MTRN - Earnings call transcript Q3 2020

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Greetings and welcome to Materion Third Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode a question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to Steve Shamrock, Interim Chief Financial Officer. Thank you, you may begin.

Steve Shamrock

morning. Good Shamrock, Officer. Steve Chief Interim is Financial This With Executive Officer. is Jugal and Chief Vijayvargiya, President me today

Our today's and will provide format Jugal an follows. for update conference call on COVID-XX key initiatives. as strategic is Vijayvargiya

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

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

before press regard attachment and The earnings and GAAP with income and prior-year I'll the adjustments earnings items, morning's share in turn the numbers shown now, comments his this net are release. to per in to taxes, and made it reflect And adjusted X non-cash comments. in interest comparative over number period Jugal remove income adjustments. charges for special certain tax purposes for Additionally,

Jugal Vijayvargiya

an our to safety of on during first and overriding priority. Thanks, everyone. welcome to I ones hope update our impact of and Health these the review key continues initiatives. of that healthy and Steve, with your follow remain loved all continue up unprecedented times. and I'll strategic remain safe you people Today, our and COVID-XX

the working operating. our and majority our are all of to people taken available protect ensure A sources appropriate factories continue of around are We to are all take from input measures our office employees home from to world.

the to on delivered aerospace, continue and a industrial. continued double-digit commercial challenging businesses and very led sales margins. would to growth COVID-XX sequential in key we and our Despite for year-over-year demand. new sequential impact with you in and three As market energy, growth profit of Semiconductor end a stronger markets, quarter earnings particularly the all initiatives we of expect, positive our of products consecutive conditions, by related number reported trajectory second performance experience

film Sequentially, We in with I'm I have include quarterly of Optics and initiatives. first increase Balzers complementary a the create The financial provider highly review XX% the sales a with end Balzers time. will portfolio. downturn. product Optics actively our our which geographic, X%. thin increased results, combination key of market now optical response report earnings to excited for costs consolidated transition the world's managed some with coatings to strategic leading and

according integration teams Our are plan. very are engaged fully well going and to which with activities,

in Our commercial objectives. together teams of are our customer growth synergistic support work on identifying starting to opportunities overall

schedule. year, on Our earlier engineered which announced I clad this remains project, strip

facility from actively with In project. approximately of for pre-funding of $XX product the a million, reminder, additional manufacturing into an total program, support expected with model engineered a In strip a As future received to total is million. this $XX for start project to investment will new customer the the generation capacity an since million The the we next product, customer we $XX $XX expand a the arrangement a our a be of million manufacturing leading-edge be highly we clad business in new establish are entered September, to of product. supply. customer a approximately working used existing of which for

in expect making to addition, supply long-term quarter. finalize agreement on In and good a we're fourth the progress negotiating

on We facility. for shipping in existing product a from are the also track quarter our fourth

In center the on project. completed schedule year-end. project all the of service Detroit, on remains quarter, our PAC update consolidation shut the This the Lastly, the We location. third closure California second activities we Michigan I will provide down complete production a Fremont, quarter. at to quick facility by in

want closing, determination our complete In and to drive thank installation in fourth turning focus, forward to the the team, persevering into a and expect on in materials quarter. activity We relocation our transformation an sincerely on this with is advanced global through I pandemic who business.

will call I cover to over Steve Now, to turn the the financials.

Steve Shamrock

Jugal, to and Thank you, the everyone good joining on us today. morning call

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

Following quarter. which questions. to results, report open my the pleased the pandemic, remarks, am line the for will I second exceeded we quarter third Despite ongoing COVID-XX

markets impacted continued of Telecom COVID-XX the the impact Third pandemic $XXX quarter quarter compared of quarter to Optics third market industrial. the in million, to the exclude in X% in costs, XXXX. market. versus the Compared including data XX% impacts end demand and and to aerospace million, the softer lower end This the compared to center of Balzers up $XXX.X were sales second acquisition and sales, we're quarter which third second quarter, margin quarter. COVID-XX. also Gross incremental metal demand million sales second down and semiconductor by $XX.X value-added the value-added the growth sales of offset to related by $XX.X precious in partially tariffs due pass-through related million the was to lower was and

gross million margin development mine included of quarter The costs. third $X.X

recall, expenditures. have may capital historically As accounted for these you as we investments

