MATERION CORPORATION REPORTS FOURTH QUARTER AND FULL-YEAR 2015 FINANCIAL RESULTS
MAYFIELD HEIGHTS, Ohio - February 18, 2016 - Materion Corporation (NYSE:MTRN) today reported fourth quarter and full-year 2015 financial results.
Fourth quarter 2015 GAAP earnings were $0.33 per share, diluted. Adjusted fourth quarter earnings were $0.36 per share, diluted, in line with Company expectations.
Full-year 2015 earnings were $1.58 per share, diluted. Adjusted earnings for 2015 were $1.60 per share, diluted, as compared to adjusted earnings per share of $1.67 in 2014.
Net sales for the fourth quarter of 2015 were $214.0 million. Value-added sales were $143.4 million, 14% below fourth quarter 2014 value-added sales.
Net sales for the full-year 2015 were $1.0 billion. Value-added sales were $617.2 million, 3% below 2014 value-added sales of $637.1 million.
Value-added sales in 2015 from new products totaled $71.9 million, a 13% increase over the prior-year new product sales.
FOURTH QUARTER 2015 RESULTS
Net sales for the fourth quarter of 2015 were $214.0 million, compared to net sales of $288.4 million for the fourth quarter of 2014. Value-added sales were $143.4 million, 14% below value-added sales of $167.0 million for the fourth quarter of 2014.
The year-over-year decrease in value-added sales in the fourth quarter of 2015 is due primarily to weaker demand from customers tied to oil and gas exploration and weaker demand from Asian markets. Changes in foreign exchange rates negatively impacted value-added sales by 1% compared to fourth quarter 2014. Partially offsetting these headwinds was sales growth in the defense market both year over year and sequentially.
Operating profit in the fourth quarter of 2015 was $8.1 million. Adjusted operating profit, which excludes non-recurring legacy environmental and other expenses, totaled $8.9 million in the fourth quarter of 2015, 38% below the prior-year fourth quarter adjusted operating profit of $14.4 million. The decreased profits resulted primarily from lower sales levels and unfavorable exchange rate impacts, which were only partially offset by foreign currency hedge gains and reduced performance-based compensation expense.
Net income for the fourth quarter of 2015 was $6.7 million, or $0.33 per share, diluted. This compares to net income of $12.3 million, or $0.60 per share, diluted, for the fourth quarter of the prior year. Excluding special items in both periods, adjusted earnings for the fourth quarter of 2015 were in line with Company expectations of $0.36 per share compared to $0.51 per share for the fourth quarter of 2014.
The following information was filed by Materion Corp (MTRN) on Thursday, February 18, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: MTRN CIK: 1104657 Form Type:10-K Annual Report Accession Number: 0001104657-16-000152 Submitted to the SEC: Thu Feb 25 2016 2:46:07 PM EST Accepted by the SEC: Thu Feb 25 2016 Period: Thursday, December 31, 2015 Industry: Metal Forgings And Stampings