Materion Corporation Reports Record Second Quarter Results and Affirms Full Year 2022 Outlook

Rhea-AI Summary

Materion Corporation (NYSE: MTRN) reported impressive second quarter results, achieving record net sales of $445.3 million, a 33% increase in value-added sales to $277.2 million, and a net income of $1.12 per share. Adjusted EBITDA reached a record $47.0 million, up 44% year over year. The company reaffirmed its 2022 adjusted EPS guidance to range between $5.50 and $5.90. Key developments include a new advanced chemicals facility and a $6 million investment from a leading EV battery customer, bolstering Materion's position in semiconductor and EV applications.

Positive

• Record net sales of $445.3 million, up 20% year-over-year.
• Value-added sales increased by 33% to a record $277.2 million.
• Adjusted EBITDA reached a record $47.0 million, a 44% increase year-over-year.
• Reaffirmed 2022 adjusted EPS guidance in the range of $5.50 to $5.90.
• Established a new advanced chemicals facility for semiconductor and EV applications.

Negative

• Potential macroeconomic headwinds could impact future results.

MAYFIELD HEIGHTS, Ohio--(BUSINESS WIRE)-- Materion Corporation (NYSE: MTRN), a world leader in high performance advanced materials, today reported record second quarter financial results, affirmed 2022 earnings guidance and shared an update on key strategic initiatives.

Second Quarter 2022 Highlights

• Net sales were $445.3 million; value-added sales increased 33% year over year to a record $277.2 million

• Operating profit was $31.9 million; adjusted earnings before interest, taxes, depreciation, depletion and amortization (EBITDA) was a record $47.0 million, an increase of 44% and a 120-basis point margin expansion year over year

• Net income of $1.12 per share, diluted; adjusted earnings per share (EPS) of $1.28, an all-time record, up 41% year over year

Recent Organic Growth Developments

• Established a new advanced chemicals facility to accelerate growth in semiconductor and electric vehicle applications

• Leading EV battery customer is funding $6M to establish a prototype line to produce advanced chemicals for their next-generation battery solutions

• Materion and Kairos jointly commissioned a Molten Salt Purification Plant for use in clean energy production

“Our global team delivered an exceptional first half of the year with another record quarter of value-added sales and earnings,” Jugal Vijayvargiya, Materion President & Chief Executive Officer said. “Our organic outgrowth initiatives and strategic acquisitions combined with strong end market demand are accelerating the transformation of our company into a leading provider of advanced materials solutions.”

“Our relentless focus on commercial excellence, strong customer partnerships and investments in R&D are coming together as planned resulting in a fantastic pipeline of opportunities that will continue to deliver above market growth,” Vijayvargiya continued. “Our substantial organic initiatives, coupled with the HCS-Electronic Materials acquisition, which continues to exceed expectations, strengthened our performance during the quarter and enhances our ability to deliver on several exciting opportunities ahead of us.”

SECOND QUARTER 2022 RESULTS

Net sales for the second quarter of 2022 were $445.3 million, compared to $371.0 million in the prior year period. Value-added sales of $277.2 million were a quarterly record, up 33% from the prior year. In addition to the benefit of the HCS-Electronic Materials acquisition, value-added sales were up 12% organically, driven by strong performance across several major end markets including semiconductor, industrial, aerospace and energy.

Operating profit for the second quarter was $31.9 million and net income was $23.3 million, or $1.12 per diluted share, compared to operating profit of $20.7 million and net income of $17.9 million, or $0.87 per diluted share in the prior year period. Excluding acquisition and restructuring related costs as detailed in the attached tables, adjusted EBITDA was $47.0 million in the second quarter, another quarterly record and an increase of 44% versus the prior year period.

Adjusted net income was $26.4 million excluding acquisition amortization, or $1.28 per diluted share, an increase of 41% compared to $0.91 per share in the prior year period.

OUTLOOK

While we continue to monitor various macroeconomic factors that could intensify headwinds, we remain confident in our full year outlook with the strength of our order book, organic outgrowth resulting from our customer initiatives, and the full year impact of the HCS-Electronic Materials acquisition. As a result, we are affirming the 2022 adjusted earnings per share guidance in the range of $5.50 to $5.90.

