EX-99.1 2 a102419q3pressrelease.htm EXHIBIT 99.1 Exhibit



materionlogoa29.jpg
NEWS RELEASE

MATERION CORPORATION REPORTS RECORD THIRD QUARTER 2019 FINANCIAL RESULTS, NARROWS FULL-YEAR EARNINGS GUIDANCE, AND DECLARES FOURTH QUARTER DIVIDEND

MAYFIELD HEIGHTS, Ohio - October 24, 2019 - Materion Corporation (NYSE:MTRN) today reported third quarter 2019 financial results.

Third Quarter 2019 Results

Net sales were $306.0 million; value-added sales increased 4% to $188.6 million

Operating profit was $6.3 million; adjusted operating profit of $21.2 million was up 13% year-over-year

Diluted earnings per share were $0.17; Adjusted earnings per share were $0.81, up 19% versus the prior year

Earnings Guidance

The Company is narrowing its full-year 2019 adjusted earnings guidance within the previously announced range to $3.15 to $3.20 per share, diluted


1


“I am pleased we delivered the eleventh consecutive quarter of year-over-year value-added sales and profit growth, despite a challenging macroeconomic environment,” stated Jugal Vijayvargiya, President and Chief Executive Officer. “We remain committed to executing our multi-pillar One Materion strategy and will continue to make the necessary investments to deliver growth over the long term.”

THIRD QUARTER 2019 RESULTS

Net sales for the third quarter of 2019 were $306.0 million, compared to $297.2 million in the prior year third quarter. Value-added sales of $188.6 million were a third quarter record, up 4% from the prior year primarily due to end market strength and new application wins in the aerospace and defense markets, plus the timing of beryllium hydroxide shipments. These positives more than offset weakness in the automotive, energy, and telecom and data center end markets.

Operating profit for the third quarter was $6.3 million, compared to $18.7 million in the prior year.
Adjusting operating profit was $21.2 million, or 11.2% of value-added sales, a third quarter record and the fifth consecutive quarter with double-digit profit margins. Adjusted operating profit included non-cash goodwill and asset impairment charges of $14.1 million related to the Large Area Coatings product line included in the Precision Coatings segment. In addition, operating profit was adjusted for restructuring charges of $0.8 million related to cost reduction actions.

Third quarter 2019 net income was $3.5 million, or $0.17 per share, diluted, compared to $0.97 per share, diluted, in 2018. Excluding the non-recurring special items, adjusted net income was $16.8 million, or $0.81 per share, an increase of 19% versus the prior year adjusted net income of $0.68 per share.

OUTLOOK

The current macroeconomic environment remains challenged due to an elevated risk of uncertainty impacting a number of the end markets we serve, including automotive, industrial, energy, and telecom and data center. We remain focused on executing our multi-pillar strategy and making the necessary investments to deliver long-term growth.


2


Based on the current order entry and outlook, we are narrowing our full-year 2019 adjusted earnings guidance within the previously announced range to $3.15 to $3.20 per share. The midpoint of the revised guidance represents a 33% increase from the prior year.

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 and 5 to this press release.

DIVIDEND ANNOUNCEMENT

Today the Company announced the declaration of its fourth quarter dividend of $0.11 per share payable on December 4, 2019 to shareholders of record on November 8, 2019.

CONFERENCE CALL

Materion Corporation will host an investor conference call with analysts at 9:00 a.m. Eastern Time, October 24, 2019. The conference call will be available via webcast through the Company’s website at www.materion.com or through www.InvestorCalendar.com. By phone, please dial (877) 407-0778. Callers outside the U.S. can dial (201) 689-8565. A replay of the call will be available until November 7, 2019 by dialing (877) 481-4010 or (919) 882-2331; please reference replay ID number 41631. 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, in particular, the outlook provided above. Our actual future performance may materially differ from that contemplated by the forward-looking statements as a result of a variety of factors.

