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Materion Corp (MTRN) SEC Filing 10-Q Quarterly Report for the period ending Friday, April 1, 2022

Materion Corp

CIK: 1104657 Ticker: MTRN
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Materion Corporation Reports Record Quarterly Results and
Raises Full Year 2022 Outlook
MAYFIELD HEIGHTS, Ohio – April 28, 2022 - Materion Corporation (NYSE: MTRN) today reported first quarter financial results, provided updated 2022 earnings guidance, and shared an update on key strategic initiatives.
First Quarter 2022 Highlights
Net sales were $449.0 million; value-added sales increased year over year to a record $266.8 million, up 34%
Operating profit was $19.6 million; adjusted earnings before interest, taxes, depreciation, depletion and amortization (EBITDA) was a record at $44.6 million, an increase of 49% and 160-basis point margin expansion year over year
Net income of $0.68 per share, diluted; record adjusted earnings per share (EPS) of $1.20, up 38% year over year; adjusted EPS with acquisition amortization of $1.08, up 32% versus prior year
Awarded significant expansion of precision clad strip business with approximately $40 million up-front customer investment
“I’m extremely proud of our talented team for continuing the momentum with a strong start to 2022, delivering another record quarter, meeting strong end market demand and realizing the benefits of organic outgrowth initiatives and strategic acquisitions,” Jugal Vijayvargiya, Materion President & Chief Executive Officer said. “With our sharp focus on operational excellence and pricing, we were able to deliver record sales and earnings, despite the inflationary environment and other challenges persisting in recent months.”
“We are accelerating our transformation into a leading provider of advanced materials solutions with the first full quarter of sales from the HCS-Electronic Materials acquisition delivering exceptional growth in the fast-growing semiconductor market,” Vijayvargiya continued. “Our broad organic initiatives continue to ramp meaningfully, also contributing strong growth in the quarter, and building solid demand for the future. Our customer-funded precision clad strip plant is nearly complete and on track to contribute meaningfully to our second half results. With the substantial progress so far and exceptional support our team has provided, the customer has made the decision to significantly expand capacity with us and further invest approximately $40 million in our new facility. This award underscores the confidence our customers have in us to support their continued growth and affirms our role as a critical partner in the development of innovative solutions for their most important technical challenges.”
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The following information was filed by Materion Corp (MTRN) on Thursday, April 28, 2022 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

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Income (Unaudited)
Consolidated Statements Of Shareholders' Equity (Unaudited)
Consolidated Statements Of Shareholders' Equity (Unaudited) (Parenthetical)
Accounting Policies
Accounting Policies (Policies)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Detail)
Accumulated Other Comprehensive Income (Loss) (Tables)
Acquisition
Acquisition - Additional Information (Details)
Acquisition - Finite-Lived And Indefinite-Lived Intangible Assets Acquired As Part Of Business Combination (Details)
Acquisition - Pro Forma Information (Details)
Acquisition - Schedule Of Business Acquisitions, By Acquisition (Details)
Acquisitions (Tables)
Contingencies
Contingencies (Detail)
Customer Prepayments
Customer Prepayments (Details)
Debt
Debt (Tables)
Debt - Additional Information (Details)
Debt - Schedule Of Long-Term Debt Instruments (Details)
Derivative Instruments And Hedging Activity
Derivative Instruments And Hedging Activity (Tables)
Derivative Instruments And Hedging Activity - Additional Information (Details)
Derivative Instruments And Hedging Activity - Derivative Instruments Non-Hedging (Details)
Derivative Instruments And Hedging Activity - Derivative Instruments, Gain (Loss) (Details)
Derivative Instruments And Hedging Activity - Fair Value Measurements, Recurring And Nonrecurring (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Details)
Earnings Per Share - Schedule Of Earnings Per Share, Basic And Diluted (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Detail)
Fair Value Of Financial Instruments (Tables)
Income Taxes
Income Taxes (Details)
Inventories
Inventories (Tables)
Inventories - Additional Information (Details)
Inventories - Summary Of Inventories (Detail)
Other-Net
Other-Net (Detail)
Other-Net (Tables)
Pensions And Other Post-Employment Benefits
Pensions And Other Post-Employment Benefits (Detail)
Pensions And Other Post-Employment Benefits (Tables)
Revenue Recognition
Revenue Recognition (Details)
Revenue Recognition (Tables)
Revenue Recognition - Additional Information (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Disaggregation Of Revenue (Details)
Segment Reporting - Schedule Of Segment Reporting Information (Detail)
Stock-Based Compensation Expense
Stock-Based Compensation Expense (Tables)
Stock-Based Compensation Expense - Additional Information (Details)
Stock-Based Compensation Expense - Schedule Of Share Based Payment Award Sars Valuation Assumptions (Detail)
Ticker: MTRN
CIK: 1104657
Form Type: 10-Q Quarterly Report
Accession Number: 0001104657-22-000073
Submitted to the SEC: Thu Apr 28 2022 3:26:14 PM EST
Accepted by the SEC: Thu Apr 28 2022
Period: Friday, April 1, 2022
Industry: Metal Forgings And Stampings

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