Materion Corporation (NYSE: MTRN) today reported second quarter
financial results and affirmed 2023 earnings guidance.
Second Quarter 2023 Highlights
- Net sales were $398.6 million; value-added sales1 were roughly
flat year over year at $268.3 million
- Strong second quarter operating profit was $35.4 million;
record second quarter adjusted EBITDA2 of $55.5 million versus
$47.0 million in the prior year, an increase of 18%
- Second quarter records for both net income of $1.15 per share,
diluted, and adjusted earnings of $1.38 per share
- Affirmed adjusted earnings outlook of $5.60 - $6.00/share
Growth Highlights
- Outperformed midterm adjusted EBITDA target margin of 20%
- Delivered eleventh consecutive quarter of adjusted EBITDA and
EPS growth
- Robust pipeline of new customer projects positioning Materion
for sustainable long-term market outgrowth
“I am proud of our global team for delivering record second
quarter results despite significant softness in the semiconductor
market,” Jugal Vijayvargiya, Materion President and CEO said. “The
diversity of our portfolio combined with our proven operational
excellence track record contributed to our performance and further
demonstrated the underlying strength of our company.”
“Our deep technical expertise and strong customer partnerships
continue to yield fantastic new growth opportunities aligned with
compelling global megatrends, positioning us to continue to deliver
sustainable long-term market outgrowth.”
SECOND QUARTER 2023
RESULTS
Net sales for the quarter were $398.6 million, compared to
$445.3 million in the prior year period. Value-added sales were
$268.3 million for the quarter, roughly flat with prior year due to
the expected semiconductor demand softness, offset by strength in
aerospace & defense, telecom & data center and precision
clad strip.
Operating profit for the quarter was $35.4 million and net
income was $24.1 million, or $1.15 per diluted share, compared to
operating profit of $31.9 million and net income of $23.3 million,
or $1.12 per diluted share in the prior year period.
Excluding special items3 primarily related to the targeted cost
improvement initiatives, adjusted EBITDA was $55.5 million in the
quarter, compared to $47.0 million in the prior year period. The
increase was driven mainly by favorable price/mix, strong
operational performance and the benefit of cost improvement
initiatives.
Adjusted net income was $28.9 million excluding acquisition
amortization, or $1.38 per diluted share, an increase of 8%
compared to $1.28 per share in the prior year period.
OUTLOOK
With accelerating contributions from our organic pipeline, a
semiconductor recovery expected to start in the fourth quarter, and
the benefit of our targeted cost improvement initiatives, we remain
confident in our ability to execute and deliver another year of
record results. With that, we are affirming our adjusted earnings
per share guidance in the range of $5.60 to $6.00, an increase of
10% at the midpoint versus 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 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 2, 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 U.S. can dial (973) 528-0011; please reference
participant access code of 268050. A replay of the call will be
available until August 16, 2023 by dialing (877) 481-4010 or (919)
882-2331 if international; please reference replay ID number 46838.
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 3,700
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; 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 2022
Annual Report on Form 10-K.
Attachment 1
Materion Corporation and
Subsidiaries
Consolidated Statements of
Income
(Unaudited)
Second Quarter Ended
Six Months Ended
(In thousands except per share
amounts)
June 30, 2023
July 1, 2022
June 30, 2023
July 1, 2022
Net sales
$
398,551
$
445,295
$
841,076
$
894,340
Cost of sales
309,496
357,868
660,685
731,622
Gross margin
89,055
87,427
180,391
162,718
Selling, general, and administrative
expense
38,911
42,047
79,247
83,708