3



These factors include, in addition to those mentioned elsewhere herein:
•
Actual net sales, operating rates, and margins for 2019;
•
The global economy, including the impact of tariffs and trade agreements;
•
The impact of any U.S. Federal Government shutdowns and sequestrations;
•
The condition of the markets which we serve, whether defined geographically or by segment, with the major market segments being: semiconductor, industrial, aerospace and defense, automotive, energy, consumer electronics, and telecom and data center.
•
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 in identifying acquisition candidates and in acquiring and integrating such businesses;
•
The impact of the results of acquisitions on our ability to fully achieve the strategic and financial objectives related to these acquisitions;
•
Our success in 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 financing 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 Company’s stock price on the cost of incentive compensation plans;
•
The uncertainties related to the impact of war, terrorist activities, and acts of God;

4


•
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; and
•
The risk factors as set forth in Item 1A of our 2018 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.




Investor Contact:                        Media Contact:                    
Stephen F. Shamrock                    John G. McCloskey        
(216) 383-4010                        (216) 383-6835
stephen.shamrock@materion.com            john.mccloskey@materion.com                     

https://materion.com
Mayfield Hts-g





5


Attachment 1
Materion Corporation and Subsidiaries
Consolidated Statements of Income
(Unaudited)

 
Third Quarter Ended
 
Nine Months Ended
(In thousands except per share amounts)
September 27, 2019
 
September 28, 2018
 
September 27, 2019
 
September 28, 2018
Net sales
$
305,979

 
$
297,193

 
$
905,263

 
$
909,745

Cost of sales
241,034

 
232,258

 
701,412

 
724,692

Gross margin
64,945

 
64,935

 
203,851

 
185,053

Selling, general, and administrative expense
36,311

 
38,872

 
116,266

 
115,807

Research and development expense
5,262

 
4,250

 
13,064

 
11,753

Goodwill impairment charges
11,560

 
—

 
11,560

 
—

Asset impairment charges
2,581

 
—

 
2,581

 
—

Other — net
2,942

 
3,147

 
9,954

 
10,384

Operating profit
6,289

 
18,666

 
50,426

 
47,109

Interest expense — net
436

 
613

 
1,402

 
2,010

Other non-operating expense—net
127

 
800

 
3,484

 
1,679

Income before income taxes
5,726

 
17,253

 
45,540

 
43,420

Income tax expense (benefit)
2,263

 
(2,713
)
 
9,631

 
1,746

Net income
$
3,463

 
$
19,966

 
$
35,909

 
$
41,674

Basic earnings per share:
 
 
 
 
 
 
 
Net income per share of common stock
$
0.17

 
$
0.99

 
$
1.76

 
$
2.06

Diluted earnings per share:
 
 
 
 
 
 
 
Net income per share of common stock
$
0.17

 
$
0.97

 
$
1.74

 
$
2.02

Weighted-average number of shares of common stock outstanding:
 
 
 
 
 
 
 
Basic
20,401

 
20,241

 
20,351

 
20,199

Diluted
20,677

 
20,648

 
20,645

 
20,607

























6






Attachment 2
Materion Corporation and Subsidiaries
Consolidated Balance Sheets

 
 
(Unaudited)
 
 
(Thousands)
 
September 27, 2019
 
December 31, 2018
Assets
 
 
 
 
Current assets
 
 
 
 
Cash and cash equivalents
 
$
94,526

 
$
70,645

Accounts receivable, net
 
165,477

 
130,538

Inventories, net
 
191,956

 
214,871

Prepaid and other current assets
 
23,658

 
23,299

Total current assets
 
475,617

 
439,353

Deferred income taxes
 
1,848

 
5,616

Property, plant, and equipment
 
909,254

 
898,251

Less allowances for depreciation, depletion, and amortization
 
(675,039
)
 
(647,233
)
Property, plant, and equipment—net
 
234,215

 
251,018

Operating lease, right-of-use asset
 
25,054

 
—

Intangible assets
 
6,692

 
6,461

Other assets
 
17,452

 
7,236

Goodwill
 
78,961

 
90,657

Total Assets
 
$
839,839

 
$
800,341

Liabilities and Shareholders’ Equity
 
 
 
