Materion Corporation Reports Record Third Quarter Financial Results and Raises Full Year Outlook

MAYFIELD HEIGHTS, Ohio--()--Materion Corporation (NYSE: MTRN), a world leader in high performing advanced materials, today reported record third quarter financial results and further raised its 2021 outlook.

Third Quarter 2021 Highlights

  • Net sales were $388.0 million compared to $287.2 million in the prior-year period; value-added sales increased 31% year on year to a record $215.8 million for the quarter
  • Operating profit of $21.2 million; adjusted earnings before interest and taxes (EBIT) was a record at $27.8 million, or 12.9% of value-added sales, a 430-basis point margin expansion year-over-year
  • Net income of $0.88 per share, diluted; record adjusted earnings of $1.10 per share, an increase of 120% compared to $0.50 in the prior-year period

Full Year 2021 Outlook

  • Full year adjusted earnings outlook raised to $3.73 - $3.83, an increase of 86% versus prior year at the midpoint

Acquisition Update

  • Completed transformative acquisition of HCS-Electronic Materials, adding industry leading advance materials solutions in tantalum and niobium, further strengthening our position in the semiconductor market while expanding offering to industrial and aerospace & defense customers

Our global team rose to the challenge to serve our customers and deliver a record quarter, despite the supply chain and staffing challenges prevalent in today’s environment,” Jugal Vijayvargiya, Materion President and Chief Executive Officer said. “The combination of strong end-market demand combined with our organic growth initiatives and continued operational improvements is driving expanded margins and higher earnings. In light of this outstanding performance and the continued strength of our order book, we have once again raised our outlook for 2021.”

This week also marks a significant acceleration in our transformation with the closing of the highly strategic acquisition of HCS-Electronic Materials,” Vijayvargiya added. “We are excited to welcome this immediately accretive business to the Materion portfolio as we continue our journey to expand into high growth, high value markets and applications.”

THIRD QUARTER 2021 RESULTS

Net sales for the third quarter were $388.0 million, compared to $287.2 million in the prior year period. Value-added sales of $215.8 million were a record for any quarter, up 31% from the prior-year quarter. Strong performance across several key end markets, including semiconductor, industrial, automotive, and energy drove the value-added sales growth.

Operating profit for the third quarter was $21.2 million, and net income was $18.2 million, or $0.88 per diluted share, compared to an operating loss of $0.6 million and net income of $5.5 million in the prior-year period. Excluding special items, detailed in the attached tables, adjusted EBIT was $27.8 million in the third quarter, another quarterly record and an increase of 97% versus the prior-year period. Strong commercial execution, improved operating performance, and favorable price/mix drove the increase.

Adjusted net income was $22.7 million, or $1.10 per diluted share, an increase of 120% compared to $0.50 per share in the prior-year period.

OUTLOOK

The Company expects the positive momentum to continue into the fourth quarter with an estimated $0.95 to $1.05 adjusted earnings per share for the quarter, an increase of 43% from the prior-year quarter, at the midpoint. This results in an improved full-year 2021 adjusted earnings estimate in the range of $3.73 to $3.83 per diluted share. The midpoint of the revised guidance represents an 86% increase from the prior year.

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 and 5 to this press release.

CONFERENCE CALL

Materion Corporation will host an investor conference call with analysts at 9:00 a.m. Eastern Time, November 2, 2021. 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 November 16, 2021 by dialing (877) 481-4010 or (919) 882-2331; please reference replay ID number 39483. 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 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 financing 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 2020 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)

 
 

 

Third Quarter Ended

 

Nine Months Ended

(In thousands except per share amounts)

October 1, 2021

 

September 25,
2020*

 

October 1, 2021

 

September 25,
2020*

Net sales

$

388,028

 

 

$

287,171

 

 

$

1,113,413

 

 

$

836,585

 

Cost of sales

313,715

 

 

241,860

 

 

902,723

 

 

699,749

 

Gross margin

74,313

 

 

45,311

 

 

210,690

 

 

136,836

 

Selling, general, and administrative expense

43,195

 

 

35,696

 

 

118,031

 

 

99,292

 

Research and development expense

6,354

 

 

5,417

 

 

19,164

 

 

14,104

 

Impairment charges

 

 

 

