MTRN - Earnings call transcript Q1 2019

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Operator

Greetings, and welcome to the Materion Corporation First Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Steve Shamrock. may you sir, you begin. Thank

Steve Shamrock

and is Good Financial Controller President Officer. Vice President Officer; Corporate Shamrock, Investor morning. and Finance Relations. Chief Executive Vijayvargiya, This and Jugal With President, is Vice Steve me and Kelley, Joe Chief of today

comments for key opening initiatives. the format will call today's as an conference follows. Our quarter Vijayvargiya and Jugal is provide on on update

questions. will quarter, up Joe Kelley review for and the we Jugal, results the detailed Following for open then will call financial

of Before remind earnings including contemplated issued the statements from in during we me future company's performance as made in based the differ press and this actual forward-looking may begin, that are morning. any forward-looking The by materially are listed in Those let release factors. factors a investors section current we the a portion, that this those the variety expectations. on announcement, question-and-answer statements result of outlook

share and turn and regard Additionally, over in to with periods per items to adjustments number press Attachment shown this tax and comments adjusted are his And net morning's five adjustments. prior purposes for special release. remove operating income GAAP for in income I'll year in comments. The non-recurring numbers earnings reflect certain made now, profit, comparative Jugal the it

Jugal Vijayvargiya

performance and Steve, growth. continue we as on record report welcome, delivering our of profitable Thanks, everyone. of quarter I to am pleased another journey consistently very

record first margin for of and an Joe record profit ever sales record all-time highlights, was million provide was some earnings Operating Operating quarter. at $XXX the we XX.X%. the And all-time $XX.X provide me share. quarterly million. also at had at We per value-added Let will details. achieved $X.XX highest an

very bottom multi-pillar strategy, growth. am to continues our ago, on of and has accomplished of joined consecutive nine team our everything strategy. Our support quarters in and team I Materion of I top proud years our that's now two line multi-pillar delivered execute

strategy company and locations, advance this our with multi-pillar visited portfolio, high and of time, I like continue with tech the most that results. would portfolio to Execution of level product people you passionate in portfolio impressed the our the along behind pillar. a the of record progress deliver this the minds I I As product was some materials innovative to our our share products. At made with differentiated we've comprised commercial excellence differentiator of people dedicated

customer, of units solutions. with enabler can All As learn you business this go-to-market clearly made can pillar key global imagine provide initiatives products the products. them. We to and started performance. the we our customers the has this value which for We've proposition record implemented will have approach, We our in initiatives, help a we been product value around and focused our our that been our realigned sure of lines. differentiated marketing the articulate on numerous and based our revamping

have the selling with the third teams. been invested around roles sales One which we creating support. customer a the teams. our global for customer Materion of focus training shared sales On responsibilities model, and we’ve realigned party global facing side, Internally, a services We've supports team in

customer. As companies. to our at professionals, process to rotation internal of going sales joining by part we've We've more seasoned near professionals through us hiring this, of get or industry-leading been located our the a resources added from

the entire around sales world. the the company. year, with professionals this consistent using across sales a we've along organization Materion commercial on-boarded professionals seven disciplined process, located These Just senior global are

growth. strategic important provide these significant delivering making which customers, our value are lead investments to consistently to for in will We turn profitable

face to continue we ahead, uncertainties. Looking economic macro

and executing profitable growth on delivering our strategy, laser-focused earnings remain growth. we However,

earnings in And Materion. to this you calls. I over forward last new guidance look time, interest At year. of first our to And year update XX%. mid-point increase providing from over full raising record in earnings third the your of a future Joe. are call guidance. Thank we The for the I quarter growth results our is you consecutive our year Given XX% will turn and outlook, represents

Joe Kelley

Jugal. Thank to joining welcome call the on today. And you, everyone us

my first XXXX cover and for by brief During and financial profitability sheet, on segment, highlights, XXXX. cover earnings review comments, provide modeling I will outlook assumptions comments flow balance the finally, quarter cash the