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, August 3, 2022. 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 380484. A replay of the call will be available until August 17, 2022 by dialing (877) 481-4010 or (919) 882-2331 if international; please reference replay ID number 44231. The call will also be archived on the Company’s website.

FORWARD-LOOKING STATEMENTS

Portions of the narrative set forth in this document that are not statements of historical or current facts are forward-looking statements. 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: our ability to achieve the strategic and other objectives related to the acquisition of HCS-Electronic Materials, including any expected synergies; our ability to successfully integrate the HCS-Electronic Materials business and other such acquisitions and achieve the expected results of the acquisition, the ultimate impact of the COVID-19 pandemic on our business, results of operations, financial condition, and liquidity; the global economy, including inflationary pressures, potential future recessionary conditions, and the impact of tariffs and trade agreements; 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 implementing our strategic plans and the timely and successful completion and start-up 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 Materion’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 on operations from, and other effects of, catastrophic and other extraordinary events; and the risk factors set forth in Part 1, Item 1A of our 2021 Annual Report on Form 10-K.

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 (Unaudited)
	Second Quarter Ended								Six Months Ended
(In thousands except per share amounts)	July 1, 2022				July 2, 2021				July 1, 2022				July 2, 2021
Net sales	$	445,295			$	370,999			$	894,340			$	725,385
Cost of sales		357,868				301,418				731,622				589,008
Gross margin		87,427				69,581				162,718				136,377
Selling, general, and administrative expense		42,047				38,060				83,708				74,836
Research and development expense		7,592				6,604				14,666				12,810
Restructuring expense (income)		—				—				1,076				(378	)
Other — net		5,928				4,194				11,801				8,668
Operating profit		31,860				20,723				51,467				40,441
Other non-operating income—net		(1,168	)			(1,277	)			(2,337	)			(2,553	)
Interest expense — net		4,701				858				8,437				1,619
Income before income taxes		28,327				21,142				45,367				41,375
Income tax expense		5,072				3,274				8,093				6,740
Net income	$	23,255			$	17,868			$	37,274			$	34,635
Basic earnings per share:
Net income per share of common stock	$	1.13			$	0.87			$	1.82			$	1.70
Diluted earnings per share:
Net income per share of common stock	$	1.12			$	0.87			$	1.80			$	1.68
Weighted-average number of shares of common stock outstanding:
Basic		20,517				20,429				20,491				20,402
Diluted		20,723				20,651				20,743				20,647

Attachment 2   Materion Corporation and Subsidiaries Consolidated Balance Sheets
		(Unaudited)
(Thousands)		July 1, 2022				December 31, 2021
Assets
Current assets
Cash and cash equivalents		$	32,175			$	14,462
Accounts receivable, net			222,811				223,553
Inventories, net			422,376				361,115
Prepaid and other current assets			29,606				28,122
Total current assets			706,968				627,252
Deferred income taxes			5,018				5,431
Property, plant, and equipment			1,164,273				1,132,223
Less allowances for depreciation, depletion, and amortization			(739,776	)			(723,248	)
Property, plant, and equipment—net			424,497				408,975
Operating lease, right-of-use assets			68,045				63,096
Intangible assets, net			148,364				156,736
Other assets			30,228				27,369
Goodwill			319,994				318,620
Total Assets		$	1,703,114			$	1,607,479
Liabilities and Shareholders’ Equity
Current liabilities
Short-term debt		$	15,333			$	15,359
Accounts payable			113,708				86,243
Salaries and wages			22,239				37,544
Other liabilities and accrued items			49,148				53,388
Income taxes			1,700				4,205
Unearned revenue			8,097				7,770
Total current liabilities			210,225				204,509
Other long-term liabilities			15,846				14,954
Operating lease liabilities			62,474				57,099
Finance lease liabilities			14,360				16,327
Retirement and post-employment benefits			30,992				33,394
Unearned income			108,126				97,962
Long-term income taxes			1,206				1,190
Deferred income taxes			28,766				27,216
Long-term debt			481,965				434,388
Shareholders’ equity			749,154				720,440
Total Liabilities and Shareholders’ Equity		$	1,703,114			$	1,607,479

