EX-99.1 2 a72519q2pressrelease.htm EXHIBIT 99.1 Exhibit



materionlogoa14.jpg
NEWS RELEASE

MATERION CORPORATION REPORTS RECORD SECOND QUARTER 2019 FINANCIAL RESULTS AND RAISES FULL-YEAR 2019 EARNINGS GUIDANCE

MAYFIELD HEIGHTS, Ohio - July 25, 2019 - Materion Corporation (NYSE:MTRN) today reported second quarter 2019 financial results and raised full-year 2019 earnings guidance.

Second Quarter 2019 Results

Net sales were $297.8 million; value-added sales increased 3% to a record of $194.9 million

Operating profit increased 50% compared to prior year to a record $22.8 million, or 12% of value-added sales, the tenth consecutive quarterly year-over-year increase

Diluted earnings per share were $0.75; Adjusted earnings per share were a record of $0.88, up 63% year-over-year

Earnings Guidance

The Company is raising its full-year 2019 adjusted earnings guidance to $3.10 to $3.25 per share, diluted; a 33% increase over prior-year earnings

“I am very pleased with our team’s performance, as we continue to execute on our multi-pillar strategy. We delivered record value-added sales and operating profit in the second quarter and reached a milestone of ten consecutive quarters of year-over-year value-added sales and profit

1


growth,” stated Jugal Vijayvargiya, President and Chief Executive Officer. “Based on our strong first half performance and updated outlook, we are increasing full-year 2019 adjusted earnings guidance range approximately 10% above previous guidance.”

SECOND QUARTER 2019 RESULTS

Net sales for the second quarter of 2019 were $297.8 million, compared to $309.1 million in the prior year. Value-added sales of $194.9 million were a record for any quarter, up 3% from the prior year. Strong commercial execution, particularly in the energy, industrial, and consumer electronics end markets, drove the value-added sales growth and more than offset weakness in the automotive and semiconductor end markets.

Operating profit for the second quarter was $22.8 million, or 12% of value-added sales, a 50% increase compared to $15.2 million in the prior year. Operating profit reached the highest level for any quarter and marks the fourth consecutive quarter with double-digit profit margins. A combination of favorable sales mix, improved operational performance, and savings from cost reduction actions drove the record results.

Second quarter 2019 net income was $15.5 million, or $0.75 per share, diluted, including a non-cash, non-operating pension curtailment charge of $3.3 million related to freezing defined benefits for active U.S. domestic pension plan participants. Excluding the pension curtailment charge, adjusted net income was $18.1 million, or $0.88 per share, a record for any quarter.

OUTLOOK

The Company has delivered ten consecutive quarters of year-over-year value-added sales and adjusted operating profit growth. With our differentiated product portfolio, end market diversification, and multi-pillar strategy, we remain committed to achieving year-over-year growth, despite continued softness in select end markets and global economic uncertainty. Based on our first half performance and outlook, we are raising full-year 2019 adjusted earnings guidance approximately 10% from $2.80 to $3.00 per share, diluted, to $3.10 to $3.25 per share. The midpoint of the revised guidance represents a 33% increase from the prior year.




2


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.

CONFERENCE CALL

Materion Corporation will host an investor conference call with analysts at 9:00 a.m. Eastern Time, July 25, 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 August 8, 2019 by dialing (877) 481-4010 or (919) 882-2331; please reference replay ID number 41630. 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.

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;


3


•
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)

 
Second Quarter Ended
 
Six Months Ended
(In thousands except per share amounts)
June 28, 2019
 
June 29, 2018
 
June 28, 2019
 
June 29, 2018
Net sales
$
297,843

 
$
309,085

 
$
599,284

 
$
612,552

Cost of sales
228,249

 
247,247

 
460,378

 
492,434

Gross margin
69,594

 
61,838

 
138,906

 
120,118

Selling, general, and administrative expense
39,891

 
38,473

 
79,955

 
76,935

Research and development expense
4,062

 
3,860

 
7,802

 
7,503

Other — net
2,891

 
4,313

 
7,012

 
7,237

Operating profit
22,750

 
15,192

 
44,137

 
28,443

Interest expense — net
500

 
667

 
966

 
1,397

Other non-operating expense—net
3,112

 
437

 
3,357

 
879

Income before income taxes
19,138

 
14,088

 
39,814

 
26,167

Income tax expense
3,598

 
2,944

 
7,368

 
4,459

Net income
$
15,540

 
$
11,144

 
$
32,446

 
$
21,708

Basic earnings per share:
 
