Materion Corp (MTRN) 10-Q Quarterly Report Thu Apr 23 2020

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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Inside Materion Corp's 10-Q Quarterly Report:

Financial - Expense Highlight
The decrease in corporate costs in the first quarter of 2020, compared to the first quarter of 2019, is primarily related to lower variable compensation expense.

Financial - Shares Highlight
The increase in cash used is primarily due to the repurchase of 158,000 of our common shares for $6.8 million in the first quarter of 2020.
Financial - Expense Highlight
The decrease in SG&A expense for the first quarter of 2020 was primarily driven by lower variable compensation expense.
Financial - Income Highlight
The effective tax rate for the first quarter of 2020 included discrete income tax expense of $0.2 million, primarily related to $0.7 million of tax expense from an impairment of goodwill and $0.4 million of tax benefit related to excess tax benefits from stock-based compensation awards.
Revenue - Product Highlight
The increase was primarily driven by improved value-added sales into the semiconductor end market.
Revenue - Product
Assets and liabilities classified as...Read more
Financial - Earnings
Gross margin expressed as a...Read more
Financial - Expense
Other-net was $2.3 million of...Read more
Revenue - Product
Value-added sales of $59.2 million...Read more
Financial - Income
The effective tax rate for...Read more
Revenue - Product
The decrease was due to...Read more
Financial - Expense
In each subsequent reporting period...Read more
Other - Other
In January 2014, our Board...Read more
Financial - Earnings
Decreased operating profit in the...Read more
Other - Other
Net cash used in investing...Read more
Other - Other
The effective tax rate for...Read more
Revenue - Product
The change in precious metal...Read more
Financial - Expense
Corporate costs of $4.5 million...Read more
Financial - Cash Flow
We believe cash flow from...Read more
Revenue - Product
The operating loss was driven...Read more
Financial - Earnings
Gross margin in the first...Read more
Financial - Debt
A summary of key data...Read more
Financial - Earnings
The decrease in operating profit...Read more
Revenue - Product
The decrease in value-added sales...Read more
Financial - Income
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Financial - Cash Flow
Cash flows provided by accounts...Read more
Revenue - Product
Net sales from the Advanced...Read more
Revenue - Product
Value-added sales allow management to...Read more
Revenue - Product
Net sales from the Precision...Read more
Financial - Cash Flow
Cash flows used for accounts...Read more
Other - Other
The effective tax rate for...Read more
Revenue - Product
Three-month trailing days sales outstanding...Read more
Financial - Expense
The Other reportable segment includes...Read more
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Financial - Shares
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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Materion Corp provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 10.2: Material Contract

Exhibit 10.3: Material Contract

Exhibit 10.4: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Exhibit 95: Exhibit 95

Ticker: MTRN
CIK: 1104657
Form Type: 10-Q Quarterly Report
Accession Number: 0001104657-20-000043
Submitted to the SEC: Thu Apr 23 2020 11:47:14 AM EST
Accepted by the SEC: Thu Apr 23 2020
Period: Friday, March 27, 2020
Industry: Metal Forgings And Stampings