Attachment 3   Materion Corporation and Subsidiaries Consolidated Statements of Cash Flows (Unaudited)
		Six Months Ended
(Thousands)		July 1, 2022				July 2, 2021
Cash flows from operating activities:
Net income		$	37,274			$	34,635
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization			26,070				19,063
Amortization of deferred financing costs in interest expense			780				364
Stock-based compensation expense (non-cash)			3,694				3,512
Deferred income tax expense (benefit)			1,966				367
Changes in assets and liabilities:
Accounts receivable			(2,566	)			(13,941	)
Inventory			(67,304	)			(40,651	)
Prepaid and other current assets			(2,462	)			(1,718	)
Accounts payable and accrued expenses			8,897				28,403
Unearned revenue			(141	)			3,246
Interest and taxes payable			(1,765	)			2,868
Unearned income due to customer prepayments			13,059				8,043
Other-net			3,913				(126	)
Net cash provided by operating activities			21,415				44,065
Cash flows from investing activities:
Payments for purchase of property, plant, and equipment			(37,730	)			(57,712	)
Proceeds from sale of property, plant, and equipment			105				603
Payments for acquisition, net of cash acquired			(2,971	)			—
Net cash used in investing activities			(40,596	)			(57,109	)
Cash flows from financing activities:
Proceeds from borrowings under revolving credit agreement, net			52,794				22,500
Proceeds from issuance of long-term debt			2,059
Repayment of long-term debt			(7,177	)			(1,654	)
Principal payments under finance lease obligations			(1,334	)			(1,512	)
Cash dividends paid			(5,112	)			(4,791	)
Payments of withholding taxes for stock-based compensation awards			(2,812	)			(3,021	)
Net cash provided by financing activities			38,418				11,522
Effects of exchange rate changes			(1,524	)			(11	)
Net change in cash and cash equivalents			17,713				(1,533	)
Cash and cash equivalents at beginning of period			14,462				25,878
Cash and cash equivalents at end of period		$	32,175			$	24,345

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)	July 1, 2022				July 2, 2021				July 1, 2022				July 2, 2021
Net Sales
Performance Materials (1)	$	154.9			$	125.3			$	304.5			$	239.4
Electronic Materials (1)		261.0				213.1				531.8				417.8
Precision Optics		29.4				32.6				58.0				68.2
Other		—				—				—				—
Total	$	445.3			$	371.0			$	894.3			$	725.4
Less: Pass-through Metal Cost
Performance Materials (1)	$	20.9			$	16.7			$	41.4			$	30.0
Electronic Materials (1)	$	146.8				146.2			$	307.7				287.9
Precision Optics	$	—				—			$	0.1				—
Other	$	0.4				0.2			$	1.1				1.0
Total	$	168.1			$	163.1			$	350.3			$	318.9
Value-added Sales (non-GAAP)
Performance Materials (1)	$	134.0			$	108.6			$	263.1			$	209.4
Electronic Materials (1)		114.2				66.9				224.1				129.9
Precision Optics		29.4				32.6				57.9				68.2
Other		(0.4	)			(0.2	)			(1.1	)			(1.0	)
Total	$	277.2			$	207.9			$	544.0			$	406.5
Gross Margin
Performance Materials (1)	$	39.0			$	33.0			$	76.3			$	62.6
Electronic Materials (1)		38.6				25.0				68.1				48.8
Precision Optics		9.8				11.8				18.3				25.8
Other		—				(0.3	)			—				(0.8	)
Total	$	87.4			$	69.5			$	162.7			$	136.4
(1)The Company changed two segment names during the first quarter of 2022: Performance Alloys and Composites became Performance Materials, and Advanced Materials became Electronic Materials. See further discussion in the Form 10-Q for the period ended April 1, 2022.