 
 
 
 
 
 
Net income per share of common stock
$
0.76

 
$
0.55

 
$
1.60

 
$
1.08

Diluted earnings per share:
 
 
 
 
 
 
 
Net income per share of common stock
$
0.75

 
$
0.54

 
$
1.57

 
$
1.05

Weighted-average number of shares of common stock outstanding:
 
 
 
 
 
 
 
Basic
20,383

 
20,221

 
20,326

 
20,178

Diluted
20,666

 
20,593

 
20,635

 
20,583




























6



Attachment 2
Materion Corporation and Subsidiaries
Consolidated Balance Sheets

 
 
(Unaudited)
 
 
(Thousands)
 
June 28, 2019
 
December 31, 2018
Assets
 
 
 
 
Current assets
 
 
 
 
Cash and cash equivalents
 
$
74,856

 
$
70,645

Accounts receivable
 
142,327

 
130,538

Inventories, net
 
213,329

 
214,871

Prepaid and other current assets
 
23,904

 
23,299

Total current assets
 
454,416

 
439,353

Deferred income taxes
 
1,052

 
5,616

Property, plant, and equipment
 
913,325

 
898,251

Less allowances for depreciation, depletion, and amortization
 
(669,861
)
 
(647,233
)
Property, plant, and equipment—net
 
243,464

 
251,018

Operating lease, right-of-use asset
 
26,788

 
—

Intangible assets
 
5,213

 
6,461

Other assets
 
15,280

 
7,236

Goodwill
 
90,633

 
90,657

Total Assets
 
$
836,846

 
$
800,341

Liabilities and Shareholders’ Equity
 
 
 
 
Current liabilities
 
 
 
 
Short-term debt
 
$
847

 
$
823

Accounts payable
 
41,658

 
49,622

Salaries and wages
 
36,250

 
47,501

Other liabilities and accrued items
 
38,482

 
33,301

Income taxes
 
1,971

 
2,615

Unearned revenue
 
5,829

 
5,918

Total current liabilities
 
125,037

 
139,780

Other long-term liabilities
 
11,419

 
14,764

Operating lease liabilities
 
21,118

 
—

Finance lease liabilities
 
18,325

 
15,221

Retirement and post-employment benefits
 
30,663

 
38,853

Unearned income
 
30,354

 
32,563

Long-term income taxes
 
3,093

 
2,993

Deferred income taxes
 
383

 
195

Long-term debt
 
1,669

 
2,066

Shareholders’ equity
 
594,785

 
553,906

Total Liabilities and Shareholders’ Equity
 
$
836,846

 
$
800,341


    






7


Attachment 3
Materion Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
 
 
Six Months Ended
(Thousands)
 
June 28, 2019
 
June 29, 2018
Cash flows from operating activities:
 
 
 
 
Net income
 
$
32,446

 
$
21,708

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
 
 
Depreciation, depletion, and amortization
 
22,607

 
18,349

Amortization of deferred financing costs in interest expense
 
472

 
514

Stock-based compensation expense (non-cash)
 
3,541

 
2,164

Deferred income tax expense
 
4,578

 
429

Pension curtailment charge
 
3,296

 
—

Changes in assets and liabilities:
 
 
 
 
Decrease (increase) in accounts receivable
 
(11,778
)
 
(12,060
)
Decrease (increase) in inventory
 
1,306

 
10,428

Decrease (increase) in prepaid and other current assets
 
(588
)
 
4,928

Increase (decrease) in accounts payable and accrued expenses
 
(18,813
)
 
(14,189
)
Increase (decrease) in unearned revenue
 
(88
)
 
2,132

Increase (decrease) in interest and taxes payable
 
(1,130
)
 
2,084

Domestic pension plan contributions
 
(3,000
)
 
(13,000
)
Other-net
 
(2,803
)
 
5,817

Net cash provided by operating activities
 
30,046

 
29,304

Cash flows from investing activities:
 
