Materion Corporation Reports Record First Quarter 2023 Results and Raises 2023 Outlook
First Quarter 2023 Highlights
-
Net sales were
$442.5 million 15% year over year to a first quarter record of$298.6 million -
Operating profit was
$36.9 million $53.4 million 17.9% of value-added sales, a 70-basis point margin expansion year over year -
Net income of
$1.23 $1.34 -
Raised adjusted earnings per share outlook to
$5.60 $6.00
Growth Highlights
- Delivered ninth consecutive quarter of double-digit organic sales and earnings growth
-
Awarded a
$12 million $22 million - Reached a significant milestone with Kairos Power, completing first shipment of Flibe as part of our next-gen clean energy partnership
“I am proud of our global team for delivering another record quarter of strong year-on-year growth in both sales and earnings,” Jugal Vijayvargiya, Materion President and CEO said. “Despite a challenging end-market environment, we delivered a ninth consecutive quarter of double-digit organic growth, demonstrating the continued power of our outgrowth initiatives.”
“As we look forward, we are continuing to execute on our customer-focused projects while driving consistent market outgrowth. At the same time, we are executing targeted operational excellence initiatives to address softer demand levels where market conditions warrant. We remain on track to deliver record results for the third consecutive year.”
FIRST QUARTER 2023 RESULTS
Net sales for the quarter were
Operating profit for the quarter was
Excluding special items, detailed in the attached tables, adjusted EBITDA was
Adjusted net income was
OUTLOOK
Despite challenges surrounding the macroeconomic environment, we remain confident in our ability to execute and deliver another year of record results. With our strong start to the year coupled with our revised outlook, we are increasing our expected adjusted earnings per share range to
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 7 to this press release.
CONFERENCE CALL
Materion Corporation will host an investor conference call with analysts at 9:00 a.m. Eastern Time, May 3, 2023. 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
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
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
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
Attachment 1 |
||||||||
Materion Corporation and Subsidiaries |
||||||||
Consolidated Statements of Income |
||||||||
(Unaudited) |
||||||||
|
First Quarter Ended |
|||||||
(Thousands, except per share amounts) |
March 31, 2023 |
|
April 1, 2022 |
|||||
Net sales |
$ |
442,526 |
|
|
$ |
449,045 |
|
|
Cost of sales |
|
351,190 |
|
|
|
373,754 |
|
|
Gross margin |
|
91,336 |
|
|
|
75,291 |
|
|
Selling, general, and administrative expense |
|
40,336 |
|
|
|
41,662 |
|
|
Research and development expense |
|
7,621 |
|
|
|
7,074 |
|
|
Restructuring expense (income) |
|
664 |
|
|
|
1,076 |
|
|
Other — net |
|
5,775 |
|
|
|
5,873 |
|
|
Operating profit |
|
36,940 |
|
|
|
19,606 |
|
|
Other non-operating income—net |
|
(730 |
) |
|
|
(1,169 |
) |
|
Interest expense — net |
|
7,502 |
|
|
|
3,735 |
|
|
Income before income taxes |
|
30,168 |
|
|
|
