v3.26.3
Segment Reporting
 9 Months Ended
Oct. 02, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
 
The Company has the following reportable segments: Performance Materials, Electronic Materials, Precision Optics, 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 (CODM), in determining how to allocate the Company’s resources and evaluate performance.
Performance Materials provides advanced engineered solutions comprised of beryllium and non-beryllium containing alloy systems and custom engineered parts in strip, bulk, rod, plate, bar, tube, and other customized shapes.
Electronic 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 and high temperature braze materials.
Precision Optics 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.
The primary measures used by management to allocate resources and measure the financial performance of each segment are earnings before interest and taxes (EBIT) and earnings before interest, taxes, depreciation and amortization (EBITDA). Segment EBIT is the measure of segment profit or loss that is most consistent with the measurement principles used in measuring the corresponding amounts in the Company's consolidated financial statements. The CODM evaluates segment EBIT in assessing the profitability and operating performance of each reportable segment and uses segment EBITDA to evaluate operating performance excluding the effects of depreciation and amortization and to compare performance among periods. The Company believes the use of EBITDA assists in understanding the ongoing operating performance by presenting comparable financial results between periods and believes that by removing the impact of depreciation and amortization and amounts spent on interest and taxes that may vary from year to year, EBITDA provides a performance measure that reflects the impact to operations from trends in changes in net sales, gross margin and operating expenses,
providing a perspective not immediately apparent from net income (loss) and operating income (loss). The adjustments the Company makes to derive the financial measure of EBITDA excludes items which may cause short-term fluctuations in net income (loss) and operating income (loss) and which the Company does not consider to be the fundamental attributes or primary drivers of its business. EBITDA provides disclosure on the same basis as that used by the CODM to evaluate financial performance on a reportable segment basis.



Third quarter ended October 2, 2026
Performance MaterialsElectronic MaterialsPrecision OpticsOtherConsolidated
Net sales (1)
$198,978 $336,608 $31,704 $— $567,290 
Less:
Cost of sales151,522 291,033 21,030 4 463,589 
Selling, general and administrative expense 15,484 11,075 4,906 11,060 42,525 
Other segment items (2)
1,738 6,077 2,533 51 10,399 
Segment EBIT$30,234 $28,423 $3,235 $(11,115)$50,777 
Plus:
Segment depreciation, depletion and amortization12,274 4,713 2,238 494 19,719 
Segment EBITDA$42,508 $33,136 $5,473 $(10,621)$70,496 
Income tax expense5,840 
Interest expense - net6,605 
Depreciation, depletion and amortization19,719 
Net Income$38,332 
Third quarter ended September 26, 2025
Performance MaterialsElectronic MaterialsPrecision OpticsOtherConsolidated
Net sales (1)
$170,787 $246,837 $27,184 $— $444,808 
Less:
Cost of sales125,909 213,746 18,892 138 358,685 
Selling, general and administrative expense 14,228 10,731 4,896 8,401 38,256 
Other segment items (2)
4,018 5,878 2,442 (125)12,213 
Segment EBIT$26,632 $16,482 $954 $(8,414)$35,654 
Plus:
Segment depreciation, depletion and amortization10,279 4,443 2,277 505 17,504 
Segment EBITDA$36,911 $20,925 $3,231 $(7,909)$53,158 
Income tax expense2,698 
Interest expense - net7,544 
Depreciation, depletion and amortization17,504 
Net Income$25,412 
First nine months ended October 2, 2026
Performance MaterialsElectronic MaterialsPrecision OpticsOtherConsolidated
Net sales (1)
$562,592 $1,075,154 $93,275 $— $1,731,021 
Less:
Cost of sales432,511 949,003 59,618 10 1,441,142 
Selling, general and administrative expense 44,426 31,969 15,103 29,549 121,047 
Other segment items (2)
6,206 21,675 8,526 1,136 37,543 
Segment EBIT$79,449 $72,507 $10,028 $(30,695)$131,289 
Plus:
Segment depreciation, depletion and amortization35,162 13,990 6,722 1,459 57,333 
Segment EBITDA$114,611 $86,497 $16,750 $(29,236)$188,622 
Income tax expense13,116 
Interest expense - net21,709 
Depreciation, depletion and amortization57,333 
Net Income$96,464 
First nine months ended September 26, 2025
Performance MaterialsElectronic MaterialsPrecision OpticsOtherConsolidated
Net sales (1)
$527,552 $696,059 $73,185 $— $1,296,796 
Less:
Cost of sales385,435 611,969 54,211 221 1,051,836 
Selling, general and administrative expense 42,451 30,475 13,598 22,216 108,740 
Other segment items (2)
10,889 16,982 8,720 (1,272)35,319 
Segment EBIT$88,777 $36,633 $(3,344)$(21,165)$100,901 
Plus:
Segment depreciation, depletion and amortization29,901 12,971 7,192 1,487 51,551 
Segment EBITDA$118,678 $49,604 $3,848 $(19,678)$152,452 
Income tax expense9,960 
Interest expense - net22,691 
Depreciation, depletion and amortization51,551 
Net Income$68,250 


