Materion Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Raises Guidance for Full Year 2018; Provides Third Quarter Guidance
July 26, 2018 at 07:56 am EDT
Share
Materion Corporation announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported net sales of $309,085,000 compared to $295,842,000 a year ago. Operating profit was $15,192,000 compared to $10,102,000 a year ago. Income before income taxes was $14,088,000 compared to $9,039,000 a year ago. Net income was $11,144,000 compared to $7,313,000 a year ago. Diluted earnings per share was $0.54 compared to $0.36 a year ago. Non-GAAP sales was $189.9 million compared to $176.1 million a year ago. Non-GAAP operating profit was $15.2 million compared to $12.1 million a year ago. Non-GAAP net income was $11.1 million compared to $8.6 million a year ago. Non-GAAP EPS diluted was $0.54 compared to $0.42 a year ago.
For the six months, the company reported net sales of $612,552,000 compared to $536,511,000 a year ago. Operating profit was $28,443,000 compared to $13,789,000 a year ago. Income before income taxes was $26,167,000 compared to $11,966,000 a year ago. Net income was $21,708,000 compared to $10,363,000 a year ago. Diluted earnings per share was $1.05 compared to $0.51 a year ago. Net cash provided by operating activities was $29,304,000 compared to $303,000 a year ago. Payments for purchase of property, plant, and equipment was $17,153,000 compared to $11,252,000 a year ago. Non-GAAP sales was $371.2 million compared to $325.1 million a year ago. Non-GAAP operating profit was $29.2 million compared to $20.1 million a year ago. Non-GAAP net income was $21.7 million compared to $14.5 million a year ago. Non-GAAP EPS diluted was $1.05 compared to $0.71 a year ago.
For the year 2018. The Company delivered favorable second quarter 2018 financial results for both top and bottom line, led by performance improvements, increased new product sales, and favorable end market demand. Based on these factors and current order entry levels, the company is raising full-year 2018 adjusted earnings guidance from $1.95 to $2.10 per share, diluted, to $2.00 to $2.15 per share. The midpoint of the revised guidance represents an approximate 21% increase from the prior year. For financial modeling purposes in 2018, capital spending should run approximately $30 million to $35 million. Mine development investments should be $5 million to $10 million. Annual depreciation and amortization should run approximately $35 million to $40 million. Effective tax rate continues to be in the range of 16% to 18%.
The company expects third quarter 2018 earnings to be comparable to second quarter 2018 earnings.
Materion Corporation provides advanced materials solutions for various industries, including semiconductor, industrial, aerospace and defense, energy and automotive. The Companyâs segments include Performance Materials, Electronic Materials, Precision Optics, and Other. Performance Materials segment provides advanced engineered solutions comprised of beryllium and non-beryllium containing alloy systems and custom engineered parts in strip, bulk, rod, plate, bar, tube, and other customized shapes produced at manufacturing facilities located throughout the United States and Europe. Electronic Materials segment produces advanced chemicals, microelectronics packaging, precious metal, non-precious metal, and specialty metal products, including vapor deposition targets, frame lid assemblies, clad and precious metal pre-forms, high temperature braze materials, and ultrapure wire. Precision Optics segment designs and produces precision thin film coatings, optical filters, and assemblies.
Materion Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Raises Guidance for Full Year 2018; Provides Third Quarter Guidance