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Materion Corp (MTRN) SEC Filing 10-Q Quarterly report for the period ending Friday, September 25, 2020

Materion Corp

CIK: 1104657 Ticker: MTRN


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NEWS RELEASE

MAYFIELD HEIGHTS, Ohio – October 22, 2020 - Materion Corporation (NYSE: MTRN) today reported third quarter 2020 financial results and provided an update on key strategic initiatives.

Net sales were $287.2 million compared to $271.5 million in the second quarter; value-added sales increased 4% sequentially to $167.5 million

Net income of $0.32 per share, diluted, consistent with the second quarter; adjusted earnings of $0.55 per share, up 12% vs. the second quarter

Transformative acquisition of Optics Balzers completed to create a global industry leader in optical thin film coating solutions; integration activities progressing as planned

Significant new customer opportunity for precision clad engineered strip product remains on schedule
“The health and safety of our people remains top priority during these challenging times, and we continue to follow all recommended guidelines and take the precautions necessary to protect our people,” stated Jugal Vijayvargiya, President and Chief Executive Officer.

Mr. Vijayvargiya continued, “Despite the ongoing challenges amid the COVID-19 pandemic, we delivered sequential earnings growth and continued to execute on our significant growth opportunities. We completed the acquisition of Optics Balzers and integration is proceeding as planned. The significant precision clad engineered strip product opportunity which we previously announced continues to progress and will be a meaningful driver of organic growth. To date, we have received $45.1 million of prepayments from the customer, and we remain on the schedule previously communicated.”

THIRD QUARTER 2020 RESULTS

Net sales for the third quarter of 2020 were $287.2 million, compared to $306.0 million in the prior year third quarter. Third quarter value-added sales of $167.5 million were up 4% from the second quarter of 2020 and down 11% versus the prior year third quarter. On a sequential basis, sales from Optics Balzers and stronger performance in the semiconductor end market were partially offset by end markets significantly impacted by the COVID-19 pandemic, including aerospace and industrial, and lower raw material hydroxide sales.

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The following information was filed by Materion Corp (MTRN) on Thursday, October 22, 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 Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
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Materion Corp provided additional information to their SEC Filing as exhibits

Ticker: MTRN
CIK: 1104657
Form Type: 10-Q Quarterly Report
Accession Number: 0001104657-20-000117
Submitted to the SEC: Thu Oct 22 2020 11:00:15 AM EST
Accepted by the SEC: Thu Oct 22 2020
Period: Friday, September 25, 2020
Industry: Metal Forgings And Stampings

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