Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2023

The below table presents financial information for each segment and a reconciliation of EBITDA to Net Income (the most directly comparable GAAP financial measure) for the first quarter of 2023 and 2022:


(Thousands)	Three months ended March 31, 2023		Three months ended April 1, 2022
Net sales:
Performance Materials (1)	187,014		149,630
Electronic Materials(1)	228,820		270,836
Precision Optics	26,692		28,579
Other	—		—
Net sales	$	442,526	$	449,045
Segment EBITDA:
Performance Materials	42,770		24,792
Electronic Materials	13,955		12,148
Precision Optics	2,692		2,191
Other	(6,655)		(5,177)
Total Segment EBITDA	$	52,762	$	33,954
Income tax expense	4,580		3,021
Interest expense - net	7,502		3,735
Depreciation, depletion and amortization	15,092		13,179
Net income	$	25,588	$	14,019

(1) Excludes inter-segment sales of $3.1 million for the first quarter of 2023 and $5.5 million for the first quarter of 2022 for Electronic Materials and $0.3 million for the first quarter of 2022 for Performance Materials. Inter-segment sales are eliminated in consolidation.

Disaggregation of Revenue

The following table disaggregates revenue for each segment by end market for the first quarter of 2023 and 2022:


(Thousands)	Performance Materials		Electronic Materials		Precision Optics		Other		Total
First Quarter 2023
End Market
Semiconductor	$	2,590	$	180,616	$	911	$	—	$	184,117
Industrial	38,674		12,969		8,733		—		60,376
Aerospace and defense	30,358		2,077		4,648		—		37,083
Consumer electronics	9,356		187		3,255		—		12,798
Automotive	25,493		1,501		2,608		—		29,602
Energy	13,468		24,951		—		—		38,419
Telecom and data center	16,126		13		—		—		16,139
Other	50,949		6,506		6,537		—		63,992
Total	$	187,014	$	228,820	$	26,692	$	—	$	442,526

First Quarter 2022
End Market
Semiconductor	$	1,800	$	214,922	$	1,327	$	—	$	218,049
Industrial	40,069		15,866		8,434		—		64,369
Aerospace and defense	23,684		2,614		5,145		—		31,443
Consumer electronics	13,002		325		5,312		—		18,639
Automotive	22,235		1,657		2,464		—		26,356
Energy	10,849		29,119		—		—		39,968
Telecom and data center	16,081		45		—		—		16,126
Other	21,910		6,288		5,897		—		34,095
Total	$	149,630	$	270,836	$	28,579	$	—	$	449,045