are quarter in $X.X expect as these extract in treat to approximately are us into and to and first we expense costs. existing in activities, mine expect development these However, based $X to this million We of expand previous exact rules production pit ore an fact require third the the mine development third and additional period the the incurred the in as Once to incur cost the quarter ore accounting time on technical these purity. quarter. for Despite the type the to ore pit nature returned extract an costs fourth completed, from we activities costs of XXXX. that million

development expect not mine historical a as identify later additional do costs these XXXX. in also into until these sometime incur special. to on we Based factors costs treatment, We

related items of Balzers special COVID-XX point second and was to $XX.X other of to Optics and adjusted the XX%. development value improvement quarter XX% basis adjusted gross a XXX mine margin compared margin a gross Excluding the million, sales, added acquisition,

Our versus has million. manufacturing expense continued of to team administrative $XX.X general drive improvements second operational sales. significant Selling, up lower quarter $XX.X and million, despite totaled the

and related acquisition the $XX.X to integration Balzers, million. Excluding compensation, the of special SG&A forfeiture of expense items adjusted Optics stock-based non-cash COVID-XX and totaled

quarter XX% a As percentage value-added the in consistent the second quarter. of SG&A expense was with adjusted sales,

our investments in profitable trends. value-added previously primarily for long-term demand quarter, of was third of In expense announced We through approximately and new closure with million to Research drive continue we continue second relocation to and current and the to of response recorded and aggressively $X.X Fremont X% manage products our third growth applications. development we in of facilities expenses the the the sales cost to consistent to make restructuring as related development Detroit quarter, SG&A expense quarter, severance.

denominated As of you to unrealized may the million the recall, quarter which we Balzers, in recognized a purchase second Swiss Francs. in was gain foreign Optics $X.X related exchange

also quarter $X.X million. an reported taxes million reported in quarter We before related $X.X classified third earnings we foreign We as item, third which of additional to the special. gain interest the same also exchange and

or items of X% Excluding I $XX.X was mentioned EBIT adjusted special million sales. value-added previously,

income of recorded quarter tax million XXXX. income Looking an at we benefit in taxes, $X of third the

XX.X%, Excluding impact line the effective to the in tax tax primarily with an of items special items special or adjusted Balzers enacted law items and relate in tax of million million, expense of rate federal expense of $X.X previous our tax The our Optics quarter. guidance. and tax acquisition $X.X the changes was special

The adjusted we million quarter of reported or share, management addition in net performance second the On quarter was million. per Balzers. per compared the due increase to share to an compared Optics in income to improvement, totaled basis, $X.XX aggressive $XX.X income Finally $X.X second primarily net the $X.XX cost and manufacturing diluted the third of quarter.

third business review me performance let Now by quarter XXXX segment.

of Performance the million, in by particularly our at end is to $X.X now second and were $XX.X a decrease aerospace The soft to markets industrial. compared impacted quarter. sales million due of COVID-XX, value-added demand Looking business, continuation and sequential a Composites decrease select Alloys

material million most or $XX.X due raw the second down and million by quarter. EBIT by sequential were excluding million This value-added automotive the global decrease is $XX.X has aerospace, $X to compared offset to of items the sales, sales the pandemic special compared in improvement. addition, industrial end partially the to performance was business to The value-added XX% EBIT markets. the hydroxide exposure lower given impacted been in energy, ongoing or quarter. sales In sales XX% volumes, of second manufacturing

quarter. tremendous sales in made EBIT focused progress for reported this low on I investors margins further making XXth at Although, digits. margins in the levels that this EBIT we to EBIT also business. comparable improvements a we've margins, consecutive which single reported remind the averaged business PAC double-digit in XXXX, are

margins materials. versus the year, the increased remain as metric the compared quarter million XX% third prior quarter. drove X% in X% second The we and were versus special million driven initiatives sequentially improve EBIT in in market going focused growth. the advanced forward. performance second X% commercial to the to to continuing second in favorable the up items end market improvement, growth in EBIT Value-added quarter, $X also was and quarter mix was Moving on due to million, sales manufacturing to improved third demand and of $XX.X sales the margins semiconductor excluding in the the XXXX and from EBIT improvement quarter. in quarter by performance this $X end