 
Current liabilities
 
 
 
 
Short-term debt
 
$
857

 
$
823

Accounts payable
 
43,675

 
49,622

Salaries and wages
 
40,069

 
47,501

Other liabilities and accrued items
 
35,549

 
33,301

Income taxes
 
1,637

 
2,615

Unearned revenue
 
5,188

 
5,918

Total current liabilities
 
126,975

 
139,780

Other long-term liabilities
 
11,021

 
14,764

Operating lease liabilities
 
19,453

 
—

Finance lease liabilities
 
17,535

 
15,221

Retirement and post-employment benefits
 
31,026

 
38,853

Unearned income
 
29,270

 
32,563

Long-term income taxes
 
3,121

 
2,993

Deferred income taxes
 
2,175

 
195

Long-term debt
 
1,467

 
2,066

Shareholders’ equity
 
597,796

 
553,906

Total Liabilities and Shareholders’ Equity
 
$
839,839

 
$
800,341


    



7





Attachment 3
Materion Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
 
 
Nine Months Ended
(Thousands)
 
September 27, 2019
 
September 28, 2018
Cash flows from operating activities:
 
 
 
 
Net income
 
$
35,909

 
$
41,674

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
 
 
Depreciation, depletion, and amortization
 
31,955

 
26,506

Amortization of deferred financing costs in interest expense
 
720

 
720

Stock-based compensation expense (non-cash)
 
5,230

 
3,782

Deferred income tax expense (benefit)
 
5,725

 
(5,341
)
Impairment charges
 
14,141

 
—

Net pension curtailments and settlements
 
3,296

 
359

Changes in assets and liabilities:
 
 
 
 
Decrease (increase) in accounts receivable
 
(36,146
)
 
(10,274
)
Decrease (increase) in inventory
 
22,089

 
19,754

Decrease (increase) in prepaid and other current assets
 
(416
)
 
4,648

Increase (decrease) in accounts payable and accrued expenses
 
(14,114
)
 
(10,290
)
Increase (decrease) in unearned revenue
 
(728
)
 
2,365

Increase (decrease) in interest and taxes payable
 
(1,499
)
 
5,557

Domestic pension plan contributions
 
(4,500
)
 
(38,000
)
Other-net
 
(2,126
)
 
7,783

Net cash provided by operating activities
 
59,536

 
49,243

Cash flows from investing activities:
 
 
 
 
Payments for purchase of property, plant, and equipment
 
(18,193
)
 
(21,809
)
Payments for mine development
 
(1,903
)
 
(5,192
)
Proceeds from sale of property, plant, and equipment
 
17

 
26

Net cash used in investing activities
 
(20,079
)
 
(26,975
)
Cash flows from financing activities:
 
 
 
 
Repayment of long-term debt
 
(599
)
 
(513
)
Principal payments under finance lease obligations
 
(894
)
 
(573
)
Cash dividends paid
 
(6,612
)
 
(6,262
)
Repurchase of common stock
 
(199
)
 
—

Payments of withholding taxes for stock-based compensation awards
 
(4,832
)
 
(3,006
)
Deferred financing costs
 
(2,018
)
 
—

Net cash used in financing activities
 
(15,154
)
 
(10,354
)
Effects of exchange rate changes
 
(422
)
 
(146
)
Net change in cash and cash equivalents
 
23,881

 
11,768

Cash and cash equivalents at beginning of period
 
70,645

 
41,844

Cash and cash equivalents at end of period
 
$
94,526

 
$
53,612


    


8



Attachment 4
Materion Corporation and Subsidiaries
Reconciliation of Non-GAAP Measure - Value-added Sales
(Unaudited)
 
Third Quarter Ended
 
Nine Months Ended
(Millions)
September 27, 2019
 
September 28, 2018
 
September 27, 2019
 
September 28, 2018
Net Sales
 
 
 
 
 
 
 
 
 
 
 
Performance Alloys and Composites
$
130.7

 
 
$
124.1

 
 
$
393.1

 
 