	Second Quarter Ended								Six Months Ended
(Millions)	July 1, 2022				July 2, 2021				July 1, 2022				July 2, 2021
Operating Profit
Performance Materials	$	21.8			$	17.3			$	40.9			$	30.8
Electronic Materials		18.2				8.3				26.2				17.2
Precision Optics		0.7				2.6				—				7.2
Other		(8.8	)			(7.5	)			(15.6	)			(14.8	)
Total	$	31.9			$	20.7			$	51.5			$	40.4
Non-Operating (Income)/Expense
Performance Materials	$	0.1			$	0.2			$	0.3			$	0.3
Electronic Materials		—				—				—				—
Precision Optics		(0.2	)			(0.2	)			(0.4	)			(0.4	)
Other		(1.1	)			(1.3	)			(2.2	)			(2.5	)
Total	$	(1.2	)		$	(1.3	)		$	(2.3	)		$	(2.6	)
Depreciation, Depletion, and Amortization
Performance Materials	$	5.5			$	5.2			$	11.4			$	8.6
Electronic Materials		4.2				2.1				8.3				4.1
Precision Optics		2.6				2.7				5.3				5.4
Other		0.6				0.5				1.1				1.0
Total	$	12.9			$	10.5			$	26.1			$	19.1
Segment EBITDA
Performance Materials		27.2				22.3				52.0				39.1
Electronic Materials		22.4				10.4				34.5				21.3
Precision Optics		3.5				5.5				5.7				13.0
Other		(7.1	)			(5.7	)			(12.3	)			(11.3	)
Total		46.0				32.5				79.9				62.1
Special Items
Performance Materials	$	—			$	—			$	2.7			$	—
Electronic Materials		0.4				—				7.2				—
Precision Optics		0.1				0.1				0.3				0.4
Other		0.5				—				1.5				0.1
Total	$	1.0			$	0.1			$	11.7			$	0.5
Adjusted EBITDA Excluding Special Items
Performance Materials		27.2				22.3				54.7				39.1
Electronic Materials		22.8				10.4				41.7				21.3
Precision Optics		3.6				5.6				6.0				13.4
Other		(6.6	)			(5.7	)			(10.8	)			(11.2	)
Total		47.0				32.6				91.6				62.6

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)
	Second Quarter Ended												Six Months Ended
(Millions)	July 1, 2022			% of VA			July 2, 2021			% of VA			July 1, 2022			% of VA			July 2, 2021			% of VA
Net sales	$	445.3					$	371.0					$	894.3					$	725.4
Pass-through metal cost		168.1					$	163.1						350.3						318.9
Value-added sales	$	277.2					$	207.9					$	544.0					$	406.5
Net income	$	23.3		8.4	%			17.9		8.6	%		$	37.3		6.9	%		$	34.6		8.5	%
Income tax expense		5.1		1.8	%			3.3		1.6	%			8.1		1.5	%			6.8		1.7	%
Interest expense - net		4.7		1.7	%			0.8		0.4	%			8.4		1.5	%			1.6		0.4	%
Depreciation, depletion and amortization		12.9		4.7	%			10.5		5.1	%			26.1		4.8	%			19.1		4.7	%
Consolidated EBITDA	$	46.0		16.6	%		$	32.5		15.6	%		$	79.9		14.7	%		$	62.1		15.3	%
Special items
Restructuring and cost reduction	$	—		—	%		$	0.1		—	%		$	1.1		0.2	%			0.4		0.1	%
Merger and acquisition costs		1.0		0.4	%			—		—	%			10.6		1.9	%			0.1		—	%
Total special items		1.0		0.4	%			0.1		—	%			11.7		2.2	%			0.5		0.1	%
Adjusted EBITDA	$	47.0		17.0	%		$	32.6		15.7	%		$	91.6		16.8	%		$	62.6		15.4	%

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 such as restructuring and cost reductions and merger and acquisition costs. 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)	July 1, 2022				Diluted EPS			July 2, 2021				Diluted EPS				July 1, 2022				Diluted EPS			July 2, 2021				Diluted EPS
Net income and EPS	$	23.3			$	1.12		$	17.9			$	0.87			$	37.3			$	1.80		$	34.6			$	1.68
Special items
Restructuring and cost reduction		—							0.1								1.1							0.4
Merger and acquisition costs		1.0							—								10.6							0.1
Provision for income taxes(1)		(0.3	)						(0.2	)							(2.6	)						(0.4	)
Total special items		0.7				0.04			(0.1	)			(0.01	)			9.1				0.44			0.1				—
Adjusted net income and adjusted EPS	$	24.0			$	1.16		$	17.8			$	0.86			$	46.4			$	2.24		$	34.7			$	1.68
Acquisition amortization (net of tax)		2.4				0.12			1.0				0.05				4.9				0.23			2.1				0.10
Adjusted net income and adjusted EPS excl. amortization	$	26.4			$	1.28		$	18.8			$	0.91			$	51.3			$	2.47		$	36.8			$	1.78