(1) Excludes inter-segment sales of $2.9 million and $1.0 million for the third quarter of 2026 and 2025, respectively, and $7.7 million and $5.6 million for the first nine months of 2026 and 2025, respectively, for Performance Materials. 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 F
•Non-operating expenses primarily related to pension costs

The following table disaggregates revenue for each segment by end market for the third quarter and first nine months of 2026 and 2025:
 (Thousands)Performance MaterialsElectronic MaterialsPrecision OpticsOtherTotal
Third Quarter 2026
End Market
Semiconductor$3,905 $275,621 $2,851 $— $282,377 
Industrial32,362 15,045 7,493 — 54,900 
Aerospace and defense59,992 4,311 9,791 — 74,094 
Consumer electronics47,648 135 3,394 — 51,177 
Automotive17,857 737 2,216 — 20,810 
Energy9,500 22,857 — — 32,357 
Life sciences2,373 9,269 5,567 — 17,209 
Other25,341 8,633 392 — 34,366 
Total$198,978 $336,608 $31,704 $— $567,290 
Third Quarter 2025
End Market
Semiconductor$2,005 $205,821 $1,120 $— $208,946 
Industrial31,141 9,020 6,656 — 46,817 
Aerospace and defense40,326 2,357 8,298 — 50,981 
Consumer electronics48,206 416 4,027 — 52,649 
Automotive15,206 669 1,628 — 17,503 
Energy8,448 19,619 — — 28,067 
Life sciences2,465 6,497 5,097 — 14,059 
Other22,990 2,438 358 — 25,786 
Total$170,787 $246,837 $27,184 $— $444,808 
 (Thousands)Performance MaterialsElectronic MaterialsPrecision OpticsOtherTotal
First Nine Months 2026
End Market
Semiconductor$10,102 $888,685 $7,079 $— $905,866 
Industrial99,526 40,473 23,037 — 163,036 
Aerospace and defense165,063 13,167 29,546 — 207,776 
Consumer electronics117,355 14,237 10,717 — 142,309 
Automotive53,184 1,231 6,138 — 60,553 
Energy38,399 93,407 — — 131,806 
Life sciences6,089 6,508 16,306 — 28,903 
Other72,874 17,446 452 — 90,772 
Total$562,592 $1,075,154 $93,275 $— $1,731,021 
First Nine Months 2025
End Market
Semiconductor$7,390 $579,064 $2,690 $— $589,144 
Industrial93,424 27,779 18,678 — 139,881 
Aerospace and defense126,382 6,137 21,812 — 154,331 
Consumer electronics149,913 1,682 10,343 — 161,938 
Automotive48,243 3,211 4,774 — 56,228 
Energy37,388 53,002 — — 90,390 
Life sciences7,323 18,886 14,042 — 40,251 
Other57,489 6,298 846 — 64,633 
Total$527,552 $696,059 $73,185 $— $1,296,796