$
372.1

 
Advanced Materials
147.7

 
 
144.1

 
 
424.9

 
 
448.0

 
Precision Coatings
27.6

 
 
29.0

 
 
87.3

 
 
89.7

 
Other
—

 
 
—

 
 
—

 
 
—

 
 Total
$
306.0

 
 
$
297.2

 
 
$
905.3

 
 
$
909.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 Less: Pass-through Metal Cost
 
 
 
 
 
 
 
 
 
 
 
Performance Alloys and Composites
$
18.7

 
 
$
19.2

 
 
$
56.3

 
 
$
56.8

 
Advanced Materials
92.1

 
 
88.8

 
 
253.5

 
 
277.1

 
Precision Coatings
5.2

 
 
6.0

 
 
19.2

 
 
19.7

 
Other
1.4

 
 
1.3

 
 
5.1

 
 
3.1

 
 Total
$
117.4

 
 
$
115.3

 
 
$
334.1

 
 
$
356.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 Value-added Sales (non-GAAP)
 
 
 
 
 
 
 
 
 
 
 
Performance Alloys and Composites
$
112.0

 
 
$
104.9

 
 
$
336.8

 
 
$
315.3

 
Advanced Materials
55.6

 
 
55.3

 
 
171.4

 
 
170.9

 
Precision Coatings
22.4

 
 
23.0

 
 
68.1

 
 
70.0

 
Other
(1.4
)
 
 
(1.3
)
 
 
(5.1
)
 
 
(3.1
)
 
 Total
$
188.6

 
 
$
181.9

 
 
$
571.2

 
 
$
553.1

 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Margin
 
% of VA
 
 
% of VA
 
 
% of VA
 
 
% of VA
Performance Alloys and Composites
$
38.2

34%
 
$
35.3

34%
 
$
119.0

35%
 
$
94.2

30%
Advanced Materials
18.7

34%
 
20.5

37%
 
60.9

36%
 
62.6

37%
Precision Coatings
9.1

41%
 
9.9

43%
 
28.8

42%
 
29.0

41%
Other
(1.1
)
—
 
(0.8
)
—
 
(4.8
)
—
 
(0.8
)
—
 Total
$
64.9

34%
 
$
64.9

36%
 
$
203.9

36%
 
$
185.0

33%
 
 
 
 
 
 
 
 
 
 
 
 
Operating Profit
 
% of VA
 
 
% of VA
 
 
% of VA
 
 
% of VA
Performance Alloys and Composites
$
18.8

17%
 
$
16.7

16%
 
$
57.1

17%
 
$
38.9

12%
Advanced Materials
6.2

11%
 
6.9

12%
 
19.4

11%
 
18.4

11%
Precision Coatings
(11.2
)
(50)%
 
3.5

15%
 
(5.2
)
(8)%
 
9.1

13%
Other
(7.5
)
—
 
(8.4
)
—
 
(20.9
)
—
 
(19.3
)
—
 Total
$
6.3

3%
 
$
18.7

10%
 
$
50.4

9%
 
$
47.1

9%



9


 
Third Quarter Ended
 
Nine Months Ended
(Millions)
September 27, 2019
 
September 28, 2018
 
September 27, 2019
 
September 28, 2018
Special Items
 
 
 
 
 
 
 
 
 
 
 
Performance Alloys and Composites
$
—

 
 
$
—

 
 
$
—

 
 
$
—

 
Advanced Materials
—

 
 
—

 
 
—

 
 
—

 
Precision Coatings
14.5

 
 
—

 
 
14.5

 
 
—

 
Other
0.4

 
 
—

 
 
0.4

 
 
0.7

 
 Total
$
14.9

 
 
$
—

 
 
$
14.9

 
 
$
0.7

 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Profit Excluding Special Items
 
% of VA
 
 
% of VA
 
 
% of VA
 
 
% of VA
Performance Alloys and Composites
$
18.8

17%
 
$
16.7

16%
 
$
57.1

17%
 
$
38.9

12%
Advanced Materials
6.2

11%
 
6.9

12%
 
19.4

11%
 
18.4

11%
Precision Coatings
3.3

15%
 
3.5

15%
 
9.3

14%
 
9.1

13%
Other
(7.1
)
—
 
(8.4
)
—
 
(20.5
)
—
 
(18.6
)
—
 Total
$
21.2

11%
 
$
18.7

10%
 
$
65.3

11%
 
$
47.8

9%

The cost of gold, silver, platinum, palladium, and copper 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 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.


















