Results
Materion Corporation
03/28/2024 | Press release | Distributed by Public on 03/28/2024 04:46
Regulation FD Disclosure - Form 8-K
Item 7.01 Regulation FD Disclosure.
Materion Corporation (the "Company") is providing an update to its expected value-added sales for the first quarter ending March 29, 2024. Materion estimates that value-added sales for the first quarter will be in the range of $255 to $265 million, or roughly 10 percent below expectations contemplated in the published 2024 earnings guidance. The decrease is primarily due to lower shipments resulting from temporary operational challenges and, to a lesser extent, slower incoming order rates. Materion currently believes that the impact of the first quarter shortfall will be made up over the balance of 2024. Materion will continue to evaluate the situation and provide an update during the Company's first quarter earnings call that will be held in early May.
Forward-Looking Statements
Portions of this Current Report on Form 8-K that are not statements of historical or current facts, including the Company's estimated value-added sales, are forward-looking statements. The Company's 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: the finalization of the Company's financial statements for the quarter ending March 29, 2024; the global economy, including inflationary pressures, potential future recessionary conditions and the impact of tariffs and trade agreements; the impact of any U.S. Federal Government shutdowns or sequestrations; the condition of the markets which the Company serves, whether defined geographically or by segment; changes in product mix and the financial condition of customers; the Company's success in developing and introducing new products and new product ramp-up rates; the Company's 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; the Company's success in identifying acquisition candidates and in acquiring and integrating such businesses; the impact of the results of acquisitions on the Company's ability to fully achieve the strategic and financial objectives related to these acquisitions; the Company's success in implementing its strategic plans and the timely and successful start-up and completion 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 consignment 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; changes in government regulatory requirements and the enactment of new legislation that impacts the Company's obligations and operations; the conclusion of pending litigation matters in accordance with the Company's expectation that there will be no material adverse effects; the disruptions in operations from, and other effects of, catastrophic and other extraordinary events including outbreaks from infectious diseases and the conflict between Russia and Ukraine and other hostilities; realization of expected financial benefits expected from the Inflation Reduction Act of 2022; and the risk factors set forth in Part 1, Item 1A of the Company's 2023 Annual Report on Form 10-K and in other reports that it files with the SEC.