XXXX I financial Following earnings both value-added provided the profit. very my operating consecutive ninth exceeded lines for the sales first record the report we will am to guidance and results, growth with questions. and remarks, represents open pleased in which quarter, year-over-year quarter

the metals year. a million, prior X% First sales, exclude which quarter XXXX pass-through precious $XXX.X and quarter of record an the versus first impact of value-added costs, were increase

execution consumer electronics. commercial has initiatives and particularly market, softening and geographic Our several end end of our largest in offset enabled markets, our demand, leveraging us to end in diversification market

in quarter sales were first sales. product value-added the of million New of or XXXX $XX XX%

defense, and end infrastructure the energy We markets. have in experienced telecom double-digit growth

sold diversification, By improving to offerings in XXXX portfolio tools combination marks we display wireless quarter our have unique The consistently in growth. leveraged These a drive have we Our than the market to consecutive sales of multiple the enabling up quarter, value-added impacts were sequentially. The by geographic meaningful million first Expressed Above up down and $XX.X and both year-over-year of market more X% value-added two energy, product differentiated Value-added $XX.X the and million of the quarter perspective, mix, commercial of drive and million end Gross on profitability margins end average year-over-year expansion in steadily quarter. commercial markets. America. and first as efficiencies electronics and variable consumer $XX.X sales a and investments product expanding increase end products continue $X.X Due growth. an and some strategies, partially first costs from totaled sustained double-digits North mix Selling, these operational business. the million strategic, million. record infrastructure were up expanded sales was prior XXth A a prior add. excellence margins. first into growth to sales markets growth The but of expense profit defense, and for of the from commercial growth quarter, consistent year-over-year year of with over and year value-added market offset are market value sales in the sales, favorably profit been partially average XX.X%, delivered to sales these gross in profitable value-added applications of more low-margin in end years. softness in was and pruned sales performance margins. are above driven primarily favorable general associated in these mix end than Asia quarter continued end aerospace growth increases over In as percent into of drop on last markets, market portions the the offset $XX.X higher Asia and the growth. From administrative improvements perspective. in an profit XX% was market. double-digits were focusing growth we telecommunications

As reduction related $XX compared to mentioned the increase. with operating over actions year $XX.X of or sales Operating to expense of profits combined improvements a XXXX period. the Performance quarter and year-over-year sales, quarter prior commercial led million. operational XX% XX% in previously to initiatives first first up prior with cost consistent the adjusted the was year initiatives value-added XX.X% percent of million profit totalled SG&A of value-added

Looking XX% $XX.X results income from totalled full $X.XX XXXX, million for of quarter guidance tax at quarter tax Net income per in which range. XXXX share, prior million first share of taxes expense rate year. income the net effective first our diluted of record a we for and in or an quarter of per up recorded $X.XX recorded the any year $X.X the XX% XXXX, in within

$XXX.X me X% quarter our performance first of the million, sales first and Starting segment. quarter Now a Composites XXXX record review business. first up let robust a quarter business were by versus Alloys XXXX. Value-added Performance with of

of totalled than quarter ever third the in $XX.X demand. or electronics XX% in commercial value-added and highest offset operating first the wins quarter new and and in business profit defense consumer sales, to markets, softness greater of Our initiatives profit Operating level particularly million a continued in with more and XXXX momentum year-over-year applications industrial the which some energy than XX%. end increase, market this due margins XX% ongoing consecutive

beginning now performance the a on establish track of improvements unique based we differentiation unlocking business this are in record portfolio to We embedded and of are product the and our operational value making. commercial the

first energy of market Moving to first targets relocation. the Sales were sales Value-added in down $XX.X area XXXX XXXX year planned prior the versus quarter elevated X% sales. value-added of were in glass the Materials. the advance factory into Advanced large million German quarter in

profitability production factory profit million passed as of an grew to Materials audits. remain X%, to primarily we versus operational XXXX. is value-added from including exit fourth value-added and sequentially, Looking XXXX. returning qualification for due of running XX% We improved improvements, in reduction business increasing as levels is totalled taken German up sales as XXXX. XX% and customer increase Operating of this cost historic actions the or committed $X.X quarter sales the profitability to The savings Advanced we

to now finally the Coatings Turning segment. Precision

million first million while the quarter in in first $X.X Operating quarter compared products remained sales were and strong. in profit projector first metal quarter optical the the Operating for Medical declined of the for $X.X of Precision XXXX in sales the million and $XX.X higher profit Asia sales lower for filter demand value-added totalled quarter, due Coatings to in to fees XXXX. of quarter $XX.X compared soft XXXX. consignment sales First volumes segment were to display palladium. million defense end-market

