Segment Reporting (Tables)

6 Months Ended

Jun. 27, 2025

The below table presents financial information for each segment and a reconciliation of EBITDA to Net Income (the most directly comparable GAAP financial measure) for the second quarter and first six months of 2025 and 2024:


		Second quarter ended June 27, 2025
		Performance Materials		Electronic Materials		Precision Optics		Other		Consolidated
Net sales (1)		$	182,778	$	224,427	$	24,453	$	—	$	431,658

Less:
	Cost of sales	133,770		197,166		17,995		69		349,000
	Selling, general and administrative expense	14,242		9,125		4,316		7,356		35,039
	Other segment items (2)	3,864		4,796		2,603		(1,030)		10,233
Plus:
	Segment depreciation, depletion and amortization	10,192		4,261		2,560		496		17,509
Segment EBITDA		$	41,094	$	17,601	$	2,099	$	(5,899)	$	54,895
	Income tax expense									4,016
	Interest expense - net									8,230
	Depreciation, depletion and amortization									17,509
Net Income										$	25,140


		Second quarter ended June 28, 2024
		Performance Materials		Electronic Materials		Precision Optics		Other		Consolidated
Net sales (1)		$	187,513	$	212,687	$	25,666	$	—	$	425,866

Less:
	Cost of sales	138,784		187,592		18,623		8		345,007
	Selling, general and administrative expense	13,143		9,584		4,905		5,969		33,601
	Other segment items (2)	3,845		6,601		3,372		738		14,556
Plus:
	Segment depreciation, depletion and amortization	8,674		4,546		2,823		470		16,513
Segment EBITDA		$	40,415	$	13,456	$	1,589	$	(6,245)	$	49,215
	Income tax expense									4,864
	Interest expense - net									8,802
	Depreciation, depletion and amortization									16,513
Net Income										$	19,036


		First six months ended June 27, 2025
		Performance Materials		Electronic Materials		Precision Optics		Other		Consolidated
Net sales (1)		$	356,765	$	449,222	$	46,001	$	—	$	851,988

Less:
	Cost of sales	259,526		398,223		35,319		83		693,151
	Selling, general and administrative expense	28,223		19,744		8,702		13,815		70,484
	Other segment items (2)	6,871		11,104		6,278		(1,147)		23,106
Plus:
	Segment depreciation, depletion and amortization	19,622		8,528		4,915		982		34,047
Segment EBITDA		$	81,767	$	28,679	$	617	$	(11,769)	$	99,294
	Income tax expense									7,262
	Interest expense - net									15,147
	Depreciation, depletion and amortization									34,047
Net Income										$	42,838


		First six months ended June 28, 2024
		Performance Materials		Electronic Materials		Precision Optics		Other		Consolidated
Net sales (1)		$	356,158	$	404,658	$	50,337	$	—	$	811,153

Less:
	Cost of sales	267,348		354,507		37,208		19		659,082
	Selling, general and administrative expense	27,298		19,715		10,519		11,913		69,445
	Other segment items (2)	7,283		11,741		7,001		1,007		27,032
Plus:
	Segment depreciation, depletion and amortization	16,862		9,114		5,727		995		32,698
Segment EBITDA		$	71,091	$	27,809	$	1,336	$	(11,944)	$	88,292
	Income tax expense									6,068
	Interest expense - net									17,081
	Depreciation, depletion and amortization									32,698
Net Income										$	32,445

(1) Excludes inter-segment sales of $2.0 million and $1.7 million for the second quarter of 2025 and 2024, respectively, and $4.6 million and $3.2 million for the first six months of 2025 and 2024, respectively, for Electronic Materials. There were no material inter-segment sales for Performance Materials or Precision Optics in 2025 or 2024. Inter-segment sales are eliminated in consolidation.

(2) Other segment items for each reportable segment include:

•Research and development expense

•Restructuring expense

•Other operating expense - primarily comprised of metal consignment fees, intangible amortization and foreign currency (gains)/losses as further detailed in Note E

•Non-operating expenses primarily related to pension costs

Disaggregation of Revenue

The following table disaggregates revenue for each segment by end market for the second quarter and first six months of 2025 and 2024:


(Thousands)	Performance Materials		Electronic Materials		Precision Optics		Other		Total
Second Quarter 2025
End Market
Semiconductor	$	1,758	$	189,494	$	795	$	—	$	192,047
Industrial	31,007		9,003		5,748		—		45,758
Aerospace and defense	43,965		2,079		7,273		—		53,317
Consumer electronics	56,672		158		3,223		—		60,053
Automotive	16,835		1,816		1,811		—		20,462
Energy	12,520		13,153		—		—		25,673
Life sciences	2,283		6,514		5,254		—		14,051
Other	17,738		2,210		349		—		20,297
Total	$	182,778	$	224,427	$	24,453	$	—	$	431,658

Second Quarter 2024
End Market
Semiconductor	$	1,300	$	178,099	$	754	$	—	$	180,153
Industrial	31,136		8,617		6,320		—		46,073
Aerospace and defense	42,500		1,677		5,979		—		50,156
Consumer electronics	63,369		27		4,150		—		67,546
Automotive	18,177		2,411		1,491		—		22,079
Energy	9,055		15,724		—		—		24,779
Life sciences	2,563		4,577		6,723		—		13,863
Other	19,413		1,555		249		—		21,217
Total	$	187,513	$	212,687	$	25,666	$	—	$	425,866


(Thousands)	Performance Materials		Electronic Materials		Precision Optics		Other		Total
First Six Months 2025
End Market
Semiconductor	$	5,385	$	373,243	$	1,570	$	—	$	380,198
Industrial	62,283		18,759		12,022		—		93,064
Aerospace and defense	86,056		3,780		13,514		—		103,350
Consumer electronics	101,707		1,266		6,316		—		109,289
Automotive	33,037		2,542		3,146		—		38,725
Energy	28,940		33,383		—		—		62,323
Life sciences	4,858		12,389		8,945		—		26,192
Other	34,499		3,860		488		—		38,847
Total	$	356,765	$	449,222	$	46,001	$	—	$	851,988

First Six Months 2024
End Market
Semiconductor	$	3,962	$	334,522	$	1,079	$	—	$	339,563
Industrial	58,272		18,114		13,144		—		89,530
Aerospace and defense	84,071		3,286		11,854		—		99,211
Consumer electronics	117,666		137		7,266		—		125,069
Automotive	36,067		3,643		3,679		—		43,389
Energy	17,372		32,670		—		—		50,042
Life sciences	5,563		8,291		13,025		—		26,879
Other	33,185		3,995		290		—		37,470
Total	$	356,158	$	404,658	$	50,337	$	—	$	811,153