>
-Sound Financial Bancorp, Inc. Q4 2022 Results-Farmers & Merchants Bancorp (FMCB) Reports Record Year-End 2022 Financial Results-IAA, Inc. Announces Fourth Quarter and Full Year 2022 Earnings Date-Whitestone REIT Announces Tax Characteristics of 2022 Distributions-Amplify ETFs Declares January Income Distributions for its Income ETFs-BankFinancial Corporation Reports Financial Results for 2022 and Will Host Conference Call and Webcast on Monday, January 30, 2023-FNCB Bancorp, Inc. Announces 2022 Net Income and Results of Operations and Authorization of Stock Repurchase Program-CORRECTION – Vanguard Announces Cash Distributions for the Vanguard ETFs-CORRECTION – Vanguard annonce les distributions de bénéfices en espèces pour les FNB Vanguard-KS Bancorp, Inc. (KSBI) Announces Fourth Quarter 2022 Financial Results and Cash Dividend-SBA Communications Corporation Announces Tax Reporting Information for 2022 Distributions-Signaux Girod : Mise à disposition du rapport annuel 2021/2022-Global Online Music Streaming Strategic Market Report 2023: Rise in Freemium Business Models by Online Music Streaming Services – ResearchAndMarkets.com-CREDIT AGRICOLE DU MORBIHAN : Activités et résultats au 31 décembre 2022-Georgia Music Partners Shares Bipartisan Study Findings-INFORMATION FINANCIERE ANNUELLE – RESULTATS AU 31 DECEMBRE 2022-Tikehau Capital: Disclosure of Shares Repurchases From 20 January 2023 to 26 January 2023-Debt Collection Software Market Revenue to Cross $6.06 Billion, Globally, by 2028 – Growth Study by The Insight Partners-5G Network and Tower Deployment Market Worth $17.78 Billion, Globally, by 2028 with 11.6% CAGR – Growth Report by The Insight Partners-Juniata Valley Financial Corp. Announces Fiscal Year and Fourth Quarter 2022 Results

Materion Corporation Reports Record Third Quarter Results and Updates Full Year 2022 Outlook

MAYFIELD HEIGHTS, Ohio–()–Materion Corporation (NYSE: MTRN), a world leader in high performance advanced materials, today reported record third quarter financial results, updated 2022 earnings guidance and shared an update on key strategic initiatives.

Third Quarter 2022 Highlights

  • Net sales were $428.2 million; value-added sales increased 35% year over year to a record $290.4 million
  • Operating profit was $29.1 million; adjusted earnings before interest, taxes, depreciation, depletion, and amortization (EBITDA) was a record $48.8 million
  • Net income of $0.96 per diluted share; adjusted earnings per share (EPS) of $1.31, an all-time record for the company

Accelerating Organic Outgrowth with Key Investments

  • Investment of $20M towards additional capacity and capabilities on track at Newton facility
  • Precision Clad Strip project achieved ‘Qualified Status’; ramp up proceeding
  • Construction has started on new facility for development of next-generation battery solutions
  • Molten Salt Purification Plant to produce Flibe for use in clean energy is progressing well

“I am extremely proud of our global team for making substantial progress on our many organic growth initiatives and for leading Materion to another record quarter of sales and earnings,” Jugal Vijayvargiya, Materion President and CEO said. “Although our bottom-line results fell short of our expectations due to some short-term headwinds and operational challenges, we are headed into the fourth quarter with good momentum. I remain confident that the benefit of our organic outgrowth efforts coupled with continued solid end market demand, will deliver even stronger results in the fourth quarter and position us well for 2023.”

THIRD QUARTER 2022 RESULTS

Net sales for the third quarter of 2022 were $428.2 million, compared to $388.0 million in the prior year period. Value-added sales of $290.4 million were a quarterly record, up 35% from the prior year. In addition to the benefit of the HCS-Electronic Materials acquisition, value-added sales were up 15% organically, excluding the impact of currency, driven by strong performance across several major end markets including semiconductor, industrial, aerospace and energy.

Operating profit for the third quarter was $29.1 million and net income was $20.0 million, or $0.96 per diluted share, compared to operating profit of $21.2 million and net income of $18.2 million, or $0.88 per diluted share in the prior year period.

Excluding special items, detailed in the attached tables, adjusted EBITDA was $48.8 million in the third quarter, another quarterly record for the company, compared to $41.2 million in the prior year. The increase was driven by higher volume and favorable pricing, partially offset by short term unmitigated tantalum costs, a weaker mix within semiconductor, and lower yields from a large Performance Materials facility.