only XXXX segment we mitigate down calendar Palladium investors, spiked This results. movements market to historical our to precious reminder in have rates year-end impact over lease negatively a the levels. price to come around spike rates and to XX% impacted As profitability this on of during of lease the closer metal lease quarter. recently the

now sheet million position of cash the XXXX the first million a due with cash to first working quarter capital flow. operations net to position We used XXXX. and requirements the ended XXXX of of Moving of The million, of increased quarter $XX.X cash company to to $XX to of at compared net a sales XXXX, the more from growth. fund cash $X end in compared balance

efficiency remain cash is a flow and capital capital quarter, of First more the payments in percent on seasonal incentive improving reducing investments as a seasonally sales. the challenging of We working timing given and working working capital. focused net quarter

available maintain capital allocation very calls, opportunities previous and sheet and support capital We shareholders. continue and to growth inorganic to organic to on including return mentioned balance have strong a significant consistently priorities liquidity to

XXXX. for in approximately XX% depreciation mine assume a million; and to earnings finally, For And development amortization capital XXXX, tax $XX XX% investments spending approximately million; run should be $X should now, less rate. the modeling run outlook purposes than $XX financial annual million; should effective

range be remain operational range over term. represents to a $X.XX continue from concludes profitable and per on the growth approximately previous guidance drive of line year-over-year earnings. making and of our we the over expect share deliver quarter investments to first long From perspective, strategic guidance $X.XX factors, top earnings our We per earnings. quarter of second higher activity order consistently share. focused XX% are prepared XXXX to Based current The XX% our to performance, remarks. executing second while the XXXX improvement improvements to the bottom time commercial to growth, a the adjusted to to revised XXXX to This $X.XX full XXXX of and on combination these strong at performance quarter business increasing same midpoint year a $X.XX XX% position quarterly we range than the

open We now the will questions. line for

Operator

Thank you.

be with will proceed Sidoti. [Operator a with conducting comes question-and-answer first from question Marshall Our your We line session. the Edward question. Please of Instructions] now

Edward Marshall

Hey, guys. morning. Good

Jugal Vijayvargiya

Good morning, Ed.

Edward Marshall

XX% I quarter for the math, kind XX% do start a that's the the the out wanted of first to what and outlook looks that like, $X.XX rather XQ last quarter. or kind guide. if just focus I I I'm the you think to And that's higher, you about the of quarter to So is the math and or $X.XX just math. on guess it doing it's And was -- x

you what Or I conservative? So I'm if weakens guess, your I XQ? curious, look being are at guide, from segment, say

Jugal Vijayvargiya

Ed, Well, question I think good and we walk Yes. can through that.

it year, to last already, the just said of Overall, that. first this from got you all, a increase XX% me repeat we've let to midpoint. year year-over-year, but So,

as is next something that for the we together. we growth. Third the quarter, said, got think, We've we year EPS for first into range put set that I as XX% And quarter the plus in we then, quarters. you row And $X.XX to good that three if mentioned a second taken the got, our visibility account, second aside, you in we've this of did the the that quarter. visibility guidance

I Customers I would think us are think there's The just more out with out still shortened they're bit some lot being say, uncertainty there. think, orders. second us, provide a I as I a cautiousness that that the little giving half, the putting because they're they has cautious there. of timing

So, second Obviously order do it's with, half be I that in, good do know the come in of able the as we'll we say, not project for more second year would kind about better second the understanding we an to and to having that. quarter. to of the more of half entry starts as

types markets, defense telecom those infrastructure, to to expect energy and markets do We of well. continue

overall, a even second be challenging has would as the But we with as go the electronics like, better consumer visibility get I markets half. able say, of some challenged are to and more lot update for to industrial that And do half. I second visibility course, expect the to forward. think of we'll it that going still be in We we

Edward Marshall

if I the the of kind year? guess risks shorter point some visibility kind talked segment throughout maybe segments, remainder about the Materials So, the Advanced to as of you're we maybe of

Jugal Vijayvargiya

level I with We the of over we years, the exit of are not we're mean, We've segment five, XXXX delivered off that. sure we last right. with year. in committed that and six backing that make end business to the that exit mid-teens that can margins Yeah. to want that, stated has by that the

entry segment with terms that order visibility, issue is of the consumer particular of electronics. an business is half in the in and However,

shying and But So, our eyes keep not we away. happening as got what's on to ears open said, there. I we're

back with issues, make if line of try we're levels or top business that and kind and are, get mid-teens exit by to cost that we sure historical profitability committed to whatever it going We’re issues its year-end. they to