segment. finally coatings now precisions to the Turning

Optics $XX.X large Optics quarter quarter Legacy the due reduced strip coatings million, partially products and sales our products. second Third display in demand were offset glucose Balzers for business, sales by our to the compared and value Precision lower XX% strength of acquisition business projection up to blood of test added area in

going to sell we wind recall, made and assets. in sales to our After As intention operations sell the you Business the may business announced Area first the quarter. process, our individual the of the Large determination we have down through Coatings

million higher product these to was The items excluding the of increase $X.X actions to in quarter. to was by second XX% EBIT $X.X of EBIT, expect the sales, sales. substantially the in primarily million value-added special filter end optical We due complete compared year. or

cash $XXX third debt balance Company's the net the company million only the $XX.X of sheet million ended and and available to position Moving quarter a of flow. credit XXXX facility. now with on The approximately

have this to in more adequate manage continue liquidity We to than challenging environment.

spending The versus increased Jugal the the related the $XX increase prior mentioned. nine growth first strip customer funded months in year to opportunity capital engineered is million. to Our

very approximately run should related strip assume of should net project. new For million to rate, $XX financial $XX effective depreciation an and approximately finally, heightened prepayments now continues quarter. tax earnings modeling pandemic create results the be purposes special uncertainty, million fourth it engineered customer in flows XX% predict to XX% business, the items. financial impact XXXX, outlook levels run cash condition and Annual capital impacted. spending the ultimately of to excluding the to amortization The extent operations, or of making And for difficult HR the of will COVID-XX to

this our continue cost manage current our prepared the to quarter. structure quarter levels, third on time, based entry will the better order This aggressively We than to concludes be At expect fourth adjusted earnings slightly in remarks. current we environment.

questions. open line for will now the We

Operator

question you. with Rodriguez Markets. Thank Our [Operator Please from proceed. first Stonegate Marco Capital is Instructions]

Marco Rodriguez

little maybe you Balzers guys a on morning. for you I Good wondering if my could of Optics spend here. Thank questions. was bit taking time

a sort like going touch line structures different looking the sales then you out to could that there. sort How incentive that if And benefit if from try perhaps to that acquisition. little provide to the synergies might can team's wondering that if any maybe a of and is picture it drive What had of of look talk of for? in then integration going? the what and you is drive a you be QX, just line you're revenue somewhat standpoint, efforts bit about top sort for First, can structure bigger on there

Jugal Vijayvargiya

Marco. Yes,

on update quick a integration activity give itself. first the just me Let

well we've you, know then extremely this as to integration and a you since we've integration from the tell the then one by gone teams excited has As from teams side I have the the business can led both Materion had the well. Optics day for side. as really Balzers

that--that been We firms us. have outside have couple a working of with

this lead We integration put seasoned a leader activity. helping place we that in have is who

information for plan. So, when and the that this of the business, else total information so continue With I'm our the that that try expected everybody per this and of at from you be in to we'll revenue Business. regard mind the understand half so It's far I everything things and keep look out pleased to you we look course business the revenue --XX this early at integrated historical over keeping weeks level XX you really from Coatings say, to gets far, of not overall at quarter business tell in so, progressing that mind we stage, report that sure all the I it's but did to But course able and of quarter, Precision provided perspective, we historical this full level, a is that size may mean, to have Precision business, that, Precision manage Coatings, about COVID so, we impact, level. I'm we all had but be into business a we in the took it to the what if at of would quarter. roughly This should not when unit and information Coatings don't the call a of with the high at about have to some weeks specifically that factored so continue in. into that is,

employee in place, have can have same this right structure, which have is can going have Incentive And, help worked say, tell that, now. provide important we've in in very for starting Balzers, time to and phase an really that employing on. sales structure acquisition in we some I We've that proper a our structure global names put drive with opportunities has it. side. organization that will synergies, sense the we for would It's then forward. looking the service, in that growth then we go and that organization incentive make of names drive of merge did. customer needed. firm are global to and the the at drive we're activities phase the that some and Materion makes structure incentive and sales initial as part fact last a the firm that identify But the start structure driving that of in initiatives, the Optics sales our where that's I at us the I that you what work their well, move what the mean, good hungry helping been structure, can I but I integrate -- and of we And we the two that's looking things accounts, outlined. to with employees to forward. very projects regional it HR start we imagine, sure developing structure, the first that's organization past is our element gonna be if On in we the with place Optics work But a is We exciting important place, studying sales as to that a that team clearly is an I disciplined years. to and have, you a mean to actually organizations. mean be a Balzers now on be sales that one going so some the of has will created to believe been have so those starting is, side at, clearly, we can the foremost, Materion We're had, get we to at that couple

future reporting calls. it, progress in forward about in future well, look and going general So, near quite to excited

