Materion (MTRN) FY2024 results: revenue $1.7 billion, up 1.2% on the year

Materion Corp. (MTRN) reported revenue of $1.7 billion for fiscal 2024, the year ended 31 December 2024, up 1.2% on the year before. Net income was $6 million, down 93.8%, and diluted earnings per share $0.28. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2025.

Revenue

$1.7 billion

+1.2% on the year

FY2017FY2024

Operating margin

2.8%

8.2% a year earlier

FY2017FY2024

Net income

$6 million

-93.8% on the year

FY2017FY2024

Diluted EPS

$0.28

-93.9% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,685	1,665	1,757	+1.2%
Cost of revenue	1,359	1,316	1,413	+3.2%
Gross profit	326	349	344	-6.6%
Gross margin	19.3%	21.0%	19.6%
Research and development	29.0	27.5	29.0	+5.4%
Selling, general and administrative	146	158	169	-7.8%
Operating income	47.2	136	120	-65.4%
Operating margin	2.8%	8.2%	6.8%
Interest expense	34.8	31.3	21.9	+11.0%
Pre-tax income	14.9	108	103	-86.2%
Income tax	9.0	12.1	17.1	-25.7%
Effective tax rate	60.5%	11.2%	16.6%
Net income	5.9	95.7	86.0	-93.8%
Net margin	0.3%	5.7%	4.9%
Diluted EPS	$0.28	$4.58	$4.14	-93.9%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	87.8	144	116	-39.2%
Capital expenditure	68.6	111	77.6	-37.9%
Free cash flow	19.2	33.9	38.4	-43.4%
Free cash flow margin	1.1%	2.0%	2.2%
Cash from investing	-79.6	-119	-79.7
Cash from financing	-4.2	-24.9	-35.6
Depreciation and amortisation	68.7	61.6	53.4	+11.4%
Share-based compensation	10.6	10.1	8.8	+4.6%
Buybacks	0.0	0.0	0.0
Dividends paid	11.1	10.6	10.2	+4.4%
Dividend per share	$0.54	$0.52	$0.49	+3.9%
Diluted shares, weighted	21m	21m	21m	+0.1%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	869	885	800	-1.8%
Short-term borrowings	34.3	n/a	n/a
Debt	444	429	436	+3.5%
Operating lease liabilities	62.6	53.8	59.1	+16.4%
Finance lease liabilities	12.4	13.7	13.9	-9.7%
Other liabilities	276	381	383	-27.7%
Total liabilities and equity	1,698	1,763	1,692	-3.7%
Fixed assets	511	515	449	-0.8%
Goodwill	264	321	319	-17.8%
Intangible assets	109	134	140	-18.2%
Cash and equivalents	16.7	13.3	13.1	+25.7%
Receivables	194	193	215	+0.5%
Inventory	441	442	423	-0.1%
Other assets	162	146	133	+11.0%
Total assets	1,698	1,763	1,692	-3.7%

10-K for the year ended 31 December 2024, filed 19 February 2025: the filing.