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Materion Corporation Reports Second Quarter Financial Results

Stocks in this article: MTRN

Materion Corporation (NYSE:MTRN) today reported second quarter 2013 results.


  • Net sales of $306.1 million, down 6% from $325.1 million in the second quarter 2012; value-added sales (sales less the cost of pass-through metals) of $159.3 million, up 3% from the prior-year quarter and up 5% from the first quarter 2013
  • Earnings per share of $0.43 on net income of $8.9 million; above expectations; a 12% improvement from the prior-year quarter and up 31% sequentially from the first quarter 2013
  • Gross margin as a percent of sales was 17% in the second quarter of 2013 compared to 16% in the same quarter of 2012. Gross margin as a percent of value-added sales was 33.1%, down 1.2% compared to the second quarter of 2012 but up 1.2% sequentially compared to the first quarter of 2013
  • Operating profit as a percent of sales was 4.4% for the second quarter of 2013, compared to 3.8% in the second quarter of 2012. Operating profit as a percent of value-added sales of 8.4% was up slightly compared to 8.0% for the second quarter of 2012 and up 2.1% compared to 6.3% in the first quarter of 2013
  • Production at the beryllium pebble plant was the highest since start-up. The Beryllium and Composites segment turned a profit for the first time since the third quarter of 2011
  • The Company is adjusting its previously announced $1.75 to $2.00 per share earnings range for the year to $1.65 to $1.85 per share


The cost of gold, silver, platinum, palladium and copper are typically passed through to customers and, therefore, reported sales, but not necessarily reported margin dollars, can be affected by movements in metal prices. Internally, we manage our business on a value-added sales basis. Value-added sales is a non-GAAP measure that deducts these pass-through metals from sales and removes the potential distortion in business levels and profit margin percentages caused by differences in metal values sold. The Company began reporting value-added sales and margins in the first quarter of 2013. The Company believes that this is informative to the investor and provides a better understanding of our business.

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