MATERION CORPORATION REPORTS RECORD FIRST QUARTER 2019 FINANCIAL RESULTS AND RAISES FULL-YEAR 2019 EARNINGS GUIDANCE
MAYFIELD HEIGHTS, Ohio - May 2, 2019 - Materion Corporation (NYSE:MTRN) today reported first quarter 2019 financial results.
First Quarter 2019 Results
Net sales were $301.4 million; value-added sales increased 4% to a first quarter record of $187.7 million
Operating profit was a record $21.4 million, or 11.4% of value-added sales, the ninth consecutive quarterly year-over-year increase
Diluted earnings per share were a record $0.82, up 61% year-over-year
The Company is raising its full-year 2019 adjusted earnings guidance to $2.80 to $3.00 per share, diluted; a 22% increase over prior year earnings
“Our momentum continued in the first quarter as we delivered record earnings and the ninth consecutive quarter of year-over-year value-added sales and profit growth,” stated Jugal Vijayvargiya, President and Chief Executive Officer. “We remain intently focused on our multi-pillar strategy to consistently deliver profitable growth. Based on our first quarter performance and outlook, we are raising our full-year 2019 adjusted earnings guidance range to reflect a 22% year-over-year increase in earnings.”
FIRST QUARTER 2019 RESULTS
Net sales for the first quarter of 2019 were $301.4 million, compared to $303.5 million for the prior year. Value-added sales of $187.7 million were a first quarter record, up 4% from the prior year. Strong commercial execution particularly in the defense, energy, and telecom infrastructure end markets drove the value-added sales growth and more than offset weakness in consumer electronics.
The following information was filed by Materion Corp (MTRN) on Thursday, May 2, 2019 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-Q Quarterly 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-Q Quarterly Report Accession Number: 0001104657-19-000039 Submitted to the SEC: Thu May 02 2019 8:06:25 AM EST Accepted by the SEC: Thu May 02 2019 Period: Friday, March 29, 2019 Industry: Metal Forgings And Stampings