Marco Rodriguez

and there. very bit teams you a easy with comes Is PC efforts? Materion can the And in that's cross selling of describe training the or efforts-- the merging Understood. to Balzers cross is the that it-- in is is pretty segment, little of about the terms Optics when sales something it then the difficult training something it

Jugal Vijayvargiya

A to of we and be expertise similar going we're the think work are with, know organizations, customers, I because working customers that cross-selling, you same fairly to lot the in businesses these experts I going actual actually task the for the region. of filter are filters that think no, of at technology. easy Yes, in, are regions local it's optical and both we're the the optical leverage -- a terms

don't as we from much have that's perspective. So, they needed training what necessarily a regional

it's, a to I from expect move teams have. operate to I I a up forward, think these to start standpoint, fairly each expect it's able be don't technologies customer team to other rapidly So the lengthy I a be the quite with good expect it pick people we and build think and to process. the that quickly. from I

Marco Rodriguez

excellence Got of one a of Jugal the quite your and I in and kind color guess, specifically it. it, mention of of helping all your I the quarter. little commercial but statement some more brought that then pillars products strategy around there? didn't provide maybe And out made out catch prepared on had about a you you remarks, some Can new strong demand,

Jugal Vijayvargiya

I at as introducing. that products a to areas that think well one, from continues standpoint market we have of side pull Yes. a in general movements positive as look when for market we're strong the good general, clearly the both we couple be semiconductor quarter, mean, I us,

downturn When times, actually XG that excited one and That's and that, that with so think there quite have markets. some side, on of that some of is softness, the other talked display aluminum pickup offsetting we've semiconductor of also in helped application on and about and the considering for look we in you with has, some devices and pick product demand other continue ups the applications to our some electronic couple scandium for mobile of So, be robust the some the we There an consumer our to our we from product. about of projection that electronic handset the a consumer with happen products. new I applications, that's in can had some we've of some continue from be used the business. see side that calls, the at

strong So, side, segment the a doing side the net isn't consumer a the as of on sequential that have basis. necessarily is but we well semiconductor as

Marco Rodriguez

or that's other you revenue, to the guys R&D that then, products new you as of movement of of have years. data in about three trailing three the months terms And pipeline, the Do percentage on you whether any past in have as kind far Understood. a talked there your overall trailing R&D side? points

Jugal Vijayvargiya

the data point talk Well, is I think would about actual main I spending. R&D the

One really focused very, to is of this quarters times. three we've very last not ensure the things do R&D in that we challenging sacrifice on in that the spending

do I for We ToughMet had new metric, have is about on even metric so and going and spending new maintained, necessary the we have where we continue was that in to of and a increased area. we R&D ToughMet. development We sales all clearly fuel in product our that can fact, activity on that's of sort product that, which our one product for mean, biggest that I the that new mean, areas this year, talked

segments, is growth been know, you which have area and ToughMet for and aerospace this for oil high hit a both year. significantly the gas As very of very,

introductions gas demand aerospace unfortunately, of to and making it's metric, related not in new that across we're years, to the by so lower general and in that specifically new the our market is and and driven prior course, And oil products company. compared but products

every R&D. pipeline, intent going to that continue can and dollar toward that to we're stays spending new we to R&D find, we'll sure our product our intact, to it's So, spend our continue fuel making

Marco Rodriguez

on had just side the guys housekeeping the Got item a caused least And to you the PAC that sequentially you caught I of a costs, it, I gross on margin PAC a in a just side. here. development which is in kind item, confirm impact the reported but want the here, margin quick saw at gross that lastly that side, the believe a impact was basis, year-over-year mine it. of decrease one-time particular

is that. $X same then heard million in confirm Just if And, wanted kind I going QX? roughly impact also to that another there to be of sort of correctly,

Steve Shamrock

That's correct Marco.

Jugal Vijayvargiya

You understand correctly.