17,040 |
|
|
Income tax expense |
|
4,580 |
|
|
|
3,021 |
|
|
Net income |
$ |
25,588 |
|
|
$ |
14,019 |
|
|
Basic earnings per share: |
|
|
|
|||||
Net income per share of common stock |
$ |
1.24 |
|
|
$ |
0.69 |
|
|
Diluted earnings per share: |
|
|
|
|||||
Net income per share of common stock |
$ |
1.23 |
|
|
$ |
0.68 |
|
|
Weighted-average number of shares of common stock outstanding: |
|
|
|
|||||
Basic |
|
20,566 |
|
|
|
20,464 |
|
|
Diluted |
|
20,887 |
|
|
|
20,724 |
|
|
Attachment 2 |
||||||||
Materion Corporation and Subsidiaries |
||||||||
Consolidated Balance Sheets |
||||||||
|
|
(Unaudited) |
|
|
||||
(Thousands) |
|
March 31, 2023 |
|
December 31, 2022 |
||||
Assets |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
15,243 |
|
|
$ |
13,101 |
|
Accounts receivable, net |
|
|
207,998 |
|
|
|
215,211 |
|
Inventories, net |
|
|
434,485 |
|
|
|
423,080 |
|
Prepaid and other current assets |
|
|
42,128 |
|
|
|
39,056 |
|
Total current assets |
|
|
699,854 |
|
|
|
690,448 |
|
Deferred income taxes |
|
|
3,335 |
|
|
|
3,265 |
|
Property, plant, and equipment |
|
|
1,198,350 |
|
|
|
1,209,205 |
|
Less allowances for depreciation, depletion, and amortization |
|
|
(728,788 |
) |
|
|
(760,440 |
) |
Property, plant, and equipment, net |
|
|
469,562 |
|
|
|
448,765 |
|
Operating lease, right-of-use assets |
|
|
62,352 |
|
|
|
64,249 |
|
Intangible assets, net |
|
|
140,430 |
|
|
|
143,219 |
|
Other assets |
|
|
22,183 |
|
|
|
22,535 |
|
Goodwill |
|
|
320,268 |
|
|
|
319,498 |
|
Total Assets |
|
$ |
1,717,984 |
|
|
$ |
1,691,979 |
|
Liabilities and Shareholders’ Equity |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Short-term debt |
|
$ |
27,727 |
|
|
$ |
21,105 |
|
Accounts payable |
|
|
126,866 |
|
|
|
107,899 |
|
Salaries and wages |
|
|
22,077 |
|
|
|
35,543 |
|
Other liabilities and accrued items |
|
|
44,186 |
|
|
|
54,993 |
|
Income taxes |
|
|
4,669 |
|
|
|
3,928 |
|
Unearned revenue |
|
|
20,292 |
|
|
|
15,496 |
|
Total current liabilities |
|
|
245,817 |
|
|
|
238,964 |
|
Other long-term liabilities |
|
|
14,255 |
|
|
|
12,181 |
|
Operating lease liabilities |
|
|
57,424 |
|
|
|
59,055 |
|
Finance lease liabilities |
|
|
14,068 |
|
|
|
13,876 |
|
Retirement and post-employment benefits |
|
|
20,738 |
|
|
|
20,422 |
|
Unearned income |
|
|
109,883 |
|
|
|
107,736 |
|
Long-term income taxes |
|
|
812 |
|
|
|
665 |
|
Deferred income taxes |
|
|
27,511 |
|
|
|
28,214 |
|
Long-term debt |
|
|
405,482 |
|
|
|
410,876 |
|
Shareholders’ equity |
|
|
821,994 |
|
|
|
799,990 |
|
Total Liabilities and Shareholders’ Equity |
|
$ |
1,717,984 |
|
|
$ |
1,691,979 |
|
Attachment 3 |
||||||||
Materion Corporation and Subsidiaries |
||||||||
Consolidated Statements of Cash Flows |
||||||||
(Unaudited) |
||||||||
|
|
Three Months Ended |
||||||
(Thousands) |
|
March 31, 2023 |
|
April 1, 2022 |
||||
Cash flows from operating activities: |
|
|
|
|
||||
Net income |
|
$ |
25,588 |
|
|
$ |
14,019 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation, depletion, and amortization |
|
|
15,092 |
|
|
|
13,179 |
|
Amortization of deferred financing costs in interest expense |
|
|
424 |
|
|
|
511 |
|
Stock-based compensation expense (non-cash) |
