Materion Corporation reported net sales of $385.3 million and net income of $13.4 million, or $0.64 per share, for the first quarter of 2024. Adjusted earnings were $0.96 per share. The company updated its full-year adjusted earnings outlook to $5.60-$6.20 per share, a 5% increase year over year at the midpoint.
Net sales were $385.3 million; value-added sales were $257.8 million.
Net income was $13.4 million, or $0.64 per share, diluted, and adjusted earnings of $0.96 per share.
Adjusted EBITDA was $45.2 million, or 17.5% of value-added sales.
Full year adjusted earnings outlook updated to $5.60-$6.20 per share, a 5% increase year over year at the midpoint.
Despite a weaker than anticipated first quarter, we expect to deliver another year of record results as we execute our organic and operational excellence initiatives. Since the beginning of the year, the outlook for the commercial aerospace and electric vehicle end-markets has softened and we expect some inventory correction from our precision clad strip customer in the second half. In addition, we expect higher interest expense with the current rate projections. While we expect to mitigate much of the impact of these items through targeted cost reduction initiatives and performance, we are adjusting our outlook to $5.60 to $6.20 for the full year 2024 adjusted earnings per share, an increase of 5% from prior year at the midpoint.
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