses
(20,863
)
(10,583
)
Unearned revenue
(10,340
)
(9,222
)
Interest and taxes payable
(3,906
)
(1,441
)
Unearned income due to customer
prepayments
—
15,061
Other-net
858
(1,783
)
Net cash provided by operating
activities
6,477
70,522
Cash flows from investing activities:
Payments for purchase of property, plant,
and equipment
(38,412
)
(59,469
)
Payments for mine development
(10,375
)
(3,617
)
Proceeds from sale of property, plant, and
equipment
527
409
Net cash used in investing
activities
(48,260
)
(62,677
)
Cash flows from financing activities:
Proceeds from borrowings under credit
facilities, net
73,649
15,151
Repayment of long-term debt
(15,172
)
(7,743
)
Principal payments under finance lease
obligations
(382
)
(1,117
)
Cash dividends paid
(5,493
)
(5,254
)
Payments of withholding taxes for
stock-based compensation awards
(6,402
)
(4,872
)
Net cash provided by/(used in)
financing activities
46,200
(3,835
)
Effects of exchange rate changes
(613
)
(537
)
Net change in cash and cash
equivalents
3,804
3,473
Cash and cash equivalents at beginning
of period
13,294
13,101
Cash and cash equivalents at end of
period
$
17,098
$
16,574
Attachment 4
Materion Corporation and
Subsidiaries
Reconciliation of Non-GAAP
Measure - Value-added Sales, Operating Profit, and EBITDA
(Unaudited)
Second Quarter Ended
Six Months Ended
(Millions)
June 28, 2024
June 30, 2023
June 28, 2024
June 30, 2023
Net Sales
Performance Materials
$
187.5
$
182.8
$
356.2
$
369.8
Electronic Materials
212.7
190.7
404.7
419.5
Precision Optics
25.7
25.1
50.3
51.7
Other
—
—
—
—
Total
$
425.9
$
398.6
$
811.2
$
841.0
Less: Pass-through Metal Cost
Performance Materials
$
14.4
$
17.2
$
27.5
$
36.2
Electronic Materials
131.6
113.1
245.9
238.0
Precision Optics
0.1
—
0.1
—
Other
—
—
—
—
Total
$
146.1
$
130.3
$
273.5
$
274.2
Value-added Sales (non-GAAP)
Performance Materials
$
173.1
$
165.6
$
328.7
$
333.6
Electronic Materials
81.1
77.6
158.8
181.5
Precision Optics
25.6
25.1
50.2
51.7
Other
—
—
—
—
Total
$
279.8
$
268.3
$
537.7
$
566.8
Gross Margin
Performance Materials(1)
$
48.7
$
54.5
$
88.8
$
108.7
Electronic Materials(1)
25.2
27.2
50.2
55.8
Precision Optics (1)
7.0
7.4
13.1
15.9
Other
—
—
—
—
Total
$
80.9
$
89.1
$
152.1
$
180.4
(1) See reconciliation of gross margin to
adjusted gross margin in Attachment 8
Note: Quarterly information presented within this document and
previously disclosed quarterly information may not equal the total
computed for the year due to rounding.
Second Quarter Ended
Six Months Ended
(Millions)
June 28, 2024
June 30, 2023
June 28, 2024
June 30, 2023
Operating Profit
Performance Materials
$
31.9
$
36.5
$
54.5
$
72.0
Electronic Materials
8.9
9.1
18.7
18.8
Precision Optics
(1.4
)
(1.5
)
(4.7
)
(1.9
)
Other
(7.3
)
(8.7
)
(14.2
)
(16.6
)
Total
$
32.1
$
35.4
$
54.3
$
72.3
Non-Operating (Income)/Expense
Performance Materials
$
0.2
$
0.1
$
0.3
$
0.2
Electronic Materials
—
—
—
—
Precision Optics
(0.2
)
(0.2
)
(0.3
)
(0.4
)
Other
(0.6
)
(0.6
)
(1.3
)
(1.3
)
Total
$
(0.6
)
$
(0.7
)
$
(1.3
)
$
(1.5
)
Depreciation, Depletion, and
Amortization
Performance Materials
$
8.7
$
8.5
$
16.9
$
15.9
Electronic Materials
4.5
4.3
9.1
8.6
Precision Optics
2.8
3.0
5.7
5.9