|
|
2,250 |
|
|
|
1,699 |
|
Deferred income tax (benefit) expense |
|
|
(52 |
) |
|
|
401 |
|
Changes in assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
7,538 |
|
|
|
(15,045 |
) |
Inventory |
|
|
(12,081 |
) |
|
|
(28,129 |
) |
Prepaid and other current assets |
|
|
(2,865 |
) |
|
|
(5 |
) |
Accounts payable and accrued expenses |
|
|
(1,904 |
) |
|
|
(4,177 |
) |
Unearned revenue |
|
|
254 |
|
|
|
(343 |
) |
Interest and taxes payable |
|
|
657 |
|
|
|
1,874 |
|
Unearned income due to customer prepayments |
|
|
7,724 |
|
|
|
— |
|
Other-net |
|
|
(4,520 |
) |
|
|
1,712 |
|
Net cash (used in) provided by operating activities |
|
|
38,105 |
|
|
|
(14,304 |
) |
Cash flows from investing activities: |
|
|
|
|
||||
Payments for purchase of property, plant, and equipment |
|
|
(30,014 |
) |
|
|
(18,977 |
) |
Proceeds from sale of property, plant, and equipment |
|
|
212 |
|
|
|
11 |
|
Net cash used in investing activities |
|
|
(29,802 |
) |
|
|
(18,966 |
) |
Cash flows from financing activities: |
|
|
|
|
||||
Proceeds from borrowings under revolving credit agreement, net |
|
|
4,600 |
|
|
|
49,067 |
|
Repayment of debt |
|
|
(3,907 |
) |
|
|
(3,839 |
) |
Principal payments under finance lease obligations |
|
|
(799 |
) |
|
|
(686 |
) |
Cash dividends paid |
|
|
(2,571 |
) |
|
|
(2,520 |
) |
Payments of withholding taxes for stock-based compensation awards |
|
|
(3,614 |
) |
|
|
(2,717 |
) |
Net cash provided by financing activities |
|
|
(6,291 |
) |
|
|
39,305 |
|
Effects of exchange rate changes |
|
|
130 |
|
|
|
(260 |
) |
Net change in cash and cash equivalents |
|
|
2,142 |
|
|
|
5,775 |
|
Cash and cash equivalents at beginning of period |
|
|
13,101 |
|
|
|
14,462 |
|
Cash and cash equivalents at end of period |
|
$ |
15,243 |
|
|
$ |
20,237 |
|
Attachment 4 |
|||||||
Materion Corporation and Subsidiaries |
|||||||
Reconciliation of Non-GAAP Measure - Value-added Sales, Operating Profit, and EBITDA |
|||||||
(Unaudited) |
|||||||
|
First Quarter Ended |
||||||
(Millions) |
March 31, 2023 |
|
April 1, 2022 |
||||
Net Sales |
|
|
|
||||
Performance Materials |
$ |
187.0 |
|
$ |
149.6 |
|
|
Electronic Materials |
|
228.8 |
|
|
270.8 |
|
|
Precision Optics |
|
26.7 |
|
|
28.6 |
|
|
Other |
|
— |
|
|
— |
|
|
Total |
$ |
442.5 |
|
$ |
449.0 |
|
|
|
|
|
|
||||
Less: Pass-through Metal Cost |
|
|
|
||||
Performance Materials |
$ |
19.0 |
|
$ |
20.5 |
|
|
Electronic Materials |
|
124.9 |
|
|
168.6 |
|
|
Precision Optics |
|
— |
|
|
0.1 |
|
|
Other |
|
— |
|
|
0.7 |
|
|
Total |
$ |
143.9 |
|
$ |
189.9 |
|
|
|
|
|
|
||||
Value-added Sales (non-GAAP) |
|
|
|
||||
Performance Materials |
$ |
168.0 |
|
$ |
129.1 |
|
|
Electronic Materials |
|
103.9 |
|
|
102.2 |
|
|
Precision Optics |
|
26.7 |
|
|
28.5 |
|
|
Other |
|
— |
|
|
(0.7 |
) |
|
Total |
$ |
298.6 |
|
$ |
259.1 |
|
|
|
|
|
|
||||
Gross Margin |
|
|
|
||||
Performance Materials(1) |
$ |
54.2 |
|
$ |
37.3 |
|
|
Electronic Materials(1) |
|
28.6 |
|
|
29.5 |
|
|
Precision Optics |
|
8.5 |
|
|
8.5 |
|
|
Other |
|
— |
|
|
— |
|
|
Total (1) |
$ |
91.3 |
|
$ |
75.3 |
|
|
(1)Adjusted gross margin without special items impacting COGS for Performance Materials for the quarter ended April 1, 2022 was |