 

 

 

10,766

 

Restructuring expense (income)

 

 

2,593

 

 

(378)

 

 

7,144

 

Other — net

3,604

 

 

2,221

 

 

12,272

 

 

4,143

 

Operating profit (loss)

21,160

 

 

(616)

 

 

61,601

 

 

1,387

 

Other non-operating income—net

(1,279)

 

 

(1,076)

 

 

(3,832)

 

 

(2,871)

 

Interest expense — net

861

 

 

1,334

 

 

2,480

 

 

2,839

 

Income (Loss) before income taxes

21,578

 

 

(874)

 

 

62,953

 

 

1,419

 

Income tax expense (benefit)

3,422

 

 

(6,345)

 

 

10,162

 

 

(5,977)

 

Net income

$

18,156

 

 

$

5,471

 

 

$

52,791

 

 

$

7,396

 

Basic earnings per share:

 

 

 

 

 

 

 

Net income per share of common stock

$

0.89

 

 

$

0.27

 

 

$

2.59

 

 

$

0.36

 

Diluted earnings per share:

 

 

 

 

 

 

 

Net income per share of common stock

$

0.88

 

 

$

0.27

 

 

$

2.56

 

 

$

0.36

 

Weighted-average number of shares of common stock outstanding:

 

 

 

 

 

 

 

Basic

20,439

 

 

20,325

 

 

20,414

 

 

20,342

 

Diluted

20,657

 

 

20,592

 

 

20,659

 

 

20,595

 

*Prior periods have been adjusted to reflect the change in inventory method, as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.

 

Attachment 2

Materion Corporation and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

(Thousands)

 

October 1, 2021

 

December 31, 2020

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

18,009

 

 

$

25,878

 

Accounts receivable, net

 

190,601

 

 

166,447

 

Inventories, net

 

311,745

 

 

250,778

 

Prepaid and other current assets

 

36,138

 

 

20,896

 

Total current assets

 

556,493

 

 

463,999

 

Deferred income taxes

 

1,908

 

 

3,134

 

Property, plant, and equipment

 

1,069,592

 

 

998,312

 

Less allowances for depreciation, depletion, and amortization

 

(715,158)

 

 

(688,626)

 

Property, plant, and equipment—net

 

354,434

 

 

309,686

 

Operating lease, right-of-use assets

 

56,556

 

 

62,089

 

Intangible assets, net

 

49,012

 

 

54,672

 

Other assets

 

23,269

 

 

19,364

 

Goodwill

 

140,990

 

 

144,916

 

Total Assets

 

$

1,182,662

 

 

$

1,057,860

 

Liabilities and Shareholders’ Equity

 

 

 

 

Current liabilities

 

 

 

 

Short-term debt

 

$

529

 

 

$

1,937

 

Accounts payable

 

71,576

 

 

55,640

 

Salaries and wages

 

37,168

 

 

18,809

 

Other liabilities and accrued items

 

54,749

 

 

40,887

 

Income taxes

 

439

 

 

1,898

 

Unearned revenue

 

8,308

 

 

7,713

 

Total current liabilities

 

172,769

 

 

126,884

 

Other long-term liabilities

 

17,572

 

 

17,002

 

Operating lease liabilities

 

52,177

 

 

56,761

 

Finance lease liabilities

 

17,285

 

 

20,539

 

Retirement and post-employment benefits

 

39,216

 

 

41,877

 

Unearned income

 

93,061

 

 

86,761

 

Deferred income taxes

 

14,118

 

 

15,864

 

Long-term debt

 

79,036

 

 

36,542

 

Shareholders’ equity

 

697,428

 

 

655,630

 

Total Liabilities and Shareholders’ Equity

 

$

1,182,662

 

 

$

1,057,860

 

 

Attachment 3

Materion Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

 

 

Nine Months Ended

(Thousands)

 

October 1, 2021

 

September 25,
2020*

Cash flows from operating activities:

 

 

 

 

Net income

 

$

52,791

 

 

$

7,396

 

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

 

 

 

 

Depreciation, depletion, and amortization

 

32,478

 

 

32,042

 

Amortization of deferred financing costs in interest expense

 

546

 

 

547

 

Stock-based compensation expense (non-cash)

 

4,924

 

 

