us everyone on joining Thank you, welcome and today. call the Jugal, to
highlights, I flow fourth the cash and earnings year will my provide modeling the segment, by comments, cover cover review and brief full finally, for and balance XXXX. assumptions, sheet, financial During profitability on quarter XXXX outlook comments
Following my open will questions. for line remarks, we the
primarily first reductions. me financial profit improved XX% XXXX record on due the cost improvements operating commercial performance adjusted XXXX million, on and totaled all-time to company Let Full year briefly mix full increase, and a year comment productivity to consolidated execution product related and sales performance. across manufacturing an year-over-year $XX.X
percentage which versus XXXX. year of XXXX adjusted of XX% metal adjusted $X.XX precious cost, pass-through to profit up the earnings XX%. $X.XX was totaled $XXX.X adjusted share. exclude XXXX, relatively earnings flat, totaled Full of compared operating $XXX full share, million record value-added of per for per impact Expressed as a year million a sales, XXXX in Value-added the sales,
the million, quarter, value-added a was Fourth $XXX.X from moving Now XXXX fourth million perspective. given in to quarter XXXX XX.X%, compared $XXX.X prior challenging macro were topline the fourth to the sales down environment, quarter. quarter fourth year
driven wins, defense, demand a large timing up the of in quarter excellent and strong defense combination by order. a another program of had and year-over-year, XX% We aerospace
increased sales X% versus the also year. The prior end approximately Semiconductor market
end of this is years particularly weakness gains, market in offset telecom two a than optimistic, by turn to industrial declines. cautiously and markets, more center. number are we after were however, As positive starting data end These automotive, of and significant
the quarter XXXX the $X and quarter in hydroxide the record in of In million of XXXX. shipments XXXX, fourth $XX in approximately any to fourth addition, of we third quarter compared did million not
profit of the XX.X% $XX.X in margin to the an in profit primarily Gross due sales in adjusted is prior prior of or drop to improved gross million by $XX mix. sales year. value-added volume, gross The million compared lower the fourth was versus sales offset year quarter
expense volumes. aggressive Selling, totaled down reductions $XX.X general million, and with fourth with million aligned compared business management X.X variable administrative or XX% and actions year prior the expenses quarter, to in cost
current percentage of quarter, XX% SG&A in XXXX. As to a compared sales, the in XX% value-added was
million, R&D our Materion One R&D prior long-term the over to continued year, we to XX% drive as growth. part expense was investments make of $X.X compared to up as strategy
fourth XXXX. in million $XX.X totaled quarter profit the of Operating
adjusted special cost profit profit matter, million a or related was M&A external items sales, of of legacy $XXX,XXX to value-added million XX% Excluding or environmental value-added $XX.X compared in to $XX.X and of of the sales year. adjusted operating XX% prior operating
margins. sales based delivered of We decrease operational double-digit operating and margins profit operating six and mix culture cost profitable improved Despite in the product has our efficiency consecutive quarters expanded profit and volume, as strategy driven performance aggressive year-over-year have now growth management.
taxes, of resulting of Looking we XXXX, income quarter of effective million the rate an in fourth $X.X income at in tax XX%. tax expense recorded
the tax effective XX%, previous compensation rate special XX.X% tax related line state bringing full in to change, Excluding for year tax and equity guidance. a quarter rate the adjusted the with to law items was our
share making share, XXXX. totaled been improvements adjusted $X.XX commercial consecutive operational per quarter fourth have in per up fourth EPS we growth X% the for million income validates net year-over-year is the strategy. as and quarter or from an and One $X.XX $XX.X Materion diluted XXth the of This of our recorded quarter Adjusted of multi-pillar the part adjusted
XXXX review $XX.X compared Starting Value-added million performance fourth me quarter performance Alloys XXX.X the prior in business segment. and million, first with let Now, sales by Composites. year. were to
to end-market I the for remain strong defense and reasons mentioned sales continued Aerospace earlier.
