Materion Corp (MTRN) Reports Record Third Quarter 2023 Results
Materion Corp (NYSE:MTRN) reported net sales of $403.1 million in Q3 2023, with value-added sales amounting to $270.5 million.
The company achieved a record Q3 net income of $1.27 per share, and adjusted earnings of $1.51 per share.
Operating profit for the quarter was $36.5 million, a significant increase from $29.1 million in the prior year.
Materion Corp (NYSE:MTRN) affirmed its full-year earnings outlook midpoint of $5.80 per share, a 10% increase year over year.
On November 1, 2023, Materion Corp (NYSE:MTRN) released its third-quarter financial results, reporting record earnings and affirming the midpoint of the 2023 earnings guidance. The company's net sales for the quarter were $403.1 million, while value-added sales were $270.5 million. The operating profit for the quarter was $36.5 million, a significant increase from $29.1 million in the prior year.
Financial Performance Highlights
Materion Corp (NYSE:MTRN) reported a strong third quarter operating profit of $36.5 million, compared to $29.1 million in the prior year. The company also achieved a record third quarter adjusted EBITDA of $55.4 million, an increase of 14% from $48.8 million in the prior year. The net income for the quarter was $26.6 million, or $1.27 per diluted share, compared to net income of $20.0 million, or $0.96 per diluted share in the prior year period.
Company's Growth Highlights
The company announced multiple new opportunities in space & defense, accelerating the organic growth pipeline. It also outperformed the adjusted EBITDA margin target of 20% for the second consecutive quarter and delivered the twelfth consecutive quarter of adjusted EBITDA and adjusted EPS growth.
Financial Statements Summary
The company's consolidated balance sheets showed total assets of $1,748.6 million as of September 29, 2023, compared to $1,691.9 million as of December 31, 2022. The total liabilities and shareholders' equity also increased to $1,748.6 million from $1,691.9 million over the same period.
The consolidated statements of cash flows showed net cash provided by operating activities of $84.5 million for the nine months ended September 29, 2023. The net cash used in investing activities was $94.2 million, while net cash provided by financing activities was $13.7 million.
Outlook
Despite the slower than expected market recovery, Materion Corp (NYSE:MTRN) remains confident in its ability to execute and deliver another year of record results. The company is narrowing the range and affirming the midpoint of its full-year adjusted earnings per share guidance in the range of $5.70 to $5.90, an increase of 10% at the midpoint versus the prior year.
Explore the complete 8-K earnings release (here) from Materion Corp for further details.
This article first appeared on GuruFocus.