Adjusted net income was $27.3 million excluding acquisition amortization, or $1.31 per diluted share, an increase of 14% compared to $1.15 per share in the prior year period.

OUTLOOK

While we continue to expect strong end market demand and growth from our strategic initiatives, we are updating the 2022 adjusted earnings per share guidance to the range of $5.15 to $5.25 to adjust for the impact of the aforementioned headwinds. This updated range represents a ~30% increase from the prior year at the midpoint.

ADJUSTED EARNINGS GUIDANCE

It is not possible for the Company to identify the amount or significance of future adjustments associated with potential insurance and litigation claims, legacy environmental costs, acquisition and integration costs, certain income tax items, or other non-routine costs that the Company adjusts in the presentation of adjusted earnings guidance. These items are dependent on future events that are not reasonably estimable at this time. Accordingly, the Company is unable to reconcile without unreasonable effort the forecasted range of adjusted earnings guidance for the full year to a comparable GAAP range. However, items excluded from the Company’s adjusted earnings guidance include the historical adjustments noted in Attachments 4 through 7 to this press release.

CONFERENCE CALL

Materion Corporation will host an investor conference call with analysts at 9:00 a.m. Eastern Time, November 2, 2022. The conference call will be available via webcast through the Company’s website at www.materion.com. By phone, please dial (888) 506-0062. Calls outside the U.S. can dial (973) 528-0011; please reference participant access code of 508461. A replay of the call will be available until November 16, 2022 by dialing (877) 481-4010 or (919) 882-2331 if international; please reference replay ID number 44235. The call will also be archived on the Company’s website.

FORWARD-LOOKING STATEMENTS

Portions of the narrative set forth in this document that are not statements of historical or current facts are forward-looking statements. Our actual future performance may materially differ from that contemplated by the forward-looking statements as a result of a variety of factors. These factors include, in addition to those mentioned elsewhere herein: our ability to achieve the strategic and other objectives related to the acquisition of HCS-Electronic Materials, including any expected synergies; our ability to successfully integrate the HCS-Electronic Materials business and other such acquisitions and achieve the expected results of the acquisition, the ultimate impact of the COVID-19 pandemic on our business, results of operations, financial condition, and liquidity; the global economy, including inflationary pressures, potential future recessionary conditions, and the impact of tariffs and trade agreements; the condition of the markets which we serve, whether defined geographically or by segment; changes in product mix and the financial condition of customers; our success in developing and introducing new products and new product ramp-up rates; our success in passing through the costs of raw materials to customers or otherwise mitigating fluctuating prices for those materials, including the impact of fluctuating prices on inventory values; our success implementing our strategic plans and the timely and successful completion and start-up of any capital projects; other financial and economic factors, including the cost and availability of raw materials (both base and precious metals), physical inventory valuations, metal consignment fees, tax rates, exchange rates, interest rates, pension costs and required cash contributions and other employee benefit costs, energy costs, regulatory compliance costs, the cost and availability of insurance, credit availability, and the impact of the Materion’s stock price on the cost of incentive compensation plans; the uncertainties related to the impact of war, terrorist activities, and acts of God; changes in government regulatory requirements and the enactment of new legislation that impacts our obligations and operations; the conclusion of pending litigation matters in accordance with our expectation that there will be no material adverse effects; the disruptions on operations from, and other effects of, catastrophic and other extraordinary events; and the risk factors set forth in Part 1, Item 1A of our 2021 Annual Report on Form 10-K.

Materion Corporation is headquartered in Mayfield Heights, Ohio. The Company, through its wholly owned subsidiaries, supplies highly engineered advanced enabling materials to global markets. Products include precious and non-precious specialty metals, inorganic chemicals and powders, specialty coatings, specialty engineered beryllium alloys, beryllium and beryllium composites, and engineered clad and plated metal systems.