 
 
 
Payments for purchase of property, plant, and equipment
 
(13,833
)
 
(17,153
)
Payments for mine development
 
(1,591
)
 
(3,425
)
Proceeds from sale of property, plant, and equipment
 
15

 
27

Net cash used in investing activities
 
(15,409
)
 
(20,551
)
Cash flows from financing activities:
 
 
 
 
Repayment of long-term debt
 
(397
)
 
(383
)
Principal payments under finance lease obligations
 
(599
)
 
(425
)
Cash dividends paid
 
(4,368
)
 
(4,137
)
Repurchase of common stock
 
(199
)
 
—

Payments of withholding taxes for stock-based compensation awards
 
(4,763
)
 
(2,765
)
Net cash used in financing activities
 
(10,326
)
 
(7,710
)
Effects of exchange rate changes
 
(100
)
 
8

Net change in cash and cash equivalents
 
4,211

 
1,051

Cash and cash equivalents at beginning of period
 
70,645

 
41,844

Cash and cash equivalents at end of period
 
$
74,856

 
$
42,895


    



8


Attachment 4
Materion Corporation and Subsidiaries
Reconciliation of Non-GAAP Measure - Value-added Sales
(Unaudited)
 
Second Quarter Ended
 
Six Months Ended
(Millions)
June 28, 2019
 
June 29, 2018
 
June 28, 2019
 
June 29, 2018
Net Sales
 
 
 
 
 
 
 
 
 
 
 
Performance Alloys and Composites
$
135.2

 
 
$
129.7

 
 
$
262.3

 
 
$
248.0

 
Advanced Materials
133.2

 
 
150.4

 
 
277.3

 
 
303.9

 
Precision Coatings
29.4

 
 
29.0

 
 
59.7

 
 
60.7

 
Other
—

 
 
—

 
 
—

 
 
—

 
 Total
$
297.8

 
 
$
309.1

 
 
$
599.3

 
 
$
612.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 Less: Pass-through Metal Cost
 
 
 
 
 
 
 
 
 
 
 
Performance Alloys and Composites
$
19.9

 
 
$
19.6

 
 
$
37.4

 
 
$
37.6

 
Advanced Materials
74.9

 
 
93.1

 
 
161.5

 
 
188.3

 
Precision Coatings
6.3

 
 
5.6

 
 
14.1

 
 
13.7

 
Other
1.8

 
 
0.9

 
 
3.7

 
 
1.8

 
 Total
$
102.9

 
 
$
119.2

 
 
$
216.7

 
 
$
241.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 Value-added Sales (non-GAAP)
 
 
 
 
 
 
 
 
 
 
 
Performance Alloys and Composites
$
115.3

 
 
$
110.1

 
 
$
224.9

 
 
$
210.4

 
Advanced Materials
58.3

 
 
57.3

 
 
115.8

 
 
115.6

 
Precision Coatings
23.1

 
 
23.4

 
 
45.6

 
 
47.0

 
Other
(1.8
)
 
 
(0.9
)
 
 
(3.7
)
 
 
(1.8
)
 
 Total
$
194.9

 
 
$
189.9

 
 
$
382.6

 
 
$
371.2

 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Margin
 
% of VA
 
 
% of VA
 
 
% of VA
 
 
% of VA
Performance Alloys and Composites
$
41.6

36%
 
$
31.1

28%
 
$
80.8

36%
 
$
58.9

28%
Advanced Materials
20.2

35%
 
21.3

37%
 
42.2

36%
 
42.1

36%
Precision Coatings
10.3

45%
 
9.1

39%
 
19.7

43%
 
19.1

41%
Other
(2.5
)
—
 
0.3

—
 
(3.8
)
—
 
—

—
 Total
$
69.6

36%
 
$
61.8

33%
 
$
138.9

36%
 
$
120.1

32%
 
 
 
 
 
 
 
 
 
 
 
