On November 1, 2023, Materion Corp (MTRN, Financial) 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 (MTRN, Financial) 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 (MTRN, Financial) 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.