 Attachment 1

Materion Corporation and Subsidiaries

Consolidated Statements of Income

(Unaudited)

 

Third Quarter Ended

Nine Months Ended

(In thousands except per share amounts)

September 30, 2022

October 1, 2021

September 30, 2022

October 1, 2021

Net sales

$

428,191

$

388,028

$

1,322,531

$

1,113,413

Cost of sales

345,448

313,715

1,077,070

902,723

Gross margin

82,743

74,313

245,461

210,690

Selling, general, and administrative expense

38,958

43,195

122,666

118,031

Research and development expense

7,430

6,354

22,096

19,164

Restructuring expense (income)

484

1,560

(378

)

Other — net

6,774

3,604

18,575

12,272

Operating profit

29,097

21,160

80,564

61,601

Other non-operating income—net

(1,175

)

(1,279

)

(3,512

)

(3,832

)

Interest expense — net

5,888

861

14,325

2,480

Income before income taxes

24,384

21,578

69,751

62,953

Income tax expense

4,432

3,422

12,525

10,162

Net income

$

19,952

$

18,156

$

57,226

$

52,791

Basic earnings per share:

Net income per share of common stock

$

0.97

$

0.89

$

2.79

$

2.59

Diluted earnings per share:

Net income per share of common stock

$

0.96

$

0.88

$

2.76

$

2.56

Weighted-average number of shares of common stock outstanding:

Basic

20,526

20,439

20,502

20,414

Diluted

20,780

20,657

20,756

20,659

 Attachment 2

Materion Corporation and Subsidiaries

Consolidated Balance Sheets

 

(Unaudited)

(Thousands)

September 30, 2022

December 31, 2021

Assets

Current assets

Cash and cash equivalents

$

20,682

$

14,462

Accounts receivable, net

238,975

223,553

Inventories, net

420,299

361,115

Prepaid and other current assets

29,708

28,122

Total current assets

709,664

627,252

Deferred income taxes

4,701

5,431

Property, plant, and equipment

1,173,073

1,132,223

Less allowances for depreciation, depletion, and amortization

(746,966

)

(723,248

)

Property, plant, and equipment—net

426,107

408,975

Operating lease, right-of-use assets

65,716

63,096

Intangible assets, net

145,089

156,736

Other assets

32,475

27,369

Goodwill

318,571

318,620

Total Assets

$

1,702,323

$

1,607,479

Liabilities and Shareholders’ Equity

Current liabilities

Short-term debt

$

19,747

$

15,359

Accounts payable

96,482

86,243

Salaries and wages

29,974

37,544

Other liabilities and accrued items

47,949

53,388

Income taxes

1,542

4,205

Unearned revenue

6,596

7,770

Total current liabilities

202,290

204,509

Other long-term liabilities

13,991

14,954

Operating lease liabilities

60,248

57,099

Finance lease liabilities

13,009

16,327

Retirement and post-employment benefits

29,421

33,394

Unearned income

110,723

97,962

Long-term income taxes

1,257

1,190

Deferred income taxes

30,427

27,216

Long-term debt

474,280

434,388

Shareholders’ equity

766,677

720,440

Total Liabilities and Shareholders’ Equity

$

1,702,323

$

1,607,479

 Attachment 3

Materion Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

 

Nine Months Ended

(Thousands)

September 30, 2022

October 1, 2021

Cash flows from operating activities:

Net income

$

57,226

$

52,791

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, depletion, and amortization

39,223

32,478

Amortization of deferred financing costs in interest expense

1,310

546

Stock-based compensation expense (non-cash)

5,997

4,924

Deferred income tax expense (benefit)

1,825

(263

)

Changes in assets and liabilities:

Accounts receivable

(20,964

)

(26,041

)

Inventory

(64,832

)

(62,353

)

Prepaid and other current assets

(3,019

)

(7,020

)

Accounts payable and accrued expenses

(1,785

)

35,314

Unearned revenue

(2,191

)

650

Interest and taxes payable

(1,741

)

(1,504

)

Unearned income due to customer prepayments

17,501

9,022

Other-net

5,654

1,974

Net cash provided by operating activities

34,204

40,518

Cash flows from investing activities:

Payments for purchase of property, plant, and equipment

(54,236

)

(77,640

)

Proceeds from sale of property, plant, and equipment

827

686

Payments for acquisition

(2,971

)

Net cash used in investing activities

(56,380

)

(76,954

)

Cash flows from financing activities:

Proceeds from borrowings under revolving credit agreement, net

49,092

43,010

Proceeds from issuance of debt

6,643

Repayment of long-term debt

(11,761

)

(1,803

)

Principal payments under finance lease obligations

(1,985

)

(2,152

)

Cash dividends paid

(7,584

)

(7,243

)

Payments of withholding taxes for stock-based compensation awards

(3,056

)

(3,033

)

Net cash provided by financing activities

31,349

28,779

Effects of exchange rate changes

(2,953

)

(212

)

Net change in cash and cash equivalents

6,220

(7,869

)

