Company Quick10K Filing
Quick10K
Materion
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$68.92 20 $1,400
10-Q 2019-06-28 Quarter: 2019-06-28
10-Q 2019-03-29 Quarter: 2019-03-29
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-28 Quarter: 2018-09-28
10-Q 2018-06-29 Quarter: 2018-06-29
10-Q 2018-03-30 Quarter: 2018-03-30
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-07-01 Quarter: 2016-07-01
10-Q 2016-04-01 Quarter: 2016-04-01
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-10-02 Quarter: 2015-10-02
10-Q 2015-07-03 Quarter: 2015-07-03
10-Q 2015-04-30 Quarter: 2015-04-30
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-26 Quarter: 2014-09-26
10-Q 2014-06-27 Quarter: 2014-06-27
10-Q 2014-03-28 Quarter: 2014-03-28
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-01 Regulation FD, Exhibits
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-05-08 Shareholder Vote
8-K 2019-05-06 Regulation FD, Exhibits
8-K 2019-05-02 Earnings, Exhibits
8-K 2019-02-21 Regulation FD, Exhibits
8-K 2019-02-14 Earnings, Exhibits
8-K 2018-11-05 Other Events, Exhibits
8-K 2018-11-05 Regulation FD, Exhibits
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-08-01 Regulation FD, Exhibits
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-05-02 Shareholder Vote
8-K 2018-05-01 Regulation FD, Exhibits
8-K 2018-03-19 Officers
8-K 2018-02-23 Regulation FD, Exhibits
VIAV Viavi Solutions 3,100
VG Vonage Holdings 2,790
STC Stewart Information Services 1,000
SIBN SI-BONE 414
NAT Nordic American Tankers 307
III Information Services Group 163
ZFGN Zafgen 97
HOTH Hoth Therapeutics 51
UAVS Ageagle Aerial Systems 5
OWCP OWC Pharmaceutical Research 0
MTRN 2019-06-28
Part 1 - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II Other Information
Item 1. Legal Proceedings
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 4. Mine Safety Disclosures
Item 6. Exhibits
EX-31.1 mtrn-ex3112019q210q.htm
EX-31.2 mtrn-ex3122019q210q.htm
EX-32 mtrn-ex322019q210q.htm
EX-95 mtrn-ex952019q210q.htm

Materion Earnings 2019-06-28

MTRN 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
____________________________________________ 
FORM 10-Q
(Mark One)
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 28, 2019
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to             
Commission file number 001-15885
MATERION CORPORATION
(Exact name of Registrant as specified in charter)
 
Ohio
 
34-1919973
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
6070 Parkland Blvd., Mayfield Heights, Ohio 44124
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code:
(216)-486-4200

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, no par value
MTRN
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ       No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  þ        No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer þ Accelerated filer  ¨
Non-accelerated filer  ¨ Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  þ

Number of Shares of Common Stock, without par value, outstanding at June 28, 2019: 20,399,425.




PART 1 - FINANCIAL INFORMATION

Item 1. Financial Statements

Materion Corporation and Subsidiaries
Consolidated Statements of Income
(Unaudited)
 
 
 
Second Quarter Ended
 
Six Months Ended
(Thousands, except per share amounts)
 
June 28, 2019
 
June 29, 2018
 
June 28, 2019
 
June 29, 2018
Net sales
 
$
297,843

 
$
309,085

 
$
599,284

 
$
612,552

Cost of sales
 
228,249

 
247,247

 
460,378

 
492,434

Gross margin
 
69,594

 
61,838

 
138,906

 
120,118

Selling, general, and administrative expense
 
39,891

 
38,473

 
79,955

 
76,935

Research and development expense
 
4,062

 
3,860

 
7,802

 
7,503

Other—net
 
2,891

 
4,313

 
7,012

 
7,237

Operating profit
 
22,750

 
15,192

 
44,137

 
28,443

Interest expense—net
 
500

 
667

 
966

 
1,397

Other non-operating expense—net
 
3,112

 
437

 
3,357

 
879

Income before income taxes
 
19,138

 
14,088

 
39,814

 
26,167

Income tax expense
 
3,598

 
2,944

 
7,368

 
4,459

Net income
 
$
15,540

 
$
11,144

 
$
32,446

 
$
21,708

Basic earnings per share:
 
 
 
 
 
 
 
 
Net income per share of common stock
 
$
0.76

 
$
0.55

 
$
1.60

 
$
1.08

Diluted earnings per share:
 
 
 
 
 
 
 
 
Net income per share of common stock
 
$
0.75

 
$
0.54

 
$
1.57

 
$
1.05

Weighted-average number of shares of common stock outstanding:
 
 
 
 
 
 
 
 
Basic
 
20,383

 
20,221

 
20,326

 
20,178

Diluted
 
20,666

 
20,593

 
20,635

 
20,583




















See notes to these consolidated financial statements.