Edward Marshall

that you've to the you that execute margin And you've kind of displayed profiles been able to want.

that. put about So, over maybe within driving and at higher in the back of that it kind could of PAC I a contract, then kind and I'm it if that into with there luck maybe versus wise, contract for step the the couple as maybe you business. subsequent seems good just it last the know business? curious, out curious hydroxide of I some If you of beryllium businesses decline I'm me? effort sales lot beryllium been parse And of like energy that decline. those maybe business, you've the price that, years pattern if The the can timing look you kind but patterns of what's kind the recovery with of I know consistent that industrial talk hydroxide. a of was but it's of

Jugal Vijayvargiya

Yeah.

then value I you that know, line business. think and the our the factors top business line, I bottom we that mean, declined bringing ago, the rewarded PAC bringing. PAC that a forward in that looked sure number customers, improvement were in business back there's and the the getting We and -- we of we for as that are compensated value really years really both driving we at proposition stepped as were making were and to several

our So, looked company structure that really improve of the what at structure looked we've to one, cost business. we with done and can we internal We of cost number at things. a do regards really to Number our mix.

types at businesses other very some us businesses on improvements. We've energy, to aerospace, tend of infrastructure are than for maybe the heavily because segments. operational be producing We better looked focused return telecom defense, those of

from one important you what expiring. that that very renegotiated we very as hydroxide Looking side? a outside, we on terms did contract based people about. of we at brought that we've it was do the ago, can was did in that an what couple mentioned contracts, operational a we And As good part felt we from years it when

I've business quarters, it's of And challenging continue it. And particular business. committed more mix, plus margin, of seen that a some number try that to maybe forward. row that as though of in three in think is three So, making in margins business a Even plus margin. things as that XX% has mentioned, to that we've And I type our sure that things delivered the to We're and to business. that the quarters improve. there's that we a keep of at business that is And you've maintain still done. objective in profile looking XX% move said, I done we've which for the we'll now, last

Joe Kelley

hydroxide, that's asked that Ed, million million I'll selling. you this plus that, remind $XXX a specifically the has million Joe. segment of add, to annual $XX could I sales been about $XX value-added just is about the If only this you

Edward Marshall

where the than in state? a versus looking was second look What's row running This Right. shows in range I I this maybe if investment percent SG&A. business? at SG&A of Got couple decline past of quarter for the PC of And SG&A balance specifically a it as slightly Thanks. that XX% And VAR. volume is and finally years. the it. I'm kind the to a and higher steady is just for year that in the of It's think that in previous

Joe Kelley

costs in around go We QX. half XX%. that's rapidly prepared You for know, at the palladium there our rates lease where I mentioned of the as back our palladium. remarks consignment exit consignment the spiked lease year And

part the there lot as we and of leased So on customers as going product. through of palladium a the capital product working

market here is Ed levels. you to what referred lease palladium. palladium lease what increased QX the in The so -- revert to lease back there started per as see historical to we I news to rates And is exited good cost

benefit that should So that should you -- forward. going see

Edward Marshall

much, guys. very Thanks it. Got

Joe Kelley

Thanks, Okay. Ed.

Operator

of proceed Rodriguez Stonegate from line Marco question. comes question the Capital. with with next Our your Please

Marco Rodriguez

Thank morning, questions. for my Good guys. you taking

Joe Kelley

Good morning, Marco.

Marco Rodriguez

the the Hey, necessarily shirt Is I a you Jugal back for telling markets is need client better here guys. understand wondering a shirt. just drive versus trying on that a need we sales focus fair? maybe mix if that I'm up green they end the of bit on blue higher that margins driving a aspects they more that don't was you're could that of focus little kind to

Jugal Vijayvargiya

we Well, And of margin I can that from value for higher deliver a more more period think, on just broaden the longer where comment where deliver we time. I can would to can go value.

