Materion Corp (MTRN) SEC Filing 10-Q Quarterly report for the period ending Friday, March 27, 2020

Earnings Press Release
10-Q Quarterly Report
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Materion Corp
Ticker: MTRN CIK: 1104657

NEWS RELEASE

MATERION CORPORATION REPORTS FIRST QUARTER 2020 FINANCIAL RESULTS

MAYFIELD HEIGHTS, Ohio - April 23, 2020 - Materion Corporation (NYSE:MTRN) today reported first quarter 2020 financial results and progress on key strategic initiatives.


•	Net sales were $277.9 million; value-added sales were $158.7 million


•	Net loss of $0.15 per share, diluted; adjusted earnings of $0.43 per share


•	Record first quarter cash level of $107.6 million


•	Entered into a business arrangement with a large, new customer for future product supply


•	Announcing intent to sell Large Area Coatings business to continue portfolio optimization


•	Closing two facilities to further reduce structural cost

“We are well-positioned to manage the unprecedented market challenges and uncertainty due to the COVID-19 pandemic. Our number one priority continues to be the health and safety of our people, and we are taking all necessary precautions,” stated Jugal Vijayvargiya, President and Chief Executive Officer. “At the same time, we are continuing to operate all of our manufacturing facilities in support of essential industries and are aggressively managing the cost structure to align with market demand. We have more than adequate liquidity to operate in this difficult environment.”

Jugal Vijayvargiya continued, “Despite the challenging economic environment, we executed on three significant strategic actions during the quarter, the most exciting being a significant business relationship with a large global customer for precision clad engineered strip product. Secondly, we announced the planned sale of the Large Area Coatings (LAC) business as part of our strategic focus to align the portfolio to drive sustainable profitable growth. And finally, we initiated actions to close two facilities and consolidate the business within an existing facility to further drive down

The following information was filed by Materion Corp (MTRN) on Thursday, April 23, 2020 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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