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Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information

Note 9 — Segment Information

The financial results for our operating segments are prepared using a management approach, which is consistent with the basis and manner in which we internally segregate financial information for the purpose of assisting in making internal operating decisions. We evaluate the performance of our operating segments based on operating income, and generally account for intersegment sales based on arm’s length prices. Corporate and certain other expenses are not allocated to the operating segments, except to the extent that the expense can be directly attributable to the business segment.

Financial information for our operating segments for the three months ended March 31, 2025 and 2024 was as follows:

 

 

 

 

 

 

Composite

 

 

Engineered

 

 

Corporate &

 

 

 

 

(In millions)

 

Materials

 

 

Products

 

 

Other (a)

 

 

Total

 

Quarter Ended March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

 

$

365.3

 

 

$

91.2

 

 

$

-

 

 

$

456.5

 

Intersegment sales

 

 

20.1

 

 

 

0.3

 

 

 

(20.4

)

 

 

-

 

Total sales

 

 

385.4

 

 

 

91.5

 

 

 

(20.4

)

 

 

456.5

 

Cost of sales

 

 

293.5

 

 

 

79.9

 

 

 

(19.3

)

 

 

354.1

 

Gross margin

 

 

91.9

 

 

 

11.6

 

 

 

(1.1

)

 

 

102.4

 

Selling, general and administrative expenses

 

 

25.5

 

 

 

4.3

 

 

 

13.5

 

 

 

43.3

 

Research and technology expenses

 

 

11.8

 

 

 

1.1

 

 

 

0.9

 

 

 

13.8

 

Other operating expense

 

 

-

 

 

 

1.1

 

 

 

-

 

 

 

1.1

 

Operating income (loss)

 

$

54.6

 

 

$

5.1

 

 

$

(15.5

)

 

$

44.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

26.6

 

 

$

3.2

 

 

$

-

 

 

$

29.8

 

Stock-based compensation

 

 

3.0

 

 

 

0.8

 

 

 

5.9

 

 

 

9.7

 

Accrual basis additions to capital expenditures

 

 

15.5

 

 

 

1.6

 

 

 

-

 

 

 

17.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

 

$

379.5

 

 

$

92.8

 

 

$

-

 

 

$

472.3

 

Intersegment sales

 

 

23.3

 

 

 

0.3

 

 

 

(23.6

)

 

 

-

 

Total sales

 

$

402.8

 

 

$

93.1

 

 

$

(23.6

)

 

$

472.3

 

Cost of sales

 

 

300.3

 

 

 

73.3

 

 

 

(19.5

)

 

 

354.1

 

Gross margin

 

 

102.5

 

 

 

19.8

 

 

 

(4.1

)

 

 

118.2

 

Selling, general and administrative expenses

 

 

25.3

 

 

 

5.4

 

 

 

18.3

 

 

 

49.0

 

Research and technology expenses

 

 

12.6

 

 

 

1.2

 

 

 

1.3

 

 

 

15.1

 

Other operating expense

 

 

0.8

 

 

 

0.4

 

 

 

-

 

 

 

1.2

 

Operating income (loss)

 

 

63.7

 

 

 

12.9

 

 

 

(23.7

)

 

 

52.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

27.2

 

 

$

3.8

 

 

$

-

 

 

$

31.0

 

Stock-based compensation

 

 

3.1

 

 

 

0.8

 

 

 

9.2

 

 

 

13.1

 

Accrual basis additions to capital expenditures

 

 

16.7

 

 

 

1.9

 

 

 

-

 

 

 

18.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)
We do not allocate corporate expenses to the operating segments.

 

Goodwill and Intangible Assets

 

Composite

 

 

Engineered

 

 

 

 

(In millions)

 

Materials

 

 

Products

 

 

Total

 

Balance at December 31, 2024

 

$

83.1

 

 

$

153.9

 

 

$

237.0

 

Amortization expense

 

 

(0.4

)

 

 

(1.0

)

 

 

(1.4

)

Currency translation adjustments

 

 

4.6

 

 

 

-

 

 

 

4.6

 

Balance at March 31, 2025

 

$

87.3

 

 

$

152.9

 

 

$

240.2

 

 

At March 31, 2025, the balance of goodwill and intangible assets was $188.2 million and $52.0 million, respectively.

 

 

 

 

Composite

 

Engineered

 

Corporate &

 

 

(In millions)

 

Materials

 

Products

 

Other (a)

 

Total

Segment assets

 

 

 

 

 

 

 

 

March 31, 2025

 

$2,188.0

 

$558.8

 

$32.4

 

$2,779.2

December 31, 2024

 

2,147.6

 

541.4

 

36.6

 

2,725.6