Research and development expense
7,154
7,592
14,776
14,666
Restructuring expense
1,454
—
2,118
1,076
Other — net
6,192
5,928
11,966
11,801
Operating profit
35,344
31,860
72,284
51,467
Other non-operating income—net
(726
)
(1,168
)
(1,456
)
(2,337
)
Interest expense — net
7,641
4,701
15,142
8,437
Income before income taxes
28,429
28,327
58,598
45,367
Income tax expense
4,347
5,072
8,928
8,093
Net income
$
24,082
$
23,255
$
49,670
$
37,274
Basic earnings per share:
Net income per share of common stock
$
1.17
$
1.13
$
2.41
$
1.82
Diluted earnings per share:
Net income per share of common stock
$
1.15
$
1.12
$
2.38
$
1.80
Weighted-average number of shares of
common stock outstanding:
Basic
20,625
20,517
20,596
20,491
Diluted
20,896
20,723
20,892
20,743
Attachment 2
Materion Corporation and
Subsidiaries
Consolidated Balance
Sheets
(Unaudited)
(Thousands)
June 30, 2023
December 31, 2022
Assets
Current assets
Cash and cash equivalents
$
16,574
$
13,101
Accounts receivable, net
188,166
215,211
Inventories, net
455,343
423,080
Prepaid and other current assets
37,750
39,056
Total current assets
697,833
690,448
Deferred income taxes
3,248
3,265
Property, plant, and equipment
1,232,787
1,209,205
Less allowances for depreciation,
depletion, and amortization
(739,670
)
(760,440
)
Property, plant, and equipment—net
493,117
448,765
Operating lease, right-of-use assets
60,207
64,249
Intangible assets, net
137,937
143,219
Other assets
25,140
22,535
Goodwill
320,229
319,498
Total Assets
$
1,737,711
$
1,691,979
Liabilities and Shareholders’
Equity
Current liabilities
Short-term debt
$
27,471
$
21,105
Accounts payable
123,862
107,899
Salaries and wages
21,552
35,543
Other liabilities and accrued items
42,501
54,993
Income taxes
2,558
3,928
Unearned revenue
15,306
15,496
Total current liabilities
233,250
238,964
Other long-term liabilities
13,658
12,181
Operating lease liabilities
55,951
59,055
Finance lease liabilities
13,824
13,876
Retirement and post-employment
benefits
20,591
20,422
Unearned income
111,598
107,736
Long-term income taxes
827
665
Deferred income taxes
28,156
28,214
Long-term debt
412,733
410,876
Shareholders’ equity
847,123
799,990
Total Liabilities and Shareholders’
Equity
$
1,737,711
$
1,691,979
Attachment 3
Materion Corporation and
Subsidiaries
Consolidated Statements of
Cash Flows
(Unaudited)
Six Months Ended
(Thousands)
June 30, 2023
July 1, 2022
Cash flows from operating activities:
Net income
$
49,670
$
37,274
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion, and
amortization
31,444
26,070
Amortization of deferred financing costs
in interest expense
855
780
Stock-based compensation expense
(non-cash)
5,042
3,694
Deferred income tax expense (benefit)
(166
)
1,966
Changes in assets and liabilities:
Accounts receivable
26,886
(2,566
)
Inventory
(36,451
)
(67,304
)
Prepaid and other current assets
1,210
(2,462
)
Accounts payable and accrued expenses
(10,583
)
8,897
Unearned revenue
(9,222
)
(141
)
Interest and taxes payable
(1,441
)
(1,765
)
Unearned income due to customer
prepayments
15,061
13,059
Other-net
(1,783
)
3,913
Net cash provided by operating
activities
70,522
21,415
Cash flows from investing activities:
Payments for purchase of property, plant,
and equipment
(59,469
)
(37,730
)
Payments for mine development
(3,617
)
—
Proceeds from sale of property, plant, and
equipment
409
105
Payments for acquisition, net of cash
acquired
—
(2,971
)
Net cash used in investing
activities
(62,677
)
(40,596
)
Cash flows from financing activities:
Proceeds from borrowings under credit
facilities, net
15,151
54,853
Repayment of long-term debt
(7,743
)
(7,177
)
Principal payments under finance lease
obligations
(1,117
)
(1,334
)
Cash dividends paid
(5,254
)
(5,112
)
Payments of withholding taxes for
stock-based compensation awards
(4,872
)
(2,812
)
Net cash provided by financing
activities
(3,835
)
38,418
Effects of exchange rate changes
(537
)
(1,524
)
Net change in cash and cash
equivalents
3,473
17,713
Cash and cash equivalents at beginning
of period
13,101
14,462