Cash and cash equivalents at beginning of period

14,462

25,878

Cash and cash equivalents at end of period

$

20,682

$

18,009

 Attachment 4

Materion Corporation and Subsidiaries

Reconciliation of Non-GAAP Measure – Value-added Sales, Operating Profit, and EBITDA

(Unaudited)

 

Third Quarter Ended

Nine Months Ended

(Millions)

September 30, 2022

October 1, 2021

September 30, 2022

October 1, 2021

Net Sales

Performance Materials(1)

$

169.4

$

136.1

$

473.9

$

375.5

Electronic Materials(1)

230.8

220.7

762.6

638.5

Precision Optics

28.0

31.2

86.0

99.4

Other

Total

$

428.2

$

388.0

$

1,322.5

$

1,113.4

Less: Pass-through Metal Cost

Performance Materials(1)

$

20.6

$

20.9

$

62.0

$

50.9

Electronic Materials(1)

116.9

151.0

424.7

439.0

Precision Optics

0.1

Other

0.3

0.3

1.3

1.2

Total

$

137.8

$

172.2

$

488.1

$

491.1

Value-added Sales (non-GAAP)

Performance Materials(1)

$

148.8

$

115.2

$

411.9

$

324.6

Electronic Materials(1)

113.9

69.7

337.9

199.5

Precision Optics

28.0

31.2

85.9

99.4

Other

(0.3

)

(0.3

)

(1.3

)

(1.2

)

Total

$

290.4

$

215.8

$

834.4

$

622.3

Gross Margin

Performance Materials(1)(2)

$

41.1

$

36.8

$

117.4

$

99.4

Electronic Materials(1)(2)

31.9

24.7

100.0

73.5

Precision Optics

9.8

12.7

28.1

38.5

Other

0.1

(0.7

)

Total(2)

$

82.8

$

74.3

$

245.5

$

210.7

(1)The Company changed two segment names during the first quarter of 2022: Performance Alloys and Composites became Performance Materials, and Advanced Materials became Electronic Materials. See further discussion in the Form 10-Q for the period ended April 1, 2022.

(2)Adjusted gross margin without special items impacting COGS for Performance Materials for the three months and nine months ended September 30, 2022 was $45.2 million and $124.1 million, respectively. Adjusted gross margin without special items impacting COGS for Electronic Materials for the nine months ended September 30, 2022 was $105.0 million. Consolidated adjusted gross margin without special items impacting COGS for the three months and nine months ended September 30, 2022 was $86.9 million and $257.2 million, respectively.

Note: Quarterly information presented within this document and previously disclosed quarterly information may not equal the total computed for the year due to rounding

Third Quarter Ended

Nine Months Ended

(Millions)

September 30, 2022

October 1, 2021

September 30, 2022

October 1, 2021

Operating Profit

Performance Materials

$

22.9

$

20.9

$

63.8

$

51.7

Electronic Materials

12.8

9.3

39.0

26.6

Precision Optics

0.8

3.3

0.8

10.5

Other

(7.4

)

(12.3

)

(23.0

)

(27.2

)

Total

$

29.1

$

21.2

$

80.6

$

61.6

Non-Operating (Income)/Expense

Performance Materials

$

0.1

$

0.2

$

0.4

$

0.4

Electronic Materials

0.1

0.1

Precision Optics

(0.2

)

(0.3

)

(0.6

)

(0.6

)

Other

(1.1

)

(1.2

)

(3.3

)

(3.7

)

Total

$

(1.2

)

$

(1.2

)

$

(3.5

)

$

(3.8

)

Depreciation, Depletion, and Amortization

Performance Materials

$

6.1

$

8.1

$

17.5

$

16.7

Electronic Materials

4.0

2.1

12.3

6.2

Precision Optics

2.6

2.7

7.9

8.2

Other

0.4

0.5

1.5

1.4

Total

$

13.1

$

13.4

$

39.2

$

32.5

Segment EBITDA

Performance Materials

$

28.9

$

28.8

$

80.9

$

68.0

Electronic Materials

16.8

11.3

51.3

32.7

Precision Optics

3.6

6.3

9.3

19.3

Other

(5.9

)

(10.6

)

(18.2

)

(22.1

)

Total

$

43.4

$

35.8

$

123.3

$

97.9

Special Items

Performance Materials

$

4.1

$

$

6.8

$

Electronic Materials

0.4

7.6

Precision Optics

0.4

0.1

0.7

0.5

Other

0.5

5.3

2.0

5.4

Total

$

5.4

$

5.4

$

17.1

$

5.9

Adjusted EBITDA Excluding Special Items

Performance Materials

$

33.0

$

28.8

$

87.7

$

68.0

Electronic Materials

17.2

11.3

58.9

32.7

Precision Optics

4.0

6.4

10.0

19.8

Other

(5.4

)