|||||||
|
First Quarter Ended |
|||||||
(Millions) |
March 31, 2023 |
|
April 1, 2022 |
|||||
Operating Profit |
|
|
|
|||||
Performance Materials |
$ |
35.5 |
|
|
$ |
19.1 |
|
|
Electronic Materials |
|
9.7 |
|
|
|
8.0 |
|
|
Precision Optics |
|
(0.4 |
) |
|
|
(0.7 |
) |
|
Other |
|
(7.9 |
) |
|
|
(6.8 |
) |
|
Total |
$ |
36.9 |
|
|
$ |
19.6 |
|
|
|
|
|
|
|||||
Non-Operating (Income) Expense |
|
|
|
|||||
Performance Materials |
$ |
0.1 |
|
|
$ |
0.2 |
|
|
Electronic Materials |
|
— |
|
|
|
— |
|
|
Precision Optics |
|
(0.2 |
) |
|
|
(0.2 |
) |
|
Other |
|
(0.7 |
) |
|
|
(1.1 |
) |
|
Total |
$ |
(0.8 |
) |
|
$ |
(1.1 |
) |
|
|
|
|
|
|||||
Depreciation, Depletion, and Amortization |
|
|
|
|||||
Performance Materials |
$ |
7.4 |
|
|
$ |
5.9 |
|
|
Electronic Materials |
|
4.3 |
|
|
|
4.1 |
|
|
Precision Optics |
|
2.9 |
|
|
|
2.7 |
|
|
Other |
|
0.5 |
|
|
|
0.5 |
|
|
Total |
$ |
15.1 |
|
|
$ |
13.2 |
|
|
|
|
|
|
|||||
Segment EBITDA |
|
|
|
|||||
Performance Materials |
$ |
42.8 |
|
|
$ |
24.8 |
|
|
Electronic Materials |
|
14.0 |
|
|
|
12.1 |
|
|
Precision Optics |
|
2.7 |
|
|
|
2.2 |
|
|
Other |
|
(6.7 |
) |
|
|
(5.2 |
) |
|
Total |
$ |
52.8 |
|
|
$ |
33.9 |
|
|
|
|
|
|
|||||
Special Items |
|
|
|
|||||
Performance Materials |
$ |
— |
|
|
$ |
2.7 |
|
|
Electronic Materials |
|
0.4 |
|
|
|
6.8 |
|
|
Precision Optics |
|
0.2 |
|
|
|
0.2 |
|
|
Other |
|
— |
|
|
|
1.0 |
|
|
Total |
$ |
0.6 |
|
|
$ |
10.7 |
|
|
|
|
|
|
|||||
Adjusted EBITDA Excluding Special Items |
|
|
|
|||||
Performance Materials |
$ |
42.8 |
|
|
$ |
27.5 |
|
|
Electronic Materials |
|
14.4 |
|
|
|
18.9 |
|
|
Precision Optics |
|
2.9 |
|
|
|
2.4 |
|
|
Other |
|
(6.7 |
) |
|
|
(4.2 |
) |
|
Total |
$ |
53.4 |
|
|
$ |
44.6 |
|
|
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.
Attachment 5 |
|||||||||||
Materion Corporation and Subsidiaries |
|||||||||||
Reconciliation of Net sales to Value-added sales, Net Income to EBITDA and Adjusted EBITDA |
|||||||||||
(Unaudited) |
|||||||||||
|
|
|
|
|
|
|
|
||||
|
Three Months
|
|
|
|
Three Months
|
|
|
||||
(Millions) |
March 31, 2023 |
|
% of VA |
|
April 1, 2022 |
|
% of VA |
||||
Net sales |
$ |
442.5 |
|
|
|
$ |
449.0 |
|
|
||
Pass-through metal cost |
|
143.9 |
|
|
|
|
189.9 |
|
|
||
Value-added sales |
$ |
298.6 |
|
|
|
$ |
259.1 |
|
|
||
|
|
|
|
|
|
|
|
||||
Net income |
$ |
25.6 |
|
8.6 |
% |
|
$ |
14.0 |
|
5.4 |
% |
Income tax expense |
|
4.6 |
|
1.5 |
% |
|
|
3.0 |
|
1.2 |
% |
Interest expense - net |
|
7.5 |
|
2.5 |
% |
|
|
3.7 |
|
1.4 |
% |
Depreciation, depletion and amortization |
|
15.1 |
|
5.1 |
% |
|
|
13.2 |
|
5.1 |
% |
Consolidated EBITDA |
$ |
52.8 |
|
17.7 |
% |
|
$ |
33.9 |
|
13.1 |
% |
|
|
|
|
|
|
|
|
||||
Special items |
|
|
|
|
|
|
|
||||
Restructuring and cost reduction |
$ |
0.6 |
|
0.2 |
% |
|
$ |
1.1 |
|
0.4 |
% |
Merger and acquisition costs |
|
— |
|
— |
% |
|
|
9.6 |
|
3.7 |
% |
Total special items |
|
0.6 |
|
0.2 |
% |
|
|
10.7 |
|
4.1 |
% |
Adjusted EBITDA |
$ |
53.4 |
|
17.9 |
% |
|
$ |
44.6 |
|
17.2 |
% |
In addition to presenting financial statements prepared in accordance with
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
|
|
Diluted |
|
Three Months