Marco Rodriguez

Got lot time. a it. thanks Great, I guys. appreciate the

Jugal Vijayvargiya

Marco. All right. Thanks,

Operator

with Our question Capital is Please proceed. KeyBanc Markets. from Gibbs next Phil

Phil Gibbs

morning. good Hey,

Steve Shamrock

Phil. Good morning,

Jugal Vijayvargiya

Morning, Phil.

Phil Gibbs

semi business through Advanced still the strong. For margin Is operating get year. back to profit, you been good see there, demand Materials, mid-teens making the to was really what think to to your that you're it's in take particularly progress given and try it Jugal, goal, do has that to going to that get fact

Jugal Vijayvargiya

margin in first We've absolutely. would toward level like think, gold from mid-teens our are company it a journey is advanced and I that company. really to the at talked materials company company standpoint, continue type we more objective, about all, company at one Well, is I Yes. of of materials level. that a advanced we of our believe an in a a mean,

to our deliver to So, at margins to all then able have be of good company strong margins businesses the have us of type for level. mid-teen

absolutely. yes, So,

to to And continued course, progress, goal but that here a is due had recently, setback, we we road of do that. on we the then, faced the challenge progress. have as know, of to Our and you some make to we're

that. this products you scandium team on of business, the from aluminum that new the is to we're launching that sales, those of the the of products improvement, reasons I great has things one mean working drive think this memory ALD our we margins, because yield I demand reported XX% to couple continue market. see our that in Just launch happening, we're continue product and which as manufacturing number improvements, go said seeing new products to for work to into a sort improvement. we one, I our got I business and of Where new milestone think double-digit will seeing of the products to was, been

to a continue yields and those as we better those expect performance. there to So, so products new of up, and launch ramp therefore we number continue and is as products, better

make portfolio to other strong. the our think continue sure is I is

and as something. a as to customer, we we could mean go right the then to ensuring a continue well, product example, that that could if customer we table. be or a paying any the make so specific for be be have we area I to is we something right that needs that it mix have pruned the we're adjustments so that on, of to type any it there going feel So, do they to and of to we of of attention type work the the our that that we're with can and where portfolio customers have to sort we lot capability skills And, portfolio forward. we know the that bring value

all important So, will in those of we to move business I margins. think mid-teens things this be driving factors forward as the

Phil Gibbs

So timeline, don't you that we do XX in can getting terms get ahead improvement just terms to sustainable I more, start think to of when a thing, ourselves. XX, the to sort Jugal, getting of so of that in you timeline, guess, of see

Jugal Vijayvargiya

Yes.

continue I is QX around improvement and in believe not. So, into what's to kind mean, would think you to our the be that have more timeline, going uncertainties me, is the some but think of specific if good but give wave happen able I I wasn't the those and a picture, goal maybe there --that this second here, pandemic sequential QX uncertainties in tell I or would to business. a to I bring

we those I get drive want and to so sequential margin. And mid-teens into 'XX, mean to to improvement continue

but can focus. is I specific a very, our important quarter you part sort have it communicate Phil tell this don't I time, So give to you that I of we're very of can day or at a prepared date--

Phil Gibbs

does but dollar macro a been kind other? the weak the of of guys has impact Kind one you--how several the on question, foreign or last that way do the side How weeks. of--it's exchange, you

Steve Shamrock

I managed in Europe our got sales impact in our know programs in even effect I Asia. our haven't you had it's-- you euro-denominated I really place we've in that really from look they results, there, perspective, mean that, of Phil you we've year-to-date an and then right, exposure if terms sales, of quite that in euro-denominated yen-denominated well. tell should would receivables in much our hedging as say

to try really balance we a out from So, that perspective. risk

see from going don't forward so. major any So impacts that

Phil Gibbs

we telecom infrastructure And, frothing infrastructure, see telecom the should is how on backing of the think business question the we on of next over lot headlines obviously but just years? Huawei, and about next couple a

Jugal Vijayvargiya

Yes, expect. I would, would we think we

hold, went was as to that what through had over we next similar couple the XG. years last on I sequentially to I increase think think, XG which mean, take market I happened, would the of take, continues expect we when to

I a we expect next of the So, years. improvement to general, that's that in continue think market to over couple have sequentially