(5.3

)

(16.2

)

(16.7

)

Total

$

48.8

$

41.2

$

140.4

$

103.8

The cost of gold, silver, platinum, palladium, copper, ruthenium, iridium, rhodium, rhenium, and osmium is passed through to customers and, therefore, the trends and comparisons of net sales are affected by movements in the market price of these metals. Internally, management also reviews net sales on a value-added basis. Value-added sales is a non-GAAP financial measure that deducts the value of the pass-through metals sold from net sales. Value-added sales allows management to assess the impact of differences in net sales between periods or segments and analyze the resulting margins and profitability without the distortion of the movements in pass-through market metal prices. The dollar amount of gross margin and operating profit is not affected by the value-added sales calculation. The Company sells other metals and materials that are not considered direct pass throughs, and these costs are not deducted from net sales to calculate value-added sales.

The Company’s pricing policy is to pass the cost of these metals on to customers in order to mitigate the impact of price volatility on the Company’s results from operations. Value-added information is being presented since changes in metal prices may not directly impact profitability. It is the Company’s intent to allow users of the financial statements to review sales with and without the impact of the pass-through metals.

Attachment 5

Materion Corporation and Subsidiaries

Reconciliation of Net Sales to Value-added Sales, Net Income to EBITDA and Adjusted EBITDA

(Unaudited)

 

Third Quarter Ended

Nine Months Ended

(Millions)

September 30, 2022

% of VA

October 1, 2021

% of VA

September 30, 2022

% of VA

October 1, 2021

% of VA

Net sales

$

428.2

$

388.0

$

1,322.5

$

1,113.4

Pass-through metal cost

137.8

172.2

488.1

491.1

Value-added sales

$

290.4

$

215.8

$

834.4

$

622.3

Net income

$

20.0

6.9

%

18.1

8.4

%

$

57.2

6.9

%

$

52.8

8.5

%

Income tax expense

4.4

1.5

%

3.4

1.6

%

12.6

1.5

%

10.1

1.6

%

Interest expense – net

5.9

2.0

%

0.9

0.4

%

14.3

1.7

%

2.5

0.4

%

Depreciation, depletion and amortization

13.1

4.5

%

13.4

6.2

%

39.2

4.7

%

32.5

5.2

%

Consolidated EBITDA

$

43.4

14.9

%

$

35.8

16.6

%

$

123.3

14.8

%

$

97.9

15.7

%

Special items

Restructuring and cost reduction

$

0.4

0.1

%

$

%

$

1.5

0.2

%

$

0.4

0.1

%

Additional start up resources and scrap

4.1

1.4

%

%

4.1

0.5

%

%

Merger and acquisition costs

0.9

0.3

%

5.4

2.5

%

11.5

1.4

%

5.5

0.9

%

Total special items

5.4

1.9

%

5.4

2.5

%

17.1

2.0

%

5.9

0.9

%

Adjusted EBITDA

$

48.8

16.8

%

$

41.2

19.1

%

$

140.4

16.8

%

$

103.8

16.7

%

In addition to presenting financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), this earnings release contains financial measures, including operating profit, segment operating profit, earnings before interest, taxes, depreciation, depletion and amortization (EBITDA), net income, and earnings per share, on a non-GAAP basis. As detailed in the above reconciliation and Attachment 6, we have adjusted the results for certain special items such as restructuring and cost reductions, additional start up resources and scrap and merger and acquisition costs. Internally, management reviews the results of operations without the impact of these costs in order to assess the profitability from ongoing activities. We are providing this information because we believe it will assist investors in analyzing our financial results and, when viewed in conjunction with the GAAP results, provide a more comprehensive understanding of the factors and trends affecting our operations.

