Materion Corporation (NYSE:MTRN) today reported first quarter financial results.
- First quarter 2014 GAAP earnings were $0.35 per share. Excluding costs associated with the previously announced facility closing and a benefit from the sale of related assets, first quarter adjusted earnings were $0.29 per share, exceeding the previously provided guidance of $0.20 to $0.25 per share
- Net sales were $258.9 million, which compares to sales of $299.2 million in the first quarter of 2013. Value-added sales for the first quarter of 2014 were $144.9 million, compared to value-added sales of $151.3 million for the first quarter of the prior year. The decline in value-added sales is due to destocking in the automotive electronics market, continued defense sequestration and weather-related and other factors
- Early in the second quarter, the Company reached a settlement with its insurance carrier related to its claim for the silver theft at its Albuquerque, New Mexico facility. A cash settlement of $6.8 million will favorably affect second quarter earnings
- Excluding the benefit of the aforementioned sale of assets and insurance recovery, the Company, at this time, is confirming its previously announced earnings range for the full-year 2014 of $1.75 to $1.95 per share
FIRST QUARTER 2014 RESULTS
Sales for the first quarter were $258.9 million, compared to sales of $299.2 million for the first quarter of 2013. Value-added sales (sales less pass-through metals as defined in Attachment 4) for the first quarter were $144.9 million, compared to value-added sales of $151.3 million for the first quarter of 2013. A portion of the decline in the first quarter sales is due to the timing of hydroxide shipments and weather-related facility shutdowns. Also contributing to the sales decline was destocking in the automotive electronics market. Value-added sales were lower in the industrial components, medical, telecommunications infrastructure and defense markets and higher in the consumer electronics and energy markets.