was markets. data by and the than strength decreases significant more this telecom in However, end center automotive offset and
be trade with The impacted markets China. the data by telecom center tariff ongoing and and situation to continue
automotive soft demand in While Europe Asia. and connector remain
In addition, quarter. the hydroxide no in were there beryllium shipments
Operating driven profit the sales by the million million, compared decrease operating improvements. by totaled of offset performance in lower The operational in adjusted year. of volume operating commercial XXXX to $XX.X fourth profit and in was profit meaningful $XX the in prior quarter, quarter
was of XX% greater. quarter or value-added a operating percentage profit sixth As the of sales, profit of consecutive margins XX%, operating quarter fourth
We making. remain potential segment this portfolio on product differentiated are of R&D long-term highly optimistic our we and growth the the based investments about commercial and
better or XX% targeting margins. XXXX are operating full-year We profit
increase are cautiously reduced of well end experienced increases market. were and sales at segment. We in $XX.X Looking prior year-over-year business were optimistic in semiconductor offset weakness the Value-added to sales the quarter by Advanced These this the as Materials medical sales as the XXXX end-market the industrials, in market million out market. bottoming a the we finally experience began with fourth year. consistent in have
compared million improvement totaled offset was the year. product X% profit operating by in profit partial in mix. Operating prior actions, of operating $X.X adjusted by led million, $X.X unfavorable profit The cost reduction to
conditions market levels. we improve, to returning profit progress expect to towards margin this make operating business historical As
communicated. to Turning Large were the now fourth medical Coatings previously sales quarter million lower Coatings Area compared to the to XX.X due Fourth the million, of Precision products value-added $XX.X in as segment. quarter sales end-market XXXX, into of
quarter million in profit cost totaled sales due quarter lower million $X.X partially by of medical restructuring segment operating Coatings to quarter The was offset year-over-year the the for profit generated $X.X XXXX, actions. Precision in third from decrease in compared the XXXX. fourth fourth savings Operating to of volumes,
you lower segment non-cash, we to goodwill cost forecasted restructuring quarter, our right-size we palladium the quarter lower volumes recall, conference related to the as sales were cost as increased In and impairment charge If rates. reimbursement charges, to asset this of mentioned a structure third call sales volume. that for sustained medical on well recorded the decline for medical third the and
sales. expect the in segment, of line year-over-year we partially which ahead, in expected optical blood our glucose Looking test will this offset strip growth filter continued decline product
for this We are XXXX margins double-digit profit segment. targeting for
generated flows of levels. Moving and due record in cash operations sheet from inventory strong significant and a the all-time $XX results balance now an operating reduction to flow. We million, cash to
liquidity in of allocation inorganic ended organic to growth significant priorities, As net shareholders. a opportunities, a million including result, support cash position return opportunities capital the capital $XXX have and growth and we year consistently available to
amortization the be modeling purposes be approximately mine financial $XX should million, to For million, and effective run should tax million, development XX%. annual depreciation approximately approximately for should outflows $XX in XX% capital investments cash rate $XX run to spending $XX should million XXXX,
markets, and the expected outbreak. headwinds the XXXX, energy. with along a despite first level to are the headwinds in continue economic uncertainty XXXX, impacting delivering finally, end very earnings including successful for the added to telecom macroeconomic due the These quarter into Coronavirus of profits, data of slowdown outlook fourth significant the we automotive, had key quarter record XXXX, now of and a And center impact several
focused remain of operational to per investments on range share. growth. we making these level, At the Using $X.XX earnings Based midpoint a fourth per XXXX to guiding consecutive this share specific more we on earnings profitable commercial from long-term company it factors, represent $X.XX would the range, growth. of to are drive and year full-year
by guidance challenged the and impact experienced lower cost order the production late From uncertainty be first the the of pressure quarter which the will perspective, Coronavirus levels. low fourth a on to manufacturing incoming the quarterly quarter XXXX, rate volumes, business in related
adjusted We XXXX levels experienced to XXXX first view be of remaining XXXX. those more these profit quarters the first the of the XX% XXXX XX% and of rebound sequentially temporary quarter Most, down quarters quarter in as all, in if earnings. to to the comparable are the first nature not three challenges fourth expect approximately to of earnings of in quarter forecasted to versus we
our This prepared concludes remarks.
now questions. the for will open We line