 
Operating Profit
 
% of VA
 
 
% of VA
 
 
% of VA
 
 
% of VA
Performance Alloys and Composites
$
19.3

17%
 
$
12.3

11%
 
$
38.3

17%
 
$
22.2

11%
Advanced Materials
6.1

10%
 
5.6

10%
 
13.2

11%
 
11.5

10%
Precision Coatings
3.9

17%
 
2.2

9%
 
6.0

13%
 
5.6

12%
Other
(6.5
)
—
 
(4.9
)
—
 
(13.4
)
—
 
(10.8
)
—
 Total
$
22.8

12%
 
$
15.2

8%
 
$
44.1

12%
 
$
28.5

8%



9


 
Second Quarter Ended
 
Six Months Ended
(Millions)
June 28, 2019
 
June 29, 2018
 
June 28, 2019
 
June 29, 2018
Special Items
 
 
 
 
 
 
 
 
 
 
 
Performance Alloys and Composites
$
—

 
 
$
—

 
 
$
—

 
 
$
—

 
Advanced Materials
—

 
 
—

 
 
—

 
 
—

 
Precision Coatings
—

 
 
—

 
 
—

 
 
—

 
Other
—

 
 
—

 
 
—

 
 
0.7

 
 Total
$
—

 
 
$
—

 
 
$
—

 
 
$
0.7

 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Profit Excluding Special Items
 
% of VA
 
 
% of VA
 
 
% of VA
 
 
% of VA
Performance Alloys and Composites
$
19.3

17%
 
$
12.3

11%
 
$
38.3

17%
 
$
22.2

11%
Advanced Materials
6.1

10%
 
5.6

10%
 
13.2

11%
 
11.5

10%
Precision Coatings
3.9

17%
 
2.2

9%
 
6.0

13%
 
5.6

12%
Other
(6.5
)
—
 
(4.9
)
—
 
(13.4
)
—
 
(10.1
)
—
 Total
$
22.8

12%
 
$
15.2

8%
 
$
44.1

12%
 
$
29.2

8%

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)

 
Second Quarter Ended
 
Six Months Ended
(Millions except per share amounts)
June 28, 2019
 
June 29, 2018
 
June 28, 2019
 
June 29, 2018
GAAP as Reported
 
 
 
 
 
 
 
Net Sales
$
297.8

 
$
309.1

 
$
599.3

 
$
612.6

Operating profit
22.8

 
15.2

 
44.1

 
28.5

Net income
15.5

 
11.1

 
32.4

 
21.7

EPS - Diluted
$
0.75

 
$
0.54

 
$
1.57

 
$
1.05

 
 
 
 
 
 
 
 
Operating Profit Special Items
 
 
 
 
 
 
 
Legacy legal & environmental costs
—

 
—

 
—

 
0.7

Operating Profit Special Items - net of tax
$
—

 
$
—

 
$
—

 
$
0.6

Other Non-Operating Expense Special Items - net of tax
$
2.6

 
$
—

 
$
2.6

 
$
—

Tax Special Item
$
—

 
$
—

 
$
—

 
$
(0.6
)
 
 
 
 
 
 
 
 
Non-GAAP Measures - Adjusted Profitability
 
 
 
 
 
 
 
Value-added (VA) sales
$
194.9

 
$
189.9

 
$
382.6

 
$
371.2

Operating profit
22.8

 
15.2

 
44.1

 
29.2

Operating profit % of VA
11.7
%
 
8.0
%
 
11.5
%
 
7.9
%
Net income
18.1

 
11.1

 
35.0

 
21.7

EPS - Diluted
$
0.88

 
$
0.54

 
$
1.70

 
$
1.05


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, and certain 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)

 
Second Quarter Ended
 
 
 
Six Months Ended
 
 
(Millions)
June 28, 2019
 
June 29, 2018
 
 % Change
 
June 28, 2019
 
June 29, 2018
 
% Change
Materion Corporation
 
 
 
 
 
 
 
 
 
 
 