Other
0.5
0.5
1.0
1.0
Total
$
16.5
$
16.3
$
32.7
$
31.4
Segment EBITDA
Performance Materials
$
40.4
$
44.9
$
71.1
$
87.7
Electronic Materials
13.4
13.4
27.8
27.4
Precision Optics
1.6
1.7
1.3
4.4
Other
(6.2
)
(7.6
)
(11.9
)
(14.3
)
Total
$
49.2
$
52.4
$
88.3
$
105.2
Special Items(2)
Performance Materials
$
2.7
$
1.0
$
7.7
$
1.0
Electronic Materials
3.7
1.2
3.8
1.6
Precision Optics
0.5
0.9
1.2
1.1
Other
1.7
—
2.0
—
Total
$
8.6
$
3.1
$
14.7
$
3.7
Adjusted EBITDA Excluding Special
Items
Performance Materials
$
43.1
$
45.9
$
78.8
$
88.7
Electronic Materials
17.1
14.6
31.6
29.0
Precision Optics
2.1
2.6
2.5
5.5
Other
(4.5
)
(7.6
)
(9.9
)
(14.3
)
Total
$
57.8
$
55.5
$
103.0
$
108.9
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)
Second Quarter Ended
Six Months Ended
(Millions)
June 28, 2024
% of VA
June 30, 2023
% of VA
June 28, 2024
% of VA
June 30, 2023
% of VA
Net sales
$
425.9
$
398.6
$
811.2
$
841.0
Pass-through metal cost
146.1
130.3
273.5
274.2
Value-added sales
$
279.8
$
268.3
$
537.7
$
566.8
Net income
$
19.0
6.8
%
$
24.1
9.0
%
$
32.4
6.0
%
$
49.7
8.8
%
Income tax expense
4.9
1.8
%
4.3
1.6
%
6.1
1.1
%
8.9
1.6
%
Interest expense - net
8.8
3.1
%
7.7
2.8
%
17.1
3.2
%
15.2
2.7
%
Depreciation, depletion and
amortization
16.5
5.9
%
16.3
6.1
%
32.7
6.1
%
31.4
5.5
%
Consolidated EBITDA
$
49.2
17.6
%
$
52.4
19.5
%
$
88.3
16.4
%
$
105.2
18.6
%
Special items
Restructuring and cost reduction(1)
$
6.7
2.4
%
$
3.1
1.2
%
$
9.1
1.7
%
$
3.7
0.7
%
Additional start up resources and
scrap(2)
1.2
0.4
%
—
—
%
4.9
0.9
%
—
—
%
Merger, acquisition and divestiture
related costs(3)
0.7
0.3
%
—
—
%
0.7
0.1
%
—
—
%
Total special items
8.6
3.1
%
3.1
1.2
%
14.7
2.7
%
3.7
0.7
%
Adjusted EBITDA
$
57.8
20.7
%
$
55.5
20.7
%
$
103.0
19.2
%
$
108.9
19.2
%
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 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, including the following:
(1) Restructuring and cost reduction –
Costs include restructuring charges, costs associated with
temporarily idled facilities as a result of decreased demand and
costs associated with strategic asset disposals.
(2) Additional start up resources and
scrap – Represents incremental costs incurred related to the ramp
of the precision clad strip facility.
(3) Merger, acquisition and divestiture
related costs – Includes due diligence costs associated with
potential merger, acquisition and divestitures.
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)
Second Quarter Ended
Six Months Ended
(Millions)
June 28, 2024
Diluted EPS
June 30, 2023
Diluted EPS
June 28, 2024
Diluted EPS
June 30, 2023
Diluted EPS
Net income and EPS
$
19.0
$
0.91
$
24.1
$
1.15
$
32.4
$
1.55
$
49.7
$
2.38
Special items
Restructuring and cost reduction
$
6.7
$
3.1
$
9.1
$
3.7
Additional start up resources and
scrap
1.2
—
4.9
—
Merger, acquisition and divestiture
related costs
0.7
—
0.7
—
Provision for income taxes(1)
(0.3
)
(0.8
)
(2.2
)
(1.5
)
Total special items
8.3
0.40
2.3
0.12
12.5
0.60
2.2
0.11
Adjusted net income and adjusted EPS
$
27.3
$
1.31
$
26.4
$
1.27
$
44.9
$
2.15
$
51.9
$
2.49
Acquisition amortization (net of tax)
2.4
0.11
2.5
0.11
4.9
0.23
4.9
0.23
Adjusted net income and adjusted EPS excl.