2



Materion Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income
(Unaudited)
 
 
 
Second Quarter Ended
 
Six Months Ended
 
 
June 28,
 
June 29,
 
June 28,
 
June 29,
(Thousands)
 
2019
 
2018
 
2019
 
2018
Net income
 
$
15,540

 
$
11,144

 
$
32,446

 
$
21,708

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
 
339

 
(944
)
 
(164
)
 
169

Derivative and hedging activity, net of tax
 
(1,000
)
 
1,763

 
(73
)
 
1,088

Pension and post-employment benefit adjustment, net of tax
 
13,953

 
1,296

 
14,493

 
2,574

Other comprehensive income
 
13,292

 
2,115

 
14,256

 
3,831

Comprehensive income
 
$
28,832

 
$
13,259

 
$
46,702

 
$
25,539







































See notes to these consolidated financial statements.



3



Materion Corporation and Subsidiaries
Consolidated Balance Sheets
 
 
(Unaudited)
 
 
 
 
June 28,
 
Dec. 31,
(Thousands)
 
2019
 
2018
Assets
 
 
 
 
Current assets
 
 
 
 
Cash and cash equivalents
 
$
74,856

 
$
70,645

Accounts receivable
 
142,327

 
130,538

Inventories, net
 
213,329

 
214,871

Prepaid and other current assets
 
23,904

 
23,299

Total current assets
 
454,416

 
439,353

Deferred income taxes
 
1,052

 
5,616

Property, plant, and equipment
 
913,325

 
898,251

Less allowances for depreciation, depletion, and amortization
 
(669,861
)
 
(647,233
)
Property, plant, and equipment—net
 
243,464

 
251,018

Operating lease, right-of-use asset
 
26,788

 

Intangible assets
 
5,213

 
6,461

Other assets
 
15,280

 
7,236

Goodwill
 
90,633

 
90,657

Total Assets
 
$
836,846

 
$
800,341

Liabilities and Shareholders’ Equity
 
 
 
 
Current liabilities
 
 
 
 
Short-term debt
 
$
847

 
$
823

Accounts payable
 
41,658

 
49,622

Salaries and wages
 
36,250

 
47,501

Other liabilities and accrued items
 
38,482

 
33,301

Income taxes

 
1,971

 
2,615

Unearned revenue
 
5,829

 
5,918

Total current liabilities
 
125,037

 
139,780

Other long-term liabilities
 
11,419

 
14,764

Operating lease liabilities
 
21,118

 

Finance lease liabilities
 
18,325

 
15,221

Retirement and post-employment benefits
 
30,663

 
38,853

Unearned income
 
30,354

 
32,563

Long-term income taxes
 
3,093

 
2,993

Deferred income taxes
 
383

 
195

Long-term debt
 
1,669

 
2,066

Shareholders’ equity
 
 
 
 
Serial preferred stock (no par value; 5,000 authorized shares, none issued)
 

 

Common stock (no par value; 60,000 authorized shares, issued shares of 27,148 at June 28 and December 31)
 
245,785

 
234,704

Retained earnings
 
576,211

 
548,374

Common stock in treasury
 
(187,224
)
 
(175,426
)
Accumulated other comprehensive loss
 
(43,978
)
 
(58,234
)
Other equity
 
3,991

 
4,488

Total shareholders' equity
 
594,785

 
553,906

Total Liabilities and Shareholders’ Equity
 
$
836,846

 
$
800,341






See the notes to these consolidated financial statements.



