Materion Corp. (MTRN) Tops Q3 EPS by 4c, Revenues Beat

Materion Corp. (NYSE: MTRN) reported Q3 EPS of $0.55, $0.04 better than the analyst estimate of $0.51. Revenue for the quarter came in at $287.2 million versus the consensus estimate of $281.7 million.

• 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.”

For earnings history and earnings-related data on Materion Corp. (MTRN) click here.

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