10


Attachment 5
Materion Corporation and Subsidiaries
Reconciliation of Non-GAAP Measures - Profitability
(Unaudited)

 
Third Quarter Ended
 
Nine Months Ended
(Millions except per share amounts)
September 27, 2019
 
September 28, 2018
 
September 27, 2019
 
September 28, 2018
GAAP as Reported
 
 
 
 
 
 
 
Net Sales
$
306.0

 
$
297.2

 
$
905.3

 
$
909.8

Operating profit
6.3

 
18.7

 
50.4

 
47.1

Net income
3.5

 
20.0

 
35.9

 
41.7

EPS - Diluted
$
0.17

 
$
0.97

 
$
1.74

 
$
2.02

 
 
 
 
 
 
 
 
Operating Profit Special Items
 
 
 
 
 
 
 
Impairment charges
$
14.1

 
$
—

 
$
14.1

 
$
—

Cost reduction initiatives
0.8

 
—

 
0.8

 
—

Legacy legal & environmental costs
—

 
—

 
—

 
0.7

Total Operating Profit Special Items
$
14.9

 
$
—

 
$
14.9

 
$
0.7

Operating Profit Special Items - net of tax
$
12.3

 
$
—

 
$
12.3

 
$
0.6

Other Non-Operating Expense Special Items - net of tax
$
—

 
$
—

 
$
2.6

 
$
—

Tax Special Item
$
1.0

 
$
(6.0
)
 
$
1.0

 
$
(6.6
)
 
 
 
 
 
 
 
 
Non-GAAP Measures - Adjusted Profitability
 
 
 
 
 
 
 
Value-added (VA) sales
$
188.6

 
$
181.9

 
$
571.2

 
$
553.1

Operating profit
21.2

 
18.7

 
65.3

 
47.8

Operating profit % of VA
11.2
%
 
10.3
%
 
11.4
%
 
8.6
%
Net income
16.8

 
14.0

 
51.8

 
35.7

EPS - Diluted
$
0.81

 
$
0.68

 
$
2.51

 
$
1.73


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, net income, and earnings per share, on a non-GAAP basis. As detailed in the above reconciliation and Attachment 4, we have adjusted the results for certain special items such as non-cash pension charges, legacy legal and environmental costs, cost reduction initiatives, non-cash impairment charges, and certain discrete income tax items from the applicable GAAP financial measure. 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.








11


Attachment 6
Materion Corporation and Subsidiaries
Value-added sales by Market
(Unaudited)

 
Third Quarter Ended
 
 
 
Nine Months Ended
 
 
(Millions)
September 27, 2019
 
September 28, 2018
 
 % Change
 
September 27, 2019
 
September 28, 2018
 
% Change
Materion Corporation
 
 
 
 
 
 
 
 
 
 
 
Industrial
$
34.9

 
$
32.7

 
6.7
 %
 
$
104.9

 
$
99.6

 
5.3
 %
Semiconductor
34.3

 
36.2

 
(5.2
)%
 
108.4

 
113.6

 
(4.6
)%
Aerospace and Defense
32.1

 
24.1

 
33.2
 %
 
92.2

 
75.0

 
22.9
 %
Consumer Electronics
16.8

 
16.1

 
4.3
 %
 
50.1

 
51.7

 
(3.1
)%
Energy
18.4

 
19.7

 
(6.6
)%
 
55.9

 
52.4

 
6.7
 %
Telecom and Data Center
13.5

 
15.0

 
(10.0
)%
 
44.6

 
42.6

 
4.7
 %
Automotive
14.2

 
21.2

 
(33.0
)%
 
46.1

 
59.9

 
(23.0
)%
Other
24.4

 
16.9

 
44.4
 %
 
69.0

 
58.4

 
18.2
 %
    Total
$
188.6

 
$
181.9

 
3.7
 %
 
$
571.2

 
$
553.2

 
3.3
 %
Performance Alloy and Composites
 
 
 
