Materion (MTRN) FY2022 results: revenue $1.8 billion, up 16.3% on the year

Materion Corp. (MTRN) reported revenue of $1.8 billion for fiscal 2022, the year ended 31 December 2022, up 16.3% on the year before. Net income was $86 million, up 18.6%, and diluted earnings per share $4.14. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2023.

Revenue

$1.8 billion

+16.3% on the year

FY2015FY2022

Operating margin

6.8%

5.1% a year earlier

FY2015FY2022

Net income

$86 million

+18.6% on the year

FY2015FY2022

Diluted EPS

$4.14

+18.3% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,757	1,511	1,176	+16.3%
Cost of revenue	1,413	1,227	984	+15.2%
Gross profit	344	284	193	+21.2%
Gross margin	19.6%	18.8%	16.4%
Research and development	29.0	26.6	20.3	+9.0%
Selling, general and administrative	169	164	134	+3.4%
Operating income	120	77.1	8.2	+55.3%
Operating margin	6.8%	5.1%	0.7%
Interest expense	21.9	n/a	n/a
Pre-tax income	103	77.3	8.3	+33.3%
Income tax	17.1	4.9	-7.2	+252.7%
Effective tax rate	16.6%	6.3%	-86.9%
Net income	86.0	72.5	15.5	+18.6%
Net margin	4.9%	4.8%	1.3%
Diluted EPS	$4.14	$3.50	$0.75	+18.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	116	90.2	101	+28.5%
Capital expenditure	77.6	103	67.3	-24.6%
Free cash flow	38.4	-12.7	33.8
Free cash flow margin	2.2%	-0.8%	2.9%
Cash from investing	-79.7	-494	-195
Cash from financing	-35.6	393	-7.1
Depreciation and amortisation	53.4	44.1	42.4	+21.1%
Share-based compensation	8.8	6.5	5.5	+35.2%
Buybacks	0.0	0.0	6.8
Dividends paid	10.2	9.7	9.3	+4.8%
Dividend per share	$0.49	$0.47	$0.46	+4.2%
Diluted shares, weighted	21m	21m	21m	+0.3%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	800	720	656	+11.0%
Debt	436	455	38.5	-4.1%
Operating lease liabilities	59.1	57.1	56.8	+3.4%
Finance lease liabilities	13.9	16.3	20.5	-15.0%
Other liabilities	383	359	286	+6.7%
Total liabilities and equity	1,692	1,607	1,058	+5.3%
Fixed assets	449	409	310	+9.7%
Goodwill	319	319	145	+0.3%
Intangible assets	140	157	54.7	-10.9%
Cash and equivalents	13.1	14.5	25.9	-9.4%
Receivables	215	214	166	+0.7%
Inventory	423	361	251	+17.2%
Other assets	133	134	105	-0.8%
Total assets	1,692	1,607	1,058	+5.3%

10-K for the year ended 31 December 2022, filed 16 February 2023: the filing.