Attachment 6

Materion Corporation and Subsidiaries

Reconciliation of Net Income to Adjusted Net Income

and Diluted Earnings per Share to Adjusted Diluted Earnings per Share (Unaudited)

 

Third Quarter Ended

Nine Months Ended

(Millions)

September 30, 2022

Diluted EPS

October 1, 2021

Diluted EPS

September 30, 2022

Diluted EPS

October 1, 2021

Diluted EPS

Net income and EPS

$

20.0

$

0.96

$

18.2

$

0.88

$

57.2

$

2.76

$

52.8

$

2.56

Special items

Restructuring and cost reduction

0.4

1.5

0.4

Additional start up resources and scrap

4.1

4.1

Merger and acquisition costs

0.9

5.4

11.5

5.5

Provision for income taxes(1)

(0.5

)

(0.9

)

(3.1

)

(1.3

)

Total special items

4.9

0.23

4.5

0.22

14.0

0.67

4.6

0.22

Adjusted net income and adjusted EPS

$

24.9

$

1.19

$

22.7

$

1.10

$

71.2

$

3.43

$

57.4

$

2.78

Acquisition amortization (net of tax)

2.4

0.12

1.0

0.05

7.3

0.35

3.1

0.15

Adjusted net income and adjusted EPS excl. amortization

$

27.3

$

1.31

$

23.7

$

1.15

$

78.5

$

3.78

$

60.5

$

2.93

(1) Provision for income taxes includes the net tax impact on pre-tax adjustments (listed above), the impact of certain discrete tax items recorded during the respective periods as well as other adjustments to reflect the use of one overall effective tax rate on adjusted pre-tax income in interim periods.

 Attachment 7

Reconciliation of Segment Net sales to Segment Value-added sales and Segment EBITDA to Adjusted Segment EBITDA (Unaudited)

Performance Materials

Third Quarter Ended

Nine Months Ended

(Millions)

September 30, 2022

% of VA

October 1, 2021

% of VA

September 30, 2022

% of VA

October 1, 2021

% of VA

Net sales

$

169.4

$

136.1

$

473.9

$

375.5

Pass-through metal cost

20.6

20.9

62.0

50.9

Value-added sales

$

148.8

$

115.2

$

411.9

$

324.6

EBITDA

$

28.9

19.4

%

$

28.8

25.0

%

$

80.9

19.6

%

$

68.0

20.9

%

Additional start up resources and scrap

4.1

2.8

%

%

4.1

1.0

%

%

Merger and acquisition costs

%

%

2.7

0.7

%

%

Adjusted EBITDA

$

33.0

22.2

%

$

28.8

25.0

%

$

87.7

21.3

%

$

68.0

20.9

%

Electronic Materials

Third Quarter Ended

Nine Months Ended

(Millions)

September 30, 2022

% of VA

October 1, 2021

% of VA

September 30, 2022

% of VA

October 1, 2021

% of VA

Net sales

$

230.8

$

220.7

$

762.6

$

638.5

Pass-through metal cost

116.9

151.0

424.7

439.0

Value-added sales

$

113.9

$

69.7

$

337.9

$

199.5

EBITDA

$

16.8

14.7

%

$

11.3

16.2

%

$

51.3

15.2

%

$

32.7

16.4

%

Restructuring and cost reduction

%

%

0.8

0.2

%

%

Merger and acquisition costs

0.4

0.4

%

%

6.8

2.0

%

%

Adjusted EBITDA

$

17.2

15.1

%

$

11.3

16.2

%

$

58.9

17.4

%

$

32.7

16.4

%

Precision Optics

Third Quarter Ended

Nine Months Ended

(Millions)

September 30, 2022

% of VA

October 1, 2021

% of VA

September 30, 2022

% of VA

October 1, 2021

% of VA

Net sales

$

28.0

$

31.2

$

86.0

$

99.4

Pass-through metal cost

0.1

Value-added sales

$

28.0

$

31.2

$

85.9

$

99.4

EBITDA

$

3.6

12.9

%

$

6.3

20.1

%

$

9.3

10.8

%

$

19.3

19.4

%

Restructuring and cost reduction

0.4

1.6

%

%

0.6

0.7

%

0.4

0.4

%

Merger and acquisition costs

%

0.1

0.3

%

0.1

0.1

%

0.1

0.1

%

Adjusted EBITDA

$

4.0

14.5

%

$

6.4

20.4

%

$

10.0

11.6

%

$

19.8

19.9

%

Other

Third Quarter Ended

Nine Months Ended

(Millions)

September 30, 2022

% of VA

October 1, 2021

% of VA

September 30, 2022

% of VA

October 1, 2021

% of VA

EBITDA

$

(5.9

)

$

(10.6

)

$

(18.2

)

$

(22.1

)

Restructuring and cost reduction

0.1

Merger and acquisition costs

0.5

5.3

1.9

5.4

Adjusted EBITDA

$

(5.4

)

$

(5.3

)

$

(16.2

)

$

(16.7

)

Deja un comentario