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Segment Information
 6 Months Ended
Jun. 30, 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 quarters and six months ended June 30, 2025 and 2024 were as follows:

 

 

 

 

 

 

Composite

 

 

Engineered

 

 

Corporate &

 

 

 

 

(In millions)

 

Materials

 

 

Products

 

 

Other (a)

 

 

Total

 

Quarter Ended June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

 

$

393.2

 

 

$

96.7

 

 

$

—

 

 

$

489.9

 

Intersegment sales

 

 

19.4

 

 

 

0.4

 

 

 

(19.8

)

 

 

—

 

Total sales

 

 

412.6

 

 

 

97.1

 

 

 

(19.8

)

 

 

489.9

 

Cost of sales

 

 

315.7

 

 

 

81.5

 

 

 

(18.8

)

 

 

378.4

 

Gross margin

 

 

96.9

 

 

 

15.6

 

 

 

(1.0

)

 

 

111.5

 

Selling, general and administrative expenses

 

 

26.3

 

 

 

4.0

 

 

 

12.7

 

 

 

43.0

 

Research and technology expenses

 

 

12.3

 

 

 

1.0

 

 

 

1.0

 

 

 

14.3

 

Other operating expense

 

 

—

 

 

 

24.2

 

 

 

—

 

 

 

24.2

 

Operating income (loss)

 

 

58.3

 

 

 

(13.6

)

 

 

(14.7

)

 

 

30.0

 

Depreciation and amortization

 

 

26.9

 

 

 

2.7

 

 

 

—

 

 

 

29.6

 

Stock-based compensation

 

 

0.9

 

 

 

0.2

 

 

 

1.6

 

 

 

2.7

 

Accrual basis additions to capital expenditures

 

 

13.1

 

 

 

1.6

 

 

 

—

 

 

 

14.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

 

$

408.6

 

 

$

91.8

 

 

$

—

 

 

$

500.4

 

Intersegment sales

 

 

23.9

 

 

 

0.6

 

 

 

(24.5

)

 

 

—

 

Total sales

 

 

432.5

 

 

 

92.4

 

 

 

(24.5

)

 

 

500.4

 

Cost of sales

 

 

322.5

 

 

 

72.7

 

 

 

(21.4

)

 

 

373.8

 

Gross margin

 

 

110.0

 

 

 

19.7

 

 

 

(3.1

)

 

 

126.6

 

Selling, general and administrative expenses

 

 

23.2

 

 

 

5.3

 

 

 

11.4

 

 

 

39.9

 

Research and technology expenses

 

 

12.5

 

 

 

1.2

 

 

 

1.0

 

 

 

14.7

 

Other operating expense

 

 

—

 

 

 

0.2

 

 

 

—

 

 

 

0.2

 

Operating income (loss)

 

 

74.3

 

 

 

13.0

 

 

 

(15.5

)

 

 

71.8

 

Depreciation and amortization

 

 

27.3

 

 

 

3.7

 

 

 

—

 

 

 

31.0

 

Stock-based compensation

 

 

1.1

 

 

 

0.3

 

 

 

1.9

 

 

 

3.3

 

Accrual basis additions to capital expenditures

 

 

18.6

 

 

 

3.9

 

 

 

—

 

 

 

22.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

 

$

758.5

 

 

$

187.9

 

 

$

—

 

 

$

946.4

 

Intersegment sales

 

 

39.5

 

 

 

0.7

 

 

 

(40.2

)

 

 

—

 

Total sales

 

 

798.0

 

 

 

188.6

 

 

 

(40.2

)

 

 

946.4

 

Cost of sales

 

 

609.2

 

 

 

161.4

 

 

 

(38.1

)

 

 

732.5

 

Gross margin

 

 

188.8

 

 

 

27.2

 

 

 

(2.1

)

 

 

213.9

 

Selling, general and administrative expenses

 

 

51.8

 

 

 

8.3

 

 

 

26.2

 

 

 

86.3

 

Research and technology expenses

 

 

24.1

 

 

 

2.1

 

 

 

1.9

 

 

 

28.1

 

Other operating expense

 

 

—

 

 

 

25.3

 

 

 

—

 

 

 

25.3

 

Operating income (loss)

 

 

112.9

 

 

 

(8.5

)

 

 

(30.2

)

 

 

74.2

 

Depreciation and amortization

 

 

54.1

 

 

 

6.5

 

 

 

—

 

 

 

60.6

 

Stock-based compensation

 

 

3.9

 

 

 

1.0

 

 

 

7.5

 

 

 

12.4

 

Accrual basis additions to capital expenditures

 

 

28.6

 

 

 

3.2

 

 

 

—

 

 

 

31.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Net sales to external customers

 

$

788.1

 

 

$

184.6

 

 

$

—

 

 

$

972.7

 

Intersegment sales

 

 

47.2

 

 

 

0.9

 

 

 

(48.1

)

 

 

—

 

Total sales

 

$

835.3

 

 

$

185.5

 

 

$

(48.1

)

 

$

972.7

 

Cost of sales

 

 

622.8

 

 

 

146.0

 

 

 

(40.9

)

 

 

727.9

 

Gross margin

 

 

212.5

 

 

 

39.5

 

 

 

(7.2

)

 

 

244.8

 

Selling, general and administrative expenses

 

 

48.6

 

 

 

10.6

 

 

 

29.7

 

 

 

88.9

 

Research and technology expenses

 

 

25.1

 

 

 

2.4

 

 

 

2.3

 

 

 

29.8

 

Other operating expense

 

 

0.8

 

 

 

0.6

 

 

 

—

 

 

 

1.4

 

Operating income (loss)

 

 

138.0

 

 

 

25.9

 

 

 

(39.2

)

 

 

124.7

 

Depreciation and amortization

 

 

54.5

 

 

 

7.5

 

 

 

—

 

 

 

62.0

 

Stock-based compensation

 

 

4.2

 

 

 

1.1

 

 

 

11.1

 

 

 

16.4

 

Accrual basis additions to capital expenditures

 

 

35.3

 

 

 

5.8

 

 

 

—

 

 

 

41.1

 

 

(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

 

 

(0.8

)

 

 

(2.0

)

 

 

(2.8

)

Currency translation adjustments

 

 

8.9

 

 

 

0.1

 

 

 

9.0

 

Balance at June 30, 2025

 

$

91.2

 

 

$

152.0

 

 

$

243.2

 

 

At June 30, 2025, the balance of goodwill and intangible assets was $192.0 million and $51.2 million, respectively.

 

 

 

Composite

 

 

Engineered

 

 

Corporate &

 

 

 

 

(In millions)

 

Materials

 

 

Products

 

 

Other (a)

 

 

Total

 

Segment assets

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2025

 

$

2,374.8

 

 

$

593.0

 

 

$

(124.5

)

 

$

2,843.3

 

December 31, 2024

 

 

2,147.6

 

 

 

541.4

 

 

 

36.6

 

 

 

2,725.6