 
 
 
 
 
 
 
 
Industrial
$
25.9

 
$
23.9

 
8.4
 %
 
$
75.9

 
$
75.3

 
0.8
 %
Semiconductor
1.2

 
1.4

 
(14.3
)%
 
4.3

 
3.7

 
16.2
 %
Aerospace and Defense
26.0

 
18.4

 
41.3
 %
 
75.3

 
58.7

 
28.3
 %
Consumer Electronics
11.1

 
11.2

 
(0.9
)%
 
36.4

 
37.3

 
(2.4
)%
Energy
9.5

 
10.8

 
(12.0
)%
 
29.3

 
26.0

 
12.7
 %
Telecom and Data Center
13.1

 
14.8

 
(11.5
)%
 
44.1

 
42.2

 
4.5
 %
Automotive
12.1

 
19.1

 
(36.6
)%
 
40.3

 
53.7

 
(25.0
)%
Other
13.1

 
5.3

 
147.2
 %
 
31.2

 
18.4

 
69.6
 %
    Total
$
112.0

 
$
104.9

 
6.8
 %
 
$
336.8

 
$
315.3

 
6.8
 %
Advanced Materials
 
 
 
 
 
 
 
 
 
 
 
Industrial
$
5.7

 
$
5.5

 
3.6
 %
 
$
17.7

 
$
15.0

 
18.0
 %
Semiconductor
33.1

 
34.5

 
(4.1
)%
 
103.9

 
108.7

 
(4.4
)%
Aerospace and Defense
0.7

 
0.5

 
40.0
 %
 
1.9

 
1.5

 
26.7
 %
Consumer Electronics
0.1

 
0.1

 
—
 %
 
0.3

 
0.3

 
—
 %
Energy
9.0

 
8.8

 
2.3
 %
 
26.5

 
26.3

 
0.8
 %
Telecom and Data Center
0.3

 
0.2

 
50.0
 %
 
0.5

 
0.4

 
25.0
 %
Automotive
1.9

 
1.7

 
11.8
 %
 
4.9

 
5.1

 
(3.9
)%
Other
4.8

 
4.0

 
20.0
 %
 
15.7

 
13.6

 
15.4
 %
    Total
$
55.6

 
$
55.3

 
0.5
 %
 
$
171.4

 
$
170.9

 
0.3
 %
Precision Coatings
 
 
 
 
 
 
 
 
 
 
 
Industrial
$
3.4

 
$
3.3

 
3.0
 %
 
$
11.4

 
$
9.2

 
23.9
 %
Semiconductor
—

 
0.3

 
—
 %
 
0.2

 
1.2

 
(83.3
)%
Aerospace and Defense
5.3

 
5.2

 
1.9
 %
 
14.9

 
14.8

 
0.7
 %
Consumer Electronics
5.6

 
4.7

 
19.1
 %
 
13.5

 
14.0

 
(3.6
)%
Energy
—

 
—

 
—
 %
 
—

 
—

 
—
 %
Telecom and Data Center
—

 
—

 
—
 %
 
—

 
—

 
—
 %
Automotive
0.3

 
0.4

 
(25.0
)%
 
0.9

 
1.1

 
(18.2
)%
Other
7.8

 
9.1

 
(14.3
)%
 
27.2

 
29.7

 
(8.4
)%
    Total
$
22.4

 
$
23.0

 
(2.6
)%
 
$
68.1

 
$
70.0

 
(2.7
)%
 
 
 
 
 
 
 
 
 
 
 
 
Eliminations
$
(1.4
)
 
$
(1.3
)
 
 
 
$
(5.1
)
 
$
(3.0
)
 
 

12