3,989

 

Deferred income tax benefit

 

(263)

 

 

(5,981)

 

Impairment charges

 

 

 

10,766

 

Changes in assets and liabilities, net of acquired assets and liabilities:

 

 

 

 

Accounts receivable

 

(26,041)

 

 

13,899

 

Inventory

 

(62,353)

 

 

(6,414)

 

Prepaid and other current assets

 

(7,020)

 

 

(686)

 

Accounts payable

 

14,863

 

 

6,281

 

Accrued expenses

 

20,451

 

 

(16,040)

 

Unearned revenue

 

650

 

 

(298)

 

Interest and taxes payable

 

(1,504)

 

 

143

 

Unearned income due to customer prepayments

 

9,022

 

 

40,385

 

Other-net

 

1,974

 

 

(6,585)

 

Net cash provided by operating activities

 

40,518

 

 

79,444

 

Cash flows from investing activities:

 

 

 

 

Payments for acquisition, net of cash acquired

 

 

 

(130,715)

 

Payments for purchase of property, plant, and equipment

 

(77,640)

 

 

(46,285)

 

Proceeds from settlement of currency exchange contract

 

 

 

3,249

 

Proceeds from sale of property, plant, and equipment

 

686

 

 

35

 

Net cash used in investing activities

 

(76,954)

 

 

(173,716)

 

Cash flows from financing activities:

 

 

 

 

Proceeds from borrowings under revolving credit agreement, net

 

43,010

 

 

120,000

 

Repayment of long-term debt

 

(1,803)

 

 

(16,357)

 

Principal payments under finance lease obligations

 

(2,152)

 

 

(1,440)

 

Cash dividends paid

 

(7,243)

 

 

(6,920)

 

Repurchase of common stock

 

 

 

(6,766)

 

Payments of withholding taxes for stock-based compensation awards

 

(3,033)

 

 

(2,212)

 

Net cash provided by financing activities

 

28,779

 

 

86,305

 

Effects of exchange rate changes

 

(212)

 

 

714

 

Net change in cash and cash equivalents

 

(7,869)

 

 

(7,253)

 

Cash and cash equivalents at beginning of period

 

25,878

 

 

125,007

 

Cash and cash equivalents at end of period

 

$

18,009

 

 

$

117,754

 

*Prior period has been adjusted to reflect the change in inventory method, as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.

 

Attachment 4

Materion Corporation and Subsidiaries

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

(Unaudited)

 

 

Third Quarter Ended

 

Nine Months Ended

(Millions)

October 1, 2021

 

September 25,
2020*

 

October 1, 2021

 

September 25,
2020*

Net Sales

 

 

 

 

 

 

 

Performance Alloys and Composites

$

136.1

 

 

$

91.2

 

 

$

375.5

 

 

$

291.9

 

Advanced Materials

220.7

 

 

165.6

 

 

638.5

 

 

475.9

 

Precision Optics

31.2

 

 

30.4

 

 

99.4

 

 

68.8

 

Other

 

 

 

 

 

 

 

Total

$

388.0

 

 

$

287.2

 

 

$

1,113.4

 

 

$

836.6

 

 

 

 

 

 

 

 

 

Less: Pass-through Metal Cost

 

 

 

 

 

 

 

Performance Alloys and Composites

$

20.9

 

 

$

9.3

 

 

$

50.9

 

 

$

36.5

 

Advanced Materials

151.0

 

 

110.6

 

 

438.9

 

 

314.3

 

Precision Optics

 

 

2.1

 

 

 

 

5.7

 

Other

0.3

 

 

0.3

 

 

1.3

 

 

2.2

 

Total

$

172.2

 

 

$

122.3

 

 

$

491.1

 

 

$

358.7

 

 

 

 

 

 

 

 

 

Value-added Sales (non-GAAP)

 

 

 

 

 

 

 

Performance Alloys and Composites

$

115.2

 

 

$

81.9

 

 

$

324.6

 

 

$

255.4

 

Advanced Materials

69.7

 

 

55.0

 

 

199.6

 

 

161.6

 

Precision Optics

31.2

 

 

28.3

 

 

99.4

 

 

63.1

 

Other

(0.3)

 

 

(0.3)

 

 

(1.3)

 

 