|
|
Diluted |
|||||||
(Millions) |
March 31, 2023 |
|
EPS |
|
April 1, 2022 |
|
EPS |
|||||||
Net income and EPS |
$ |
25.6 |
|
|
$ |
1.23 |
|
|
$ |
14.0 |
|
|
$ |
0.68 |
|
|
|
|
|
|
|
|
|||||||
Special items |
|
|
|
|
|
|
|
|||||||
Restructuring and cost reduction |
|
0.6 |
|
|
|
|
|
1.1 |
|
|
|
|||
Merger and acquisition costs |
|
— |
|
|
|
|
|
9.6 |
|
|
|
|||
Provision for income taxes(1) |
|
(0.7 |
) |
|
|
|
|
(2.3 |
) |
|
|
|||
Total special items |
|
(0.1 |
) |
|
|
(0.01 |
) |
|
|
8.4 |
|
|
|
0.40 |
Adjusted net income and adjusted EPS |
$ |
25.5 |
|
|
$ |
1.22 |
|
|
$ |
22.4 |
|
|
$ |
1.08 |
Acquisition amortization (net of tax) |
|
2.5 |
|
|
|
0.12 |
|
|
|
2.5 |
|
|
|
0.12 |
Adjusted net income and adjusted EPS excl. amortization |
$ |
28.0 |
|
|
$ |
1.34 |
|
|
$ |
24.9 |
|
|
$ |
1.20 |
(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
|
|
|
|
Three Months
|
|
|
||||||
(Millions) |
March 31, 2023 |
|
% of VA |
|
April 1, 2022 |
|
% of VA |
||||||
Net sales |
$ |
187.0 |
|
|
|
|
$ |
149.6 |
|
|
|
||
Pass-through metal cost |
|
19.0 |
|
|
|
|
|
20.5 |
|
|
|
||
Value-added sales |
$ |
168.0 |
|
|
|
|
$ |
129.1 |
|
|
|
||
|
|
|
|
|
|
|
|
||||||
EBITDA |
$ |
42.8 |
|
|
25.5 |
% |
|
$ |
24.8 |
|
|
19.2 |
% |
Merger and acquisition costs |
|
— |
|
|
— |
% |
|
|
2.7 |
|
|
2.1 |
% |
Adjusted EBITDA |
$ |
42.8 |
|
|
25.5 |
% |
|
$ |
27.5 |
|
|
21.3 |
% |
|
|
|
|
|
|
|
|
||||||
Electronic Materials |
|||||||||||||
|
Three Months
|
|
|
|
Three Months
|
|
|
||||||
(Millions) |
March 31, 2023 |
|
% of VA |
|
April 1, 2022 |
|
% of VA |
||||||
Net sales |
$ |
228.8 |
|
|
|
|
$ |
270.8 |
|
|
|
||
Pass-through metal cost |
|
124.9 |
|
|
|
|
|
168.6 |
|
|
|
||
Value-added sales |
$ |
103.9 |
|
|
|
|
$ |
102.2 |
|
|
|
||
|
|
|
|
|
|
|
|
||||||
EBITDA |
$ |
14.0 |
|
|
13.5 |
% |
|
$ |
12.1 |
|
|
11.8 |
% |
Restructuring and cost reduction |
|
0.4 |
|
|
0.4 |
% |
|
|
0.8 |
|
|
0.8 |
% |
Merger and acquisition costs |
|
— |
|
|
— |
% |
|
|
6.0 |
|
|
5.9 |
% |
Adjusted EBITDA |
$ |
14.4 |
|
|
13.9 |
% |
|
$ |
18.9 |
|
|
18.5 |
% |
|
|
|
|
|
|
|
|
||||||
Precision Optics |
|||||||||||||
|
Three Months
|
|
|
|
Three Months
|
|
|
||||||
(Millions) |
March 31, 2023 |
|
% of VA |
|
April 1, 2022 |
|
% of VA |
||||||
Net sales |
$ |
26.7 |
|
|
|
|
$ |
28.6 |
|
|
|
||
Pass-through metal cost |
|
— |
|
|
|
|
|
0.1 |
|
|
|
||
Value-added sales |
$ |
26.7 |
|
|
|
|
$ |
28.5 |
|
|
|
||
|
|
|
|
|
|
|
|
||||||
EBITDA |
$ |
2.7 |
|
|
10.1 |
% |
|
$ |
2.2 |
|
|
7.7 |
% |
Restructuring and cost reduction |
|
0.2 |
|
|
0.7 |
% |
|
|
0.2 |
|
|
0.7 |
% |
Adjusted EBITDA |
$ |
2.9 |
|
|
10.8 |
% |
|
$ |
2.4 |
|
|
8.4 |
% |
|
|
|
|
|
|
|
|
||||||
Other |
|||||||||||||
|
Three Months
|
|
|
|
Three Months
|
|
|
||||||
(Millions) |
March 31, 2023 |
|
|
|
April 1, 2022 |
|
|
||||||
EBITDA |
$ |
(6.7 |
) |
|
|
|
$ |
(5.2 |
) |
|
|
||
Restructuring and cost reduction |
|
— |
|
|
|
|
|
0.1 |
|
|
|
||
Merger and acquisition costs |
|
— |
|
|
|
|
|
0.9 |
|
|
|
||
Adjusted EBITDA |
$ |
(6.7 |
) |
|
|
|
$ |
(4.2 |
) |
|
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20230502006238/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
Source: Materion Corporation
