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Materion Corp Issues Q3 2013 EPS Guidance Below Analysts' Estimates; Issues Q4 2013 EPS Guidance In Line With Analysts' Estimates; Comments On Q4 2013 Charge Guidance

Monday, 7 Oct 2013 08:44am EDT 

Materion Corp announced that due to weaker business conditions being experienced at the beginning of the third quarter of 2013. Order entry has been variable, and business levels have been increasing at a slower than expected rate. In addition, shipments of certain high-margin beryllium-based defense and nuclear science as well as defense optics orders have been delayed. Profits were also adversely affected by lower manufacturing yields and efficiencies in the quarter. As a result of these factors, earnings for the third quarter of 2013 are expected to be approximately $0.20 per share. The aforementioned delayed orders are expected to ship in the fourth quarter. In addition, production levels at the Company's new beryllium pebble plant continued to increase throughout the third quarter and were at record levels in the month of September, well ahead of the fourth quarter target. As a result of these and other factors, the Company expects results for the fourth quarter of 2013 to be exceeding the $0.43 per share reported in the second quarter of 2013. The Company is planning to take additional facility and product line rationalization actions during the fourth quarter. These actions will result in a charge of up to $0.15 per share in the fourth quarter, approximately 25% of which is non-cash. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report EPS of $0.39 for third quarter of 2013; EPS of $0.57 for fourth quarter of 2013. 

Company Quote

0.45 +1.35%
29 Jul 2015