Cash and cash equivalents at end of
period
$
16,574
$
32,175
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 30, 2023
July 1, 2022
June 30, 2023
July 1, 2022
Net Sales
Performance Materials
$
182.8
$
154.9
$
369.8
$
304.5
Electronic Materials
190.7
261.0
419.5
531.8
Precision Optics
25.1
29.4
51.7
58.0
Total
$
398.6
$
445.3
$
841.0
$
894.3
Less: Pass-through Metal Cost
Performance Materials
$
17.2
$
20.9
$
36.2
$
41.4
Electronic Materials
113.1
155.2
238.0
323.8
Precision Optics
—
—
—
0.1
Other
—
0.4
—
1.1
Total
$
130.3
$
176.5
$
274.2
$
366.4
Value-added Sales (non-GAAP)
Performance Materials
$
165.6
$
134.0
$
333.6
$
263.1
Electronic Materials
77.6
105.8
181.5
208.0
Precision Optics
25.1
29.4
51.7
57.9
Other
—
(0.4
)
—
(1.1
)
Total
$
268.3
$
268.8
$
566.8
$
527.9
Gross Margin
Performance Materials(1)
$
54.5
$
39.0
$
108.7
$
76.3
Electronic Materials(1)
27.2
38.6
55.8
68.1
Precision Optics(1)
7.4
9.8
15.9
18.3
Other
—
—
—
—
Total
$
89.1
$
87.4
$
180.4
$
162.7
(1) See reconciliation of gross margin to
adjusted gross margin in Attachment 8
Second Quarter Ended
Six Months Ended
(Millions)
June 30, 2023
July 1, 2022
June 30, 2023
July 1, 2022
Operating Profit
Performance Materials
$
36.5
$
21.8
$
72.0
$
40.9
Electronic Materials
9.1
18.2
18.8
26.2
Precision Optics
(1.5
)
0.7
(1.9
)
—
Other
(8.7
)
(8.8
)
(16.6
)
(15.6
)
Total
$
35.4
$
31.9
$
72.3
$
51.5
Non-Operating (Income)/Expense
Performance Materials
$
0.1
$
0.1
$
0.2
$
0.3
Electronic Materials
—
—
—
—
Precision Optics
(0.2
)
(0.2
)
(0.4
)
(0.4
)
Other
(0.6
)
(1.1
)
(1.3
)
(2.2
)
Total
$
(0.7
)
$
(1.2
)
$
(1.5
)
$
(2.3
)
Depreciation, Depletion, and
Amortization
Performance Materials
$
8.5
$
5.5
$
15.9
$
11.4
Electronic Materials
4.3
4.2
8.6
8.3
Precision Optics
3.0
2.6
5.9
5.3
Other
0.5
0.6
1.0
1.1
Total
$
16.3
$
12.9
$
31.4
$
26.1
Segment EBITDA
Performance Materials
$
44.9
$
27.2
$
87.7
$
52.0
Electronic Materials
13.4
22.4
27.4
34.5
Precision Optics
1.7
3.5
4.4
5.7
Other
(7.6
)
(7.1
)
$
(14.3
)
(12.3
)
Total
$
52.4
46.0
105.2
$
79.9
Special Items(2)
Performance Materials
$
1.0
$
—
$
1.0
$
2.7
Electronic Materials
1.2
0.4
1.6
7.2
Precision Optics
0.9
0.1
1.1
0.3
Other
—
0.5
—
1.5
Total
$
3.1
$
1.0
$
3.7
$
11.7
Adjusted EBITDA Excluding Special
Items
Performance Materials
$
45.9
$
27.2
$
88.7
$
54.7
Electronic Materials
14.6
22.8
29.0
41.7
Precision Optics
2.6
3.6
5.5
6.0
Other
(7.6
)
(6.6
)
(14.3
)
(10.8
)
Total
$
55.5
$
47.0
$
108.9
$
91.6
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.
(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 30, 2023
% of VA
July 1, 2022
% of VA
June 30, 2023
% of VA
July 1, 2022
% of VA
Net sales
$
398.6
$
445.3
$
841.0
$
894.3
Pass-through metal cost
130.3
176.5
274.2
366.4
Value-added sales
$
268.3
$
268.8
$
566.8
$
527.9
Net income
$
24.1
9.0
%
$
23.3
8.7
%
$
49.7
8.8
%
$
37.3
7.1
%
Income tax expense
4.3
1.6
%
5.1
1.9
%
8.9
1.6
%
8.1
1.5
%
Interest expense - net
7.7
2.8
%
4.7
1.7
%
15.2
2.7
%
8.4
1.6
%
Depreciation, depletion and
amortization
16.3
6.1
%
12.9
4.8
%
31.4
5.5
%
26.1
4.9
%
Consolidated EBITDA
$
52.4
19.5
%
$
46.0
17.1
%
$
105.2
18.6
%
$
79.9
15.1
%
Special items
Restructuring and cost reduction
$
3.1
1.2
%
$
—
—
%
$
3.7
0.7
%
$
1.1
0.2
%
Merger and acquisition costs
—
—
%
1.0
0.4
%
—
—
%
10.6
2.0
%
Total special items
3.1
1.2
%
1.0
0.4
%
3.7
0.7
%
11.7
2.2
%
Adjusted EBITDA
$
55.5
20.7
%
$
47.0
17.5
%
$
108.9
19.2
%
$
91.6
17.4
%
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)
June 30, 2023
Diluted EPS
July 1, 2022
Diluted EPS
June 30, 2023
Diluted EPS
July 1, 2022
Diluted EPS
Net income and EPS
$
24.1
$
1.15
$
23.3
$
1.12
$
49.7
$
2.38
$
37.3
$
1.80
Special items
Restructuring and cost reduction
$
3.1
$
—
$
3.7
$
1.1
Merger and acquisition costs
—
1.0
—
10.6
Provision for income taxes(1)
(0.8
)
(0.3
)
(1.5
)
(2.6
)
Total special items
2.3
0.12
0.7
0.04
2.2
0.11
9.1
0.44
Adjusted net income and adjusted EPS
$
26.4
$
1.27
$
24.0
$
1.16
$
51.9
$
2.49
$
46.4
$
2.24
Acquisition amortization (net of tax)
2.5
0.11
2.4
0.12
4.9
0.23
4.9
0.23
Adjusted net income and adjusted EPS excl.