amortization
$
29.7
$
1.42
$
28.9
$
1.38
$
49.8
$
2.38
$
56.8
$
2.72
(1) Provision for income taxes includes
the net tax impact on pre-tax adjustments (listed above), the
impact of certain 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
Second Quarter Ended
Six Months Ended
(Millions)
June 28, 2024
% of VA
June 30, 2023
% of VA
June 28, 2024
% of VA
June 30, 2023
% of VA
Net sales
$
187.5
$
182.8
$
356.2
$
369.8
Pass-through metal cost
14.4
17.2
27.5
36.2
Value-added sales
$
173.1
$
165.6
$
328.7
$
333.6
EBITDA
$
40.4
23.3
%
$
44.9
27.1
%
$
71.1
21.6
%
$
87.7
26.3
%
Restructuring and cost reduction
1.5
0.9
%
1.0
0.6
%
2.8
0.9
%
1.0
0.3
%
Additional start up resources and
scrap
1.2
0.7
%
—
—
%
4.9
1.5
%
—
—
%
Adjusted EBITDA
$
43.1
24.9
%
$
45.9
27.7
%
$
78.8
24.0
%
$
88.7
26.6
%
Electronic Materials
Second Quarter Ended
Six Months Ended
(Millions)
June 28, 2024
% of VA
June 30, 2023
% of VA
June 28, 2024
% of VA
June 30, 2023
% of VA
Net sales
$
212.7
$
190.7
$
404.7
$
419.5
Pass-through metal cost
131.6
113.1
245.9
238.0
Value-added sales
$
81.1
$
77.6
$
158.8
$
181.5
EBITDA
$
13.4
16.5
%
$
13.4
17.3
%
$
27.8
17.5
%
$
27.4
15.1
%
Restructuring and cost reduction
3.7
4.6
%
1.2
1.5
%
3.8
2.4
%
1.6
0.9
%
Adjusted EBITDA
$
17.1
21.1
%
$
14.6
18.8
%
$
31.6
19.9
%
$
29.0
16.0
%
Precision Optics
Second Quarter Ended
Six Months Ended
(Millions)
June 28, 2024
% of VA
June 30, 2023
% of VA
June 28, 2024
% of VA
June 30, 2023
% of VA
Net sales
$
25.7
$
25.1
$
50.3
$
51.7
Pass-through metal cost
0.1
—
0.1
—
Value-added sales
$
25.6
$
25.1
$
50.2
$
51.7
EBITDA
$
1.6
6.3
%
$
1.7
6.8
%
$
1.3
2.6
%
$
4.4
8.5
%
Restructuring and cost reduction
0.5
2.0
%
0.9
3.6
%
1.2
2.4
%
1.1
2.1
%
Adjusted EBITDA
$
2.1
8.2
%
$
2.6
10.4
%
$
2.5
5.0
%
$
5.5
10.6
%
Other
Second Quarter Ended
Six Months Ended
(Millions)
June 28, 2024
% of VA
June 30, 2023
% of VA
June 28, 2024
% of VA
June 30, 2023
% of VA
EBITDA
$
(6.2
)
$
(7.6
)
$
(11.9
)
$
(14.3
)
Restructuring and cost reduction
1.0
—
1.3
—
Merger, acquisition and divestiture
related costs
0.7
—
0.7
—
Adjusted EBITDA
$
(4.5
)
$
(7.6
)
$
(9.9
)
$
(14.3
)
Attachment 8
Materion Corporation and
Subsidiaries
Reconciliation of Non-GAAP
Measure - Gross Margin to Adjusted Gross Margin
(Unaudited)
Second Quarter Ended
Six Months Ended
(Millions)
June 28, 2024
June 30, 2023
June 28, 2024
June 30, 2023
Gross Margin
Performance Materials
$
48.7
$
54.5
$
88.8
$
108.7
Electronic Materials
25.2
27.2
50.2
55.8
Precision Optics
7.0
7.4
13.1
15.9
Other
—
—
—
—
Total
$
80.9
$
89.1
$
152.1
$
180.4
Special Items (1)
Performance Materials
$
2.0
$
0.7
$
6.2
$
0.7
Electronic Materials
2.0
0.6
2.0
0.6
Precision Optics
0.1
0.3
0.2
0.3
Other
—
—
—
—
Total
$
4.1
$
1.6
$
8.4
$
1.6
Adjusted Gross Margin
Performance Materials
$
50.7
$
55.2
$
95.0
$
109.4
Electronic Materials
27.2
27.8
52.2
56.4
Precision Optics
7.1
7.7
13.3
16.2
Other
—
—
—
—
Total
$
85.0
$
90.7
$
160.5
$
182.0
(1) Special items impacting gross margin
represent restructuring and cost reduction and additional start up
resources and scrap in 2024 and restructuring and cost reduction in
2023.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240805038851/en/
Investor Contact: Kyle Kelleher
(216) 383-4931 kyle.kelleher@materion.com
Media Contact: Jason Saragian (216)
383-6893 jason.saragian@materion.com https://materion.com Mayfield
Hts-g
Grafico Azioni Materion (NYSE:MTRN)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Materion (NYSE:MTRN)
Storico
Da Dic 2023 a Dic 2024