(2.2)

 

Total

$

215.8

 

 

$

164.9

 

 

$

622.3

 

 

$

477.9

 

 

 

 

 

 

 

 

 

Gross Margin

 

 

 

 

 

 

 

Performance Alloys and Composites

$

36.8

 

 

$

16.3

 

 

$

99.4

 

 

$

61.1

 

Advanced Materials

24.7

 

 

18.6

 

 

73.5

 

 

52.8

 

Precision Optics

12.7

 

 

10.2

 

 

38.5

 

 

23.3

 

Other

0.1

 

 

0.2

 

 

(0.7)

 

 

(0.4)

 

Total

$

74.3

 

 

$

45.3

 

 

$

210.7

 

 

$

136.8

 

 

 

 

 

 

 

 

 

Operating Profit (Loss)

 

 

 

 

 

 

 

Performance Alloys and Composites

$

20.9

 

 

$

(0.4)

 

 

$

51.7

 

 

$

10.0

 

Advanced Materials

9.3

 

 

5.7

 

 

26.5

 

 

15.4

 

Precision Optics

3.3

 

 

1.4

 

 

10.5

 

 

(6.1)

 

Other

(12.3)

 

 

(7.3)

 

 

(27.1)

 

 

(17.9)

 

Total

$

21.2

 

 

$

(0.6)

 

 

$

61.6

 

 

$

1.4

 

*Prior periods have been adjusted to reflect the change in inventory method, as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.

 

Third Quarter Ended

 

Nine Months Ended

(Millions)

October 1, 2021

 

September 25,
2020*

 

October 1, 2021

 

September 25,
2020*

Special Items

 

 

 

 

 

 

 

Performance Alloys and Composites

$

 

 

$

9.9

 

 

$

 

 

$

17.7

 

Advanced Materials

 

 

0.1

 

 

 

 

0.8

 

Precision Optics

 

 

1.9

 

 

0.4

 

 

13.0

 

Other

5.4

 

 

1.7

 

 

5.5

 

 

1.0

 

Total

$

5.4

 

 

$

13.6

 

 

$

5.9

 

 

$

32.5

 

 

 

 

 

 

 

 

 

Operating Profit (Loss) Excluding Special Items

 

 

 

 

 

 

 

Performance Alloys and Composites

$

20.9

 

 

$

9.5

 

 

$

51.7

 

 

$

27.7

 

Advanced Materials

9.3

 

 

5.8

 

 

26.5

 

 

16.2

 

Precision Optics

3.3

 

 

3.3

 

 

10.9

 

 

6.9

 

Other

(6.9)

 

 

(5.6)

 

 

(21.6)

 

 

(16.9)

 

Total

$

26.6

 

 

$

13.0

 

 

$

67.5

 

 

$

33.9

 

 

 

 

 

 

 

 

 

Non-Operating (Income) Expense

 

 

 

 

 

 

 

Performance Alloys and Composites

$

0.1

 

 

$

0.2

 

 

$

0.4

 

 

$

0.5

 

Advanced Materials

0.1

 

 

 

 

0.1

 

 

 

Precision Optics

(0.2)

 

 

(0.2)

 

 

(0.6)

 

 

(0.2)

 

Other

(1.2)

 

 

(1.1)

 

 

(3.7)

 

 

(3.2)

 

Total

$

(1.2)

 

 

$

(1.1)

 

 

$

(3.8)

 

 

$

(2.9)

 

 

 

 

 

 

 

 

 

EBIT Excluding Special Items

 

 

 

 

 

 

 

Performance Alloys and Composites

$

20.8

 

 

$

9.3

 

 

$

51.3

 

 

$

27.2

 

Advanced Materials

9.2

 

 

5.8

 

 

26.4

 

 

16.2

 

Precision Optics

3.5

 

 

3.5

 

 

11.5

 

 

7.1

 

Other

(5.7)

 

 

(4.5)

 

 

(17.9)

 

 

(13.7)

 

Total

$

27.8

 

 

$

14.1

 

 

$

71.3

 

 

$

36.8

 

*Prior periods have been adjusted to reflect the change in inventory method, as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.