(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)	July 1, 2022				% of VA			July 2, 2021				% of VA			July 1, 2022				% of VA			July 2, 2021				% of VA
Net sales	$	154.9						$	125.3						$	304.5						$	239.4
Pass-through metal cost		20.9							16.7							41.4							30.0
Value-added sales	$	134.0						$	108.6						$	263.1						$	209.4
EBITDA	$	27.2			20.3	%		$	22.3			20.5	%		$	52.0			19.8	%		$	39.1			18.7	%
Merger and acquisition costs		—			—	%			—			—	%			2.7			1.0	%			—			—	%
Adjusted EBITDA	$	27.2			20.3	%		$	22.3			20.5	%		$	54.7			20.8	%		$	39.1			18.7	%
Electronic Materials
	Second Quarter Ended														Six Months Ended
(Millions)	July 1, 2022				% of VA			July 2, 2021				% of VA			July 1, 2022				% of VA			July 2, 2021				% of VA
Net sales	$	261.0						$	213.1						$	531.8						$	417.8
Pass-through metal cost		146.8							146.2							307.7							287.9
Value-added sales	$	114.2						$	66.9						$	224.1						$	129.9
EBITDA	$	22.4			19.6	%		$	10.4			15.5	%		$	34.5			15.4	%		$	21.3			16.4	%
Restructuring and cost reduction		—			—	%			—			—	%			0.8			0.4	%			—			—	%
Merger and acquisition costs		0.4			0.4	%			—			—	%			6.4			2.9	%			—			—	%
Adjusted EBITDA	$	22.8			20.0	%		$	10.4			15.5	%		$	41.7			18.6	%		$	21.3			16.4	%
Precision Optics
	Second Quarter Ended														Six Months Ended
(Millions)	July 1, 2022				% of VA			July 2, 2021				% of VA			July 1, 2022				% of VA			July 2, 2021				% of VA
Net sales	$	29.4						$	32.6						$	58.0						$	68.2
Pass-through metal cost		—							—							0.1							—
Value-added sales	$	29.4						$	32.6						$	57.9						$	68.2
EBITDA	$	3.5			11.9	%		$	5.5			16.9	%		$	5.7			9.8	%		$	13.0			19.1	%
Restructuring and cost reduction		—			—	%			0.1			0.3	%			0.2			0.3	%			0.4			0.6	%
Merger and acquisition costs		0.1			0.3	%			—			—	%			0.1			0.2	%			—			—	%
Adjusted EBITDA	$	3.6			12.2	%		$	5.6			17.2	%		$	6.0			10.4	%		$	13.4			19.6	%
Other
	Second Quarter Ended														Six Months Ended
(Millions)	July 1, 2022				% of VA			July 2, 2021				% of VA			July 1, 2022				% of VA			July 2, 2021				% of VA
EBITDA	$	(7.1	)					$	(5.7	)					$	(12.3	)					$	(11.3	)
Restructuring and cost reduction		—							—							0.1							—
Merger and acquisition costs		0.5							—							1.4							0.1
Adjusted EBITDA	$	(6.6	)					$	(5.7	)					$	(10.8	)					$	(11.2	)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220802006169/en/

Investor Contact:

Kyle Kelleher

(216) 383-4931

kyle.kelleher@materion.com



Media Contact:

Shannon Bennett

(216) 383-4094

shannon.bennett@materion.com



https://materion.com

Mayfield Hts-g

Source: Materion Corporation

FAQ

What were Materion Corporation's second quarter results for 2022?

Materion reported record net sales of $445.3 million and adjusted earnings per share of $1.28 for the second quarter of 2022.

What is the adjusted EPS guidance for Materion in 2022?

Materion reaffirmed its 2022 adjusted EPS guidance to range between $5.50 and $5.90.

How much did value-added sales increase in Materion's second quarter?

Value-added sales increased by 33% year-over-year to a record $277.2 million.

What strategic initiatives has Materion recently undertaken?

Materion established a new advanced chemicals facility and received a $6 million investment from a leading EV battery customer.