Materion Corporation (NYSE:MTRN) Q3 2024 Earnings Conference Call October 30, 2024 10:00 AM ET

Company Participants

Kyle Kelleher - Manager, IR
Jugal Vijayvargiya - President & CEO
Shelly Chadwick - VP & CFO

Conference Call Participants

Mike Harrison - Seaport Research Partners
Daniel Moore - CJS Securities
Philip Gibbs - KeyBanc Capital Markets
Kevin Holder - CL King
David Storms - Stonegate

Operator

Welcome to the Materion Third Quarter 2024 Earnings Conference Call. [Operator Instructions]. I will now turn the conference over to your host, Mr. Kyle Kelleher, Director, Investor Relations and Corporate FP&A, sir, the floor is yours.

Kyle Kelleher

Good morning, and thank you for joining us on our third quarter 2024 earnings conference call. This is Kyle Kelleher, Director, Investor Relations and Corporate FP&A. Before we begin our remarks this morning, I would like to point out that we have posted materials on the company's website that we will reference as part of today's review of the quarterly results. You can also access the materials through the download feature on the earnings call webcast link.

With me today is Jugal Vijayvargiya, President and Chief Executive Officer, and Shelly Chadwick, Vice President and Chief Financial Officer. Our format for today's conference call is as follows. Jugal will provide opening comments on the quarter. Following Jugal, Shelly will review the detailed financial results for the quarter, in addition to discussing expectations for the remainder of 2024. We will then open up the call for questions.

Let me remind investors that any forward looking statements made in the presentation, including those in the outlook section and during the question and answer portion, are based on current expectations. The Company's actual performance may materially differ from that contemplated by the forward looking statements as a result of a variety of factors. Those factors are listed in the earnings press release we issued this morning. Additionally comments regarding earnings before interest, taxes, depreciation, depletion and amortization, net income and earnings per share reflect the adjusted GAAP numbers shown in attachments 4 through 8 in this morning's press release. The adjustments are made in the prior year period for comparative purposes and remove special items, non-cash charges and certain discrete income tax adjustments.

And now I'll turn over the call to Jugal for his comments.

Jugal Vijayvargiya

Thanks Kyle and welcome everyone. It's nice to be with you today to discuss our third quarter results and provide an update on our outlook for the remainder of the year. Sales for the quarter were down slightly with the expected inventory corrections in Clad Strip as well as general market softness across several of our end markets, while we continue to see strength in space and defense.