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 metal prices. The dollar amount of gross margin and operating profit is not affected by the value-added sales calculation. During the first quarter of 2021, the Company added ruthenium, iridium, rhodium, rhenium, and osmium to its definition of value-added sales as the costs of these materials are treated as pass-through. Prior period value-added sales amounts have been recast to reflect this change. 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

(Unaudited)

 

 

Third Quarter Ended

 

Nine Months Ended

(Millions except per share amounts)

October 1, 2021

 

September 25,
2020*

 

October 1, 2021

 

September 25,
2020*

GAAP as Reported

 

 

 

 

 

 

 

Net sales

$

388.0

 

 

$

287.2

 

 

$

1,113.4

 

 

$

836.6

 

Operating profit

21.2

 

 

(0.6)

 

 

61.6

 

 

1.4

 

Non-operating income

(1.2)

 

 

(1.1)

 

 

(3.8)

 

 

(2.9)

 

Net income

18.2

 

 

5.5

 

 

52.8

 

 

7.4

 

Shares outstanding - Diluted

20,657

 

 

20,592

 

 

20,659

 

 

20,595

 

EPS - Diluted

$

0.88

 

 

$

0.27

 

 

$

2.56

 

 

$

0.36

 

 

 

 

 

 

 

 

 

Operating Profit Special Items

 

 

 

 

 

 

 

Impairment charges

$

 

 

$

 

 

$

 

 

$

10.8

 

Mine development costs

 

 

7.3

 

 

 

 

7.3

 

Forfeiture of non-cash stock-based compensation

 

 

 

 

 

 

(1.5)

 

Non-cash inventory adjustment

 

 

(1.5)

 

 

 

 

1.3

 

Cost reduction initiatives

 

 

2.6

 

 

0.4

 

 

7.2

 

COVID-19 related costs

 

 

0.8

 

 

 

 

3.7

 

Merger and acquisition costs

5.4

 

 

5.5

 

 

5.5

 

 

7.0

 

Foreign currency hedge gain

 

 

(1.1)

 

 

 

 

(3.3)

 

Total Operating Profit Special Items

$

5.4

 

 

$

13.6

 

 

$

5.9

 

 

$

32.5

 

Operating Profit Special Items - net of tax

$

4.1

 

 

$

10.6

 

 

$

4.5

 

 

$

25.1

 

Tax Special Items

$

0.4

 

 

$

(5.8)

 

 

$

0.1

 

 

$

(5.1)

 

Special items per diluted share

$

0.22

 

 

$

0.23

 

 

$

0.22

 

 

$

0.97

 

 

 

 

 

 

 

 

 

Non-GAAP Measures - Adjusted Profitability

 

 

 

 

 

 

 

Value-added (VA) sales

$

215.8

 

 

$

164.9

 

 

$

622.3

 

 

$

477.9

 

Operating profit

26.6

 

 

13.0

 

 

67.5

 

 

33.9

 

Operating profit % of VA

12.3

%

 

7.9

%

 

10.8

%

 

7.1

%

EBIT

27.8

 

 

14.1

 

 

71.3

 

 

36.8

 

EBIT % of VA

12.9

%

 

8.6

%

 

11.5

%

 

7.7

%

Net income

22.7

 

 

10.3

 

 

57.4

 

 

27.4

 

EPS - Diluted

$

1.10

 

 

$

0.50

 

 

$

2.78

 

 

$

1.33

 

*Prior periods have been adjusted to reflect the change in inventory method, as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.

In addition to presenting financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), this earnings release contains financial measures, including operating profit, segment operating profit, earnings before interest and taxes (EBIT), 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 non-cash impairment charges, non-cash inventory adjustments, cost reduction initiatives (i.e., severance), COVID-19 related costs, merger and acquisition costs, certain foreign currency hedge gains, and certain discrete income tax items from the applicable GAAP financial 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.

Contacts

Investor Contact:
John Zaranec
(216) 383-4010
john.zaranec@materion.com

Media Contact:
Shannon Bennett
(216) 383-4094
shannon.bennett@materion.com

https://materion.com
Mayfield Hts-g

Contacts

Investor Contact:
John Zaranec
(216) 383-4010
john.zaranec@materion.com

Media Contact:
Shannon Bennett
(216) 383-4094
shannon.bennett@materion.com

https://materion.com
Mayfield Hts-g