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February 13, 2013
08:40 EDTMTRNMaterion sees possible 25c charge in Q4 from theft
In January, as the year-end physical inventory was being taken, the company became aware of a potential theft of precious metal from its Albuquerque, New Mexico refinery. An internal investigation ensued, an arrest was made and a minor amount of stolen material was recovered. The company began further investigations, including an investigation of the physical inventory results and engaged an outside team of forensic experts and criminal investigators. While the results of these investigations are not yet complete, preliminary indications are that some, or all, of a year-end inventory short may be due to theft. The initial results of the physical inventory suggest that the impact on 4Q12 may be a charge of up to 25c per share. Recent inventories taken at other company facilities were all within the normal, tight tolerances. The results of the physical inventory and the potential theft remain under investigation. The Company has a specific theft insurance policy that covers theft of the suspected nature. The policy provides up to $10M of coverage with a $100,000 deductible. The underwriters of the policy have been notified
News For MTRN From The Last 14 Days
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February 20, 2015
10:01 EDTMTRNOn The Fly: Analyst Downgrade Summary
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06:06 EDTMTRNMaterion downgraded to Hold from Buy at Jefferies
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February 19, 2015
08:27 EDTMTRNMaterion sees FY15 adjusted EPS $1.80-$2.00, consensus $2.11
The company comments, "Second half 2014 value-added sales were up 9% over both the prior-year second half and first half of 2014. This high single-digit year-over-year value-added sales growth rate is forecasted to continue into 2015. Additionally, the facility closures and product line rationalization initiatives undertaken in 2013 delivered the expected $0.30 per share net benefit in 2014. The combination of top-line growth and a lower cost structure generated earnings momentum in the second half of 2014, which is expected to continue in 2015. Order entry from automotive electronics has picked up in 1Q15. In addition, we anticipate that our sales for telecommunications infrastructure will be stronger in 2015 as compared to 2014 due to the global buildout of 4G and undersea cable. Offsetting this strength are higher pension expense resulting from lower discount rates and new mortality tables, the strengthening of the U.S. dollar and anticipated softness in the energy market, coupled with slower growth forecasts in Asia and Europe. Despite the above-mentioned headwinds, the company expects at this time adjusted earnings growth of 10-20% in 2015 to the range of $1.80-$2.00 per share."
08:26 EDTMTRNMaterion reports Q4 adjusted EPS 50c, consensus 43c
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