4



Materion Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited) 
 
 
Six Months Ended
 
 
June 28,
 
June 29,
(Thousands)
 
2019
 
2018
Cash flows from operating activities:
 
 
 
 
Net income
 
$
32,446

 
$
21,708

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
 
 
Depreciation, depletion, and amortization
 
22,607

 
18,349

Amortization of deferred financing costs in interest expense
 
472

 
514

Stock-based compensation expense (non-cash)
 
3,541

 
2,164

Deferred income tax expense
 
4,578

 
429

Pension curtailment charge
 
3,296

 

Changes in assets and liabilities:
 
 
 

Decrease (increase) in accounts receivable

 
(11,778
)
 
(12,060
)
Decrease (increase) in inventory
 
1,306

 
10,428

Decrease (increase) in prepaid and other current assets
 
(588
)
 
4,928

Increase (decrease) in accounts payable and accrued expenses
 
(18,813
)
 
(14,189
)
Increase (decrease) in unearned revenue
 
(88
)
 
2,132

Increase (decrease) in interest and taxes payable

 
(1,130
)
 
2,084

Domestic pension plan contributions
 
(3,000
)
 
(13,000
)
Other-net
 
(2,803
)
 
5,817

Net cash provided by operating activities
 
30,046

 
29,304

Cash flows from investing activities:
 
 
 
 
Payments for purchase of property, plant, and equipment
 
(13,833
)
 
(17,153
)
Payments for mine development
 
(1,591
)
 
(3,425
)
Proceeds from sale of property, plant, and equipment
 
15

 
27

Net cash used in investing activities
 
(15,409
)
 
(20,551
)
Cash flows from financing activities:
 
 
 
 
Repayment of long-term debt
 
(397
)
 
(383
)
Principal payments under finance lease obligations
 
(599
)
 
(425
)
Cash dividends paid
 
(4,368
)
 
(4,137
)
Repurchase of common stock
 
(199
)
 

Payments of withholding taxes for stock-based compensation awards
 
(4,763
)
 
(2,765
)
Net cash used in financing activities
 
(10,326
)
 
(7,710
)
Effects of exchange rate changes
 
(100
)
 
8

Net change in cash and cash equivalents
 
4,211

 
1,051

Cash and cash equivalents at beginning of period
 
70,645

 
41,844

Cash and cash equivalents at end of period
 
$
74,856

 
$
42,895









See notes to these consolidated financial statements.



5



Materion Corporation and Subsidiaries
Consolidated Statements of Shareholders' Equity
(Unaudited)
 
Common Shares
 
Shareholders' Equity
(Thousands, except per share amounts)
Common Shares
 
Common Shares Held in Treasury
 
Common
Stock
 
Retained
Earnings
 
Common
Stock in
Treasury
 
Accumulated Other
Comprehensive
Income (Loss)
 
Other
Equity
 
Total
Balance at March 29, 2019
20,354

 
(6,794
)
 
$
241,480

 
$
562,941

 
$
(184,812
)
 
$
(57,270
)
 
$
4,538

 
$
566,877

Net income

 

 

 
15,540

 

 

 

 
15,540

Other comprehensive income (loss)

 

 

 

 

 
9,996

 

 
9,996

Pension curtailment

 

 

 

 

 
3,296

 

 
3,296

Cash dividends declared ($0.11 per share)

 

 

 
(2,243
)
 

 

 

 
(2,243
)
Stock-based compensation activity
55

 
55

 
4,287

 
(27
)
 
(2,266
)
 

 

 
1,994

Payments of withholding taxes for stock-based compensation awards
(12
)
 
(12
)
 

 

 
(785
)
 

 

 
(785
)
Repurchase of shares

 

 

 

 

 

 

 

Directors’ deferred compensation
2

 
2

 
18

 

 
639

 

 
(547
)
 
110

Balance at June 28, 2019
20,399

 
(6,749
)
 
$
245,785

 
$
576,211

 
$
(187,224
)
 
$
(43,978
)
 
$
3,991

 
$
594,785

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 30, 2018
20,191

 
(6,958
)
 
$
227,694

 
$
545,093

 
$
(171,574
)
 
$
(101,221
)
 
$
4,337

 
$
504,329

Net income

 

 

 
11,144

 

 

 

 
11,144

Other comprehensive income (loss)

 

 

 

 

 
1,540

 

 
1,540

Tax Cuts and Jobs Act Reclassification

 

 

 
(575
)
 

 
575

 

 

Cumulative effect of accounting change

 

 

 

 

 

 

 

Cash dividends declared ($0.105 per share)

 

 

 
(2,125
)
 

 

 