right? just longer is differentiation longer value. energy an what and cycles the cycle segments. businesses important just gas and -- another and a telecom So still as bringing more those We oil just the a have electronics XX% we our Where that. we lot shorter find it's for like mean I one and is not defense us. cycles, we versus can are to And businesses like that it look far be market we bring where look – into doesn't at when Automotive we And aerospace. more mean is found of consumer and commercial business. into so and

last have, better differentiation, say points longer years where for bit and I our which more margins decreased about value should were over then think, more two from we points, on better we Now would I now to customers profitability our the But five dependence to consumer cycle, turn lead we us. in where electronics. are probably a six to to little

Marco Rodriguez

had a on you pillar of your seems commercial higher industries changed here individuals mentioned the be that just training in more or an overall And the it. and where efforts on focus that these that themselves. a the engagement been focus the there sales type Have of increase your prepared of Is marketing strategy the value-added the cycle have in end-markets? there you've terms to in dramatically? of has Got lot remarks undergoing sales

Jugal Vijayvargiya

Yes. I would say definitely.

of done training as is these bringing But that the a through we're making been the last it's things did focusing has year. training another in went just the the sure we markets we some at salespeople. that about talked that actually our And on of just the part. year we can that number important element. We So we've of beginning value important in clearly And an articulate to then well. customer

we how be really looking those company So One or or energy how focus look at we industries. industry -- at can level industry at defense semiconductor. are Materion we at at on automotive an or certain a can We're so to like successful industry; level looking a

that's focus it So to we're really like I'll excellence of something is And it pillar sub call a we -- pillar more commercial industry on. that pillars. started

Marco Rodriguez

you. what if can maybe maybe sectors. of The I'm particular if could end can guys missed strength talk you not And this. then whether about efforts more. swept talk Can I bit kind saw due you your sure of Yeah. market telecom those this if marketing energy to through is applications of whether of Got in little specific little that not an of saw you you three a a you industries? defense and strengthen maybe the then and type or or sort if this was you kind parse that demand sort

Jugal Vijayvargiya

of I or really both. say Well these first really we've I more it's all, of But attention as a have lot indicated markets. on earlier a focused -- combination some we Yeah. would

year relationship the being number front parts various we sort a up center then as defense, is good over think new that with is defense through been and and a the initiatives a the side there's that There the started. has so so that coming. held number I once have happening. side. projects as last administration sure or that are And And of defense And really of making we're happened. But getting half of of a were got we that have been change

doubled side in we, XXXX. rig. since gas I on -- fact mean, and the our per per oil content On -- the we've

that's I rig focus say rig of only our making per content not count increased effort sure should on I that a or mean our been higher. but ours. So getting count of is not relying, big only actually

I us that engaged highlighted is using aligned clearly effectively say starts used of as our we're that that make XG and teams -- it's initiatives grow. and marketing materials sure the to we're And think evolve. to important to strengthen. very -- on sure And something as as the to XG you continues that are our should that been sales globally the rollout I making for are course, on actively being that then push So,

Marco Rodriguez

Got then you jump I'll question. quick last queue. and in back

Just for kind bit the of around mentioned of little coming uncertainty back you on had visibility half fiscal the There's second little the guys. bit guidance, year. a less more you a

you if cautious maybe comment customers are wondering of can Just on the uncertainty that kind your about?

Jugal Vijayvargiya

Well, a general end challenged I been in is, bit feel a mean here the the bit I tough that areas I day, mean the components, of electronics, little industrial for just at and the XXXX. the year industry automotive. start the on to more little Automotive in think little more bit has we consumer a uncertain

And year. of so, our of really considering the be to to now to of whether consumer to second going half kind seeing start this not. going the cautious electronics through that half and things was how But see recovery we're And what that. it And recovery to some will is that come starting question to interesting hearing. the maybe start on or order we're entry read we're the what second evolve. The we're reading was I happen. mean on

about, get things XX% we highlight. and mean we better. that top-line We're I But increase we the of increasing improvements year. both don't from better even some I We're are those of excelling mean side half doing I more we again, from really, really second guide be with XX% business on. want bottom they hopefully the And increase well, is making. think to particularly up projecting are for our I line that teams concerned and the probably quarter. our some year-over-year. all as but the are the that We materialize think are the quarter. we questionable and XX% the And our to a bit in that visibility first can hope the markets just little the second XX% that delivered in a maybe are I -- So,

Marco Rodriguez

it, your a Got lot I appreciate thanks time. guys.