amortization
$
28.9
$
1.38
$
26.4
$
1.28
$
56.8
$
2.72
$
51.3
$
2.47
(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 30, 2023
% of VA
July 1, 2022
% of VA
June 30, 2023
% of VA
July 1, 2022
% of VA
Net sales
$
182.8
$
154.9
$
369.8
$
304.5
Pass-through metal cost
17.2
20.9
36.2
41.4
Value-added sales
$
165.6
$
134.0
$
333.6
$
263.1
EBITDA
$
44.9
27.1
%
$
27.2
20.3
%
$
87.7
26.3
%
$
52.0
19.8
%
Restructuring and cost reduction
1.0
0.6
%
—
—
%
1.0
0.3
%
—
—
%
Merger and acquisition costs
—
—
%
—
—
%
—
—
%
2.7
1.0
%
Adjusted EBITDA
$
45.9
27.7
%
$
27.2
20.3
%
$
88.7
26.6
%
$
54.7
20.8
%
Electronic Materials
Second Quarter Ended
Six Months Ended
(Millions)
June 30, 2023
% of VA
July 1, 2022
% of VA
June 30, 2023
% of VA
July 1, 2022
% of VA
Net sales
$
190.7
$
261.0
$
419.5
$
531.8
Pass-through metal cost
113.1
155.2
238.0
323.8
Value-added sales
$
77.6
$
105.8
$
181.5
$
208.0
EBITDA
$
13.4
17.3
%
$
22.4
21.2
%
$
27.4
15.1
%
$
34.5
16.6
%
Restructuring and cost reduction
1.2
1.5
%
—
—
%
1.6
0.9
%
0.8
0.4
%
Merger and acquisition costs
—
—
%
0.4
0.4
%
—
—
%
6.4
3.0
%
Adjusted EBITDA
$
14.6
18.8
%
$
22.8
21.6
%
$
29.0
16.0
%
$
41.7
20.0
%
Precision Optics
Second Quarter Ended
Six Months Ended
(Millions)
June 30, 2023
% of VA
July 1, 2022
% of VA
June 30, 2023
% of VA
July 1, 2022
% of VA
Net sales
$
25.1
$
29.4
$
51.7
$
58.0
Pass-through metal cost
—
—
—
0.1
Value-added sales
$
25.1
$
29.4
$
51.7
$
57.9
EBITDA
$
1.7
6.8
%
$
3.5
11.9
%
$
4.4
8.5
%
$
5.7
9.8
%
Restructuring and cost reduction
0.9
3.6
%
—
—
%
1.1
2.1
%
0.2
0.3
%
Merger and acquisition costs
—
—
%
0.1
0.3
%
—
—
%
0.1
0.2
%
Adjusted EBITDA
$
2.6
10.4
%
$
3.6
12.2
%
$
5.5
10.6
%
$
6.0
10.4
%
Other
Second Quarter Ended
Six Months Ended
(Millions)
June 30, 2023
% of VA
July 1, 2022
% of VA
June 30, 2023
% of VA
July 1, 2022
% of VA
EBITDA
$
(7.6
)
$
(7.1
)
$
(14.3
)
$
(12.3
)
Restructuring and cost reduction
—
—
—
0.1
Merger and acquisition costs
—
0.5
—
1.4
Adjusted EBITDA
$
(7.6
)
$
(6.6
)
$
(14.3
)
$
(10.8
)
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 30, 2023
July 1, 2022
June 30, 2023
July 1, 2022
Gross Margin
Performance Materials
$
54.5
$
39.0
$
108.7
$
76.3
Electronic Materials
27.2
38.6
55.8
68.1
Precision Optics
7.4
9.8
15.9
18.3
Other
—
—
—
—
Total
$
89.1
$
87.4
$
180.4
$
162.7
Special Items (1)
Performance Materials
$
0.7
$
—
$
0.7
$
2.6
Electronic Materials
0.6
—
0.6
5.0
Precision Optics
0.3
—
0.3
—
Other
—
—
—
—
Total
$
1.6
$
—
$
1.6
$
7.6
Adjusted Gross Margin
Performance Materials
$
55.2
$
39.0
$
109.4
$
78.9
Electronic Materials
27.8
38.6
56.4
73.1
Precision Optics
7.7
9.8
16.2
18.3
Other
—
—
—
—
Total
$
90.7
$
87.4
$
182.0
$
170.3
(1) Special items impacting gross margin
represent restructuring and cost reduction in 2023 and merger and
acquisition costs in 2022.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230801296625/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
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