 
(2,125
)
Stock-based compensation activity
55

 
55

 
3,020

 
(14
)
 
(1,613
)
 

 

 
1,393

Payments of withholding taxes for stock-based compensation awards
(11
)
 
(11
)
 

 

 
(632
)
 

 

 
(632
)
Directors’ deferred compensation
1

 
2

 
49

 

 
(6
)
 

 
49

 
92

Balance at June 29, 2018
20,236

 
(6,912
)
 
$
230,763

 
$
553,523

 
$
(173,825
)
 
$
(99,106
)
 
$
4,386

 
$
515,741







6



 
Common Shares
 
Shareholders' Equity
(Thousands, except per share amounts)
Common Shares
 
Common Shares Held in Treasury
 
Common
Stock
 
Retained
Earnings
 
Common
Stock in
Treasury
 
Accumulated Other
Comprehensive
Income (Loss)
 
Other
Equity
 
Total
Balance at December 31, 2018
20,242

 
(6,906
)
 
$
234,704

 
$
548,374

 
$
(175,426
)
 
$
(58,234
)
 
$
4,488

 
$
553,906

Net income

 

 

 
32,446

 

 

 

 
32,446

Other comprehensive income (loss)

 

 

 

 

 
10,960

 

 
10,960

Pension curtailment

 

 

 

 

 
3,296

 

 
3,296

Cumulative effect of accounting change

 

 

 
(179
)
 

 

 

 
(179
)
Cash dividends declared ($0.215 per share)

 

 

 
(4,368
)
 

 

 

 
(4,368
)
Stock-based compensation activity
247

 
247

 
11,046

 
(62
)
 
(7,443
)
 

 

 
3,541

Payments of withholding taxes for stock-based compensation awards
(87
)
 
(87
)
 

 

 
(4,763
)
 

 

 
(4,763
)
Repurchase of shares
(5
)
 
(5
)
 

 

 
(199
)
 

 

 
(199
)
Directors’ deferred compensation
2

 
2

 
35

 

 
607

 

 
(497
)
 
145

Balance at June 28, 2019
20,399

 
(6,749
)
 
$
245,785

 
$
576,211

 
$
(187,224
)
 
$
(43,978
)
 
$
3,991

 
$
594,785

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2017
20,107

 
(7,042
)
 
$
223,484

 
$
536,116

 
$
(166,128
)
 
$
(102,937
)
 
$
4,446

 
$
494,981

Net income

 

 

 
21,708

 

 

 

 
21,708

Other comprehensive income (loss)

 

 

 

 

 
3,256

 

 
3,256

Tax Cuts and Jobs Act Reclassification

 

 

 
(575
)
 

 
575

 

 

Cumulative effect of accounting change

 

 

 
425

 

 

 

 
425

Cash dividends declared ($0.205 per share)

 

 

 
(4,137
)
 

 

 

 
(4,137
)
Stock-based compensation activity
181

 
181

 
7,220

 
(14
)
 
(5,042
)
 

 

 
2,164

Payments of withholding taxes for stock-based compensation awards
(53
)
 
(53
)
 

 

 
(2,765
)
 

 

 
(2,765
)
Directors’ deferred compensation
1

 
2

 
59

 

 
110

 

 
(60
)
 
109

Balance at June 29, 2018
20,236

 
(6,912
)
 
$
230,763

 
$
553,523

 
$
(173,825
)
 
$
(99,106
)
 
$
4,386

 
$
515,741


















See notes to these consolidated financial statements.

Note A — Accounting Policies

Basis of Presentation: In management’s opinion, the accompanying consolidated financial statements of Materion Corporation and its subsidiaries (referred to herein as the Company, our, we, or us) contain all of the adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods reported. All adjustments were of a normal and recurring nature. Certain amounts in prior periods have been reclassified to conform to the 2019 consolidated financial statement presentation.

These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's 2018 Annual Report on Form 10-K. The interim period results are not necessarily indicative of the results to be expected for the full year.
New Pronouncements Adopted: In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02 (Topic 842), Leases, which eliminates the off-balance-sheet accounting for leases. This guidance requires lessees to report their operating leases as both an asset and liability on the balance sheet and disclose key information about leasing arrangements. The Company adopted this guidance as of January 1, 2019 using the modified retrospective method and applied it retrospectively through a cumulative-effect adjustment to retained earnings. The Company applied the transitional package of practical expedients allowed by the standard to not reassess the identification, classification, and initial direct costs of leases commencing before this ASU's effective date; however, the Company did not elect the hindsight transitional practical expedient. The Company also applied the practical expedient to not separate lease and non-lease components to new leases as well as existing leases through transition. The Company made an accounting policy election not to apply recognition requirements of the guidance to short-term leases.