Industrial
$
36.4

 
$
33.7

 
8.0
 %
 
$
70.0

 
$
66.8

 
4.8
 %
Semiconductor
35.7

 
39.0

 
(8.5
)%
 
73.1

 
76.0

 
(3.8
)%
Aerospace and Defense
29.6

 
29.5

 
0.3
 %
 
60.1

 
51.0

 
17.8
 %
Consumer Electronics
19.2

 
18.0

 
6.7
 %
 
33.4

 
35.6

 
(6.2
)%
Energy
19.1

 
15.9

 
20.1
 %
 
37.4

 
32.7

 
14.4
 %
Telecom and Data Center
16.1

 
15.0

 
7.3
 %
 
31.2

 
27.6

 
13.0
 %
Automotive
14.8

 
19.3

 
(23.3
)%
 
31.8

 
38.7

 
(17.8
)%
Other
24.0

 
19.5

 
23.1
 %
 
45.6

 
42.8

 
6.5
 %
    Total
$
194.9

 
$
189.9

 
2.6
 %
 
$
382.6

 
$
371.2

 
3.1
 %
Performance Alloy and Composites
 
 
 
 
 
 
 
 
 
 
 
Industrial
$
26.0

 
$
25.7

 
1.2
 %
 
$
50.0

 
$
51.4

 
(2.7
)%
Semiconductor
1.3

 
1.3

 
—
 %
 
3.2

 
2.4

 
33.3
 %
Aerospace and Defense
24.3

 
24.1

 
0.8
 %
 
49.3

 
40.3

 
22.3
 %
Consumer Electronics
14.7

 
12.9

 
14.0
 %
 
25.3

 
26.1

 
(3.1
)%
Energy
10.0

 
8.5

 
17.6
 %
 
19.9

 
15.2

 
30.9
 %
Telecom and Data Center
16.0

 
14.9

 
7.4
 %
 
31.0

 
27.4

 
13.1
 %
Automotive
12.7

 
17.0

 
(25.3
)%
 
28.2

 
34.6

 
(18.5
)%
Other
10.3

 
5.7

 
80.7
 %
 
18.0

 
13.0

 
38.5
 %
    Total
$
115.3

 
$
110.1

 
4.7
 %
 
$
224.9

 
$
210.4

 
6.9
 %
Advanced Materials
 
 
 
 
 
 
 
 
 
 
 
Industrial
$
6.6

 
$
4.8

 
37.5
 %
 
$
12.1

 
$
9.5

 
27.4
 %
Semiconductor
34.3

 
37.3

 
(8.0
)%
 
69.7

 
72.7

 
(4.1
)%
Aerospace and Defense
0.5

 
0.4

 
25.0
 %
 
1.2

 
1.0

 
20.0
 %
Consumer Electronics
0.1

 
0.1

 
—
 %
 
0.2

 
0.2

 
—
 %
Energy
9.1

 
7.4

 
23.0
 %
 
17.6

 
17.5

 
0.6
 %
Telecom and Data Center
0.1

 
0.1

 
—
 %
 
0.2

 
0.2

 
—
 %
Automotive
1.7

 
1.8

 
(5.6
)%
 
3.0

 
3.4

 
(11.8
)%
Other
5.9

 
5.4

 
9.3
 %
 
11.8

 
11.1

 
6.3
 %
    Total
$
58.3

 
$
57.3

 
1.7
 %
 
$
115.8

 
$
115.6

 
0.2
 %
Precision Coatings
 
 
 
 
 
 
 
 
 
 
 
Industrial
$
3.8

 
$
3.2

 
18.8
 %
 
$
8.0

 
$
5.9

 
35.6
 %
Semiconductor
0.1

 
0.4

 
(75.0
)%
 
0.2

 
1.0

 
(80.0
)%
Aerospace and Defense
4.8

 
5.0

 
(4.0
)%
 
9.6

 
9.6

 
—
 %
Consumer Electronics
4.4

 
5.0

 
(12.0
)%
 
7.9

 
9.3

 
(15.1
)%
Energy
—

 
—

 
—
 %
 
—

 
—

 
—
 %
Telecom and Data Center
—

 
—

 
—
 %
 
—

 
—

 
—
 %
Automotive
0.4

 
0.5

 
(20.0
)%
 
0.6

 
0.7

 
(14.3
)%
Other
9.6

 
9.3

 
3.2
 %
 
19.3

 
20.5

 
(5.9
)%
    Total
$
23.1

 
$
23.4

 
(1.3
)%
 
$
45.6

 
$
47.0

 
(3.0
)%
 
 
 
 
 
 
 
 
 
 
 
 
Eliminations
$
(1.8
)
 
$
(0.9
)
 
 
 
$
(3.7
)
 
$
(1.8
)
 
 

12