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Materion Corp (MTRN) SEC Filing 10-Q Quarterly Report for the period ending Friday, April 2, 2021

Materion Corp

CIK: 1104657 Ticker: MTRN
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MATERION CORPORATION REPORTS STRONG FIRST QUARTER FINANCIAL RESULTS AND PROVIDES SECOND QUARTER AND FULL YEAR 2021 EARNINGS GUIDANCE

MAYFIELD HEIGHTS, Ohio – April 29, 2021 - Materion Corporation (NYSE: MTRN) today reported first quarter financial results and provided second quarter and full year 2021 earnings guidance.

First Quarter 2021 Highlights

•    Net sales were $354.4 million compared to $277.9 million in the prior year period; value-added sales increased 29% year on year to a record $198.6 million for the quarter

•    Operating profit of $19.7 million; adjusted earnings before interest and tax expense (EBIT) was $21.4 million, or 10.8% of value-added sales, compared to $9.9 million in the prior year period

•    Net income of $0.81 per share, diluted; adjusted earnings of $0.82 per share, up from $0.39 in the prior year period

•    Customer funded precision clad engineered strip project remains on track; completed second quarter of shipments from existing facility

“I am pleased with our start to 2021, delivering a very strong quarter as we continue to manage through the pandemic. Our team is motivated and energized to serve our customers and return to pre-pandemic levels of performance, as demonstrated by our first quarter results.” said Jugal Vijayvargiya, President and Chief Executive Officer.

Mr. Vijayvargiya continued, “Many of our end markets are expanding, our Optics Balzers acquisition is performing well, and our organic investments are contributing, resulting in strong top line growth expectations for the full year. We continue to focus on building a robust pipeline of opportunities that will create value for our shareholders in the near, medium and longer term.”
FIRST QUARTER 2021 RESULTS

Net sales for the first quarter of 2021 were $354.4 million, compared to $277.9 million in the prior year period. Value-added sales were a quarterly record of $198.6 million, up 29% from the prior year quarter. Strong performance across several key end markets, including semiconductor, automotive and industrial drove the value-added sales growth and more than offset weakness in the energy end market and reduced sales related to the closure of our LAC
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The following information was filed by Materion Corp (MTRN) on Thursday, April 29, 2021 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:

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Inside this 10-Q Quarterly Report

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Ticker: MTRN
CIK: 1104657
Form Type: 10-Q Quarterly Report
Accession Number: 0001104657-21-000044
Submitted to the SEC: Thu Apr 29 2021 12:46:27 PM EST
Accepted by the SEC: Thu Apr 29 2021
Period: Friday, April 2, 2021
Industry: Metal Forgings And Stampings

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