Phil Gibbs

you a low right point this think So, business you're that now? seeing is in

Jugal Vijayvargiya

years. improve that I would the low customers certainly still issues slowed not think necessarily are it's because couple have expected. I over to I but think point, a there know the mean next Yes, are I ordering, don't if we that continue say just of the expect certainly of but that at down, level COVID I some we it to

Phil Gibbs

already, customer still the lastly, I existing already. yet do We the pull customer it's then track. wouldn't clad that this are the if I first on and investment disclosed you that some we don't on it you appears the of apologize and but if you expect haven't on haven't to year. next [indiscernible] anticipating you'll mentioned or and And like Okay. business, clad XQ clad, from your you sort existing on in your But capacity, done quarter it call have

Jugal Vijayvargiya

Yes.

and fourth here first quarter have into the expect then we the We that in will shipments quarter.

on clock I excited can and quarter in teams quarter. fourth our working have ensure just mean had So we and a good I I to build review we're here first products they're that tell then customer about the we quite working, are the the the to that you, mean, yesterday can into I supply it. and

Operator

Hillary proceed. Christopher from is question next Our Instructions] [Operator Roubaix Please with Capital.

Christopher Hillary

mind us Hi, give with product the wouldn't Obviously then a portfolio, with And time too exciting that what company. drivers then, broader be but maybe product the may an clad the If of and of and specialty on you certain of look in morning. you question. I both that the drivers, just demand will with you minute two Could trends kind that --that Thanks then industry appreciate of or this the and being some strip or for good thoughts longer-term maybe investments. your either term some generalities. for and qualities you that take median might have the for be taking specific, see the growth some sharing after company can't like, applications some other over the

Jugal Vijayvargiya

going is I think so we're existing about, with as We're quite markets and electronics be a we our today supply we that markets market, of to do to and putting able able that. customer, to product, were automotive number The it to we talked this asked. number to We demand a to market consumer to that to remind we customer capability, from that certainly the we a fulfill well. supply in had Chris. just to do the not new different that basically today. continue this different everybody We we're and capacity and excited has we do capability Yes, and to demand about provide this. of that We capacity we've I that, that demand issue and supply do supply

of mean I were across a So, terms different the there applications, I applications number think in go that of markets.

the facilities this to you that greater anytime and and sales is market this team gives the it I think anytime product here, flexibility, make, make world. greater things our go make new of you time We place, technology stopping I have, in customers that to and you put any investments not one because around you opportunity is mean, are, you you

opportunities and marketplace, some us so on so we the we're doing. to So different and hopefully can years. will in putting And, over sales of those. applications in about as to and the sales and said, our up it's in more the talk customers world the And, three in next, credibility what one, it. give go teams are other number capacity areas see pick that we around working two, additional our I the are fact It's, out that's and plan excited quite challenging we what place, teams

Christopher Hillary

of parts Internet a think the And, look you us where of kind specific semiconductor coming growth be market is flag or about extra point guess, some or is would I to Things applications that to there pivot the anything give some, electric certain of efficiency might the of from? going around or

Jugal Vijayvargiya

product for I important at is important enabler after. think for an side, clearly of automotive. in look, kind good I mean clad this that lot in area point example, those, of of two at these mean, go devices. a areas side, look consumer us consumer to at, the important type segment for us the look at. product I Yes. the when you are the couple people I mean that and hybrid that of a are the devices especially really areas are in automotive I using, are I is areas can think you to of When mean, an are types the that-- that of on strip EV look those we that side, some those

mean, markets, I auto that as So, at consumer some has I for two look we'll we go and and primary in it consumer to think been auto focus we the but, will on energy and well. those say, well. and markets after to as also like can Energy we Industrial and go markets of I continue certainly look as And, I be other as that us. our think areas two continue for forward, markets, But, are are industrial can good other very very,

Christopher Hillary

Thank difficult a you, managing and great job period. through

Jugal Vijayvargiya

Okay, thanks very much, Chris.

Steve Shamrock

Thanks, Chris.

Operator

over the management question-and-answer to back remarks. end of session. closing I call turn like We have reached for to would our the

Steve Shamrock

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

Operator

Thank thus concludes conference. you today’s this

disconnect your And You this time. may you lines thank at your for participation.

Materion (MTRN) 22 Oct 202020 Q3 Earnings call transcript