Segment Reporting |
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.
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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 | |
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