Joe Kelley

the in representing one industrial put PAC and Marco, of to sales commercial reported this. business of defense last electronics markets thing from the XX% and just numbers XX% mix on down the question XX%. some let me energy consumer telecom this to components went representing from original year went other year, to add The aerospace, your representing -- infrastructure, whereas XX% end

So the that's the shift of helped margins. the we that magnitude contribute to that PAC saw within those business

X%. you look was you If at electronics consumer at end electronics largest consumer Materion which consolidated market our we down level excluding the and look grew

and So we drop to again, in consumer it's this focus that market diversification were able offset electronics. the

Marco Rodriguez

it, Thank helpful. you. very Got

Joe Kelley

Thank you.

Operator

line Our proceed Markets. Leshock KeyBanc next Instructions] with the Please [Operator question comes Capital question. with from Michael your of

Michael Leshock

Hey guys, good morning.

Joe Kelley

morning. Good

Jugal Vijayvargiya

morning. Good

Michael Leshock

firstly So just on new products.

end most you now? markets developments expect products Looking at going the seeing are new right increase total and what do you that to new forward as a percent sales, of your product

Jugal Vijayvargiya

Yes.

And new I sales continue past would as to that we efforts. that and and that's that some we're something stated mean for to are And objective. so love objective. to the thinking invest be it rates to of continue do invest in long-term continue is our efforts products selling R&D of our in order XX%, R&D mean we to as our we the in product take about the we the -- us able of that's into will we invest have I to our that's more as I've more increase should type So to efforts in achieve expect in selling growth more sort north right? that time new

and very areas big a semiconductor right that with be very the is we're are and and think some memory very and ending area. Those couple markets, is trends now excited products very of our continue processing -- mega we of those then the I to about side spaces. that materials second excited aerospace about. I we're excited speed. and the in into mean the the value are two up terms delivering And in of about One aerospace

we're of long-term that excited I those quite north So or push the think year two couple areas next over to continue we objective. forward of and XX% are a as about

Michael Leshock

bit over pretty then past on And been on sequential a a the they've touched increasing Okay. you basis couple steadily margins, each but years. quarter PAC of

Just do current you next continue are you like you and trend maintain call the around said drivers or at that looking expect to looking more this to to wondering, you if the at quarter, could levels? out

Jugal Vijayvargiya

Yes.

we -- right. our we be this is today to plus, right we objective So say business that want now mid-teens look,

businesses Whether improvement. got going part that's we that has quarters pillar pillar three now making XX%. we can the markets certain can north beyond on effort combination major driven then that as continue out. is achieve mix. done Pruning we of as we've it we're operational better. excellence to think deliver of much higher been really something we a well mid-teens even poor And see to than forward can have substantial that That sure turnaround by plus. But operational we're that of to focused And it we've driving of been the return But this if excellence on business. be operational some obviously And So efficiency, this. the operational dead certainly way focused commercial excellence, really we think commercial I us. play go for focusing performance really better a we've move for on excellence as that, and

Michael Leshock

what the about could worse more you've of months, cadence the there? if months the broadly recovery if just slowdown in of or couple specifically than talk And past of ago? China seen that more And it's kind sort same three getting the or if you're you as maybe speaking Okay. any saw of seeing you

Jugal Vijayvargiya

a talk about and than less of our Chinese market. But is has one that China for XX% for the Well the so things been us of what's are obviously happening. sales really Yes. lot of there China

happened. what's So far general, even impact -- our a though differentiation really I'm still seeing is to prior is environment company quarter the a it's we We're things. item, macro quarter. material so in saw much say similar not And between what of obviously But overall material I'd impact there we're from big seeing relatively not small. to this not to

then play or situation over things So our there we'll that better. so months see next any and the agreements out are if make how few

Michael Leshock

thank right, All you.

Jugal Vijayvargiya

Okay.

Operator

appears over like It Thank management for to turn closing this you. further time. have no now floor back at the questions would to we I comments.

Steve Shamrock

our website morning recorded all direct earnings call This this answer interest like you. of I your XXX-XXX-XXXX. is be on call. and My of playback much. quarter Shamrock Thank available first this questions. for call number participating will and any A the be this would to you you company's Materion. the available Steve thank very XXXX follow-up on Thank will to in concludes We is materion.com.

Materion (MTRN) 3 May 192019 Q1 Earnings call transcript