Results for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts are not adjusted and continue to be reported in accordance with legacy generally accepted accounting principles.

The Company recorded a net reduction to opening retained earnings of $0.2 million as of January 1, 2019 due to the cumulative impact of adopting Topic 842, with the impact primarily related to derecognition of a built-to-suit lease. Refer to Note H for additional disclosures relating to the Company's leasing arrangements.
In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which amends and simplifies existing guidance to allow companies to more accurately present the economic effects of risk management activities in the financial statements. The Company adopted this guidance as of January 1, 2019, and the adoption did not have a material effect on the Company’s consolidated financial statements.

New Pronouncements Issued: In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. This ASU requires an entity to change its accounting approach in determining impairment of certain financial instruments, including trade receivables, from an “incurred loss” to a “current expected credit loss” model. The standard will be effective for fiscal years beginning after December 15, 2019, including interim periods within such fiscal years. Early adoption is permitted. The Company is currently assessing the effect that this ASU will have on its financial position, results of operations, and disclosures.
No other recently issued or effective ASUs had, or are expected to have, a material effect on the Company's results of operations, financial condition, or liquidity.

Note B — Segment Reporting
 
The Company has the following reportable segments: Performance Alloys and Composites, Advanced Materials, Precision Coatings, and Other. The Company’s reportable segments represent components of the Company for which separate financial information is available that is utilized on a regular basis by the Chief Executive Officer, the Company's Chief Operating Decision Maker, in determining how to allocate the Company’s resources and evaluate performance.
Performance Alloys and Composites produces strip and bulk form alloy products, strip metal products with clad inlay and overlay metals, beryllium-based metals, beryllium, and aluminum metal matrix composites, in rod, sheet, foil, and a variety of customized forms, beryllia ceramics, and bulk metallic glass materials.



7


Advanced Materials produces advanced chemicals, microelectric packaging, precious metal, non-precious metal, and specialty metal products, including vapor deposition targets, frame lid assemblies, clad and precious metal preforms, high temperature braze materials, and ultra-fine wire.
Precision Coatings produces thin film coatings, optical filter materials, sputter-coated, and precision-converted thin film materials.
The Other reportable segment includes unallocated corporate costs and assets.

(Thousands)
 
Performance
Alloys and
Composites
 
Advanced Materials
 
Precision Coatings
 
Other
 
Total
Second Quarter 2019
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
135,231

 
$
133,238

 
$
29,374

 
$

 
$
297,843

Intersegment sales 
 
6

 
19,260

 

 

 
19,266

Operating profit (loss)
 
19,328

 
6,139

 
3,937

 
(6,654
)
 
22,750

Second Quarter 2018
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
129,765

 
$
150,324

 
$
28,996

 
$

 
$
309,085

Intersegment sales
 
3

 
11,400

 

 

 
11,403

Operating profit (loss)
 
12,309

 
5,572

 
2,233

 
(4,922
)
 
15,192

 
 
 
 
 
 
 
 
 
 
 
First Six Months 2019
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
262,344

 
$
277,263

 
$
59,677

 
$

 
$
599,284

Intersegment sales
 
15

 
36,473

 

 

 
36,488

Operating profit (loss)
 
38,286

 
13,219

 
6,014

 
(13,382
)
 
44,137

First Six Months 2018
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
248,001

 
$
303,869

 
$
60,682

 
$

 
$
612,552

Intersegment sales
 
31

 
23,052

 

 

 
23,083

Operating profit (loss)
 
22,170

 
11,470

 
5,608

 
(10,805
)
 
28,443






8


In the second quarter of 2019, the Company recategorized its end markets based on the ongoing refinement of its go-to-market strategy. The changes reflect new processes designed to enable the Company to better serve global customers and growth markets.

The following table disaggregates revenue for each segment by end market for the second quarter and first six months of 2019 and 2018, respectively:
 (Thousands)

Performance Alloys and Composites

Advanced Materials

Precision Coatings

Other

Total
Second Quarter 2019