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- **Record Margins**: 27% EBITDA in Electronic Materials, 11.8% in Precision Optics, driven by cost improvements and new business wins.
- **Defense Surge**: +40% defense bookings YTD, $150M open RFQs, and Q4 shipments expected to boost margins.
- **Energy Expansion**: New contracts with Commonwealth Fusion and Kairos Power, with Q4 shipments and long-term growth potential.
- **China Risk**: 20% YTD sales decline in China, with uncertain recovery timeline.
- **Cash Flexibility**: $50M buyback authorization, maintaining 70% free cash flow conversion.

**【CEO Opening Remarks】**
- Highlighted record EBITDA margins of 27% in Electronic Materials and double-digit margins (11.8%) in Precision Optics.
- Noted $10M sales shortfall in Performance Materials due to equipment downtime, expecting normalization in Q4.
- Emphasized growth in defense bookings (+40% YTD) and new business wins in space (+5x sales growth in 3 years).
- Announced new supply agreement with Commonwealth Fusion Systems for fusion energy technology, with initial shipments in Q4 and potential annualized impact in 2026.

**【CFO Financial Commentary】**
- Q3 revenue: $263.9M (1% organic growth), driven by Electronic Materials (+7%) and Precision Optics (+21%).
- Adjusted EBITDA: $55.5M (21% margin), up 38% Y/Y in Electronic Materials.
- Free cash flow generation at 70% of net income, with $50M stock buyback authorization.
- Full-year EPS guidance maintained at $5.30-$5.70, reflecting uncertainty around China market resolution.

**【Q&A Highlights】**
- **China Tariffs Impact**: China sales down 20% YTD, with potential for recovery if trade agreements are reached.
- **Defense Growth**: $150M open RFQs in defense, expecting significant Q4 shipments.
- **Energy Expansion**: New contracts with Kairos Power and Commonwealth Fusion Systems, targeting fusion energy markets.
- **Operational Resilience**: Performance Materials downtime resolved, expecting full catch-up in Q4.
- **Share Buyback**: Opportunistic tool, prioritized after organic growth investments.

Materion Corporation (MTRN) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

MTRN

MTRN fundamentals

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