CHANDLER, Ariz. — (BUSINESS WIRE) — February 22, 2022 — Rogers Corporation (NYSE: ROG) today announced financial results for the full year and fourth quarter of 2021.
“Rogers delivered record full-year revenue and earnings in 2021 led by tremendous growth in EV/HEV market sales,” stated Bruce D. Hoechner, Rogers' President and CEO. “Ongoing supply-chain challenges tempered fourth quarter customer demand and financial results, which is necessitating further commercial actions. The long-term growth outlook in our markets remains strong and we are investing to capitalize on these opportunities, particularly in the EV/HEV market where demand is accelerating. We are very pleased with the progress being made related to DuPont’s proposed acquisition of Rogers, including the recent approval of the transaction by Rogers’ shareholders. We anticipate that the combination with DuPont will provide many compelling benefits for our employees and our customers as together we leverage our expertise in advanced materials to drive new and innovative solutions.”
Financial Overview |
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GAAP Results |
Q4 2021 |
Q3 2021 |
Q4 2020 |
2021 |
2020 |
Net Sales ($M) |
$230.5 |
$238.3 |
$210.7 |
$932.9 |
$802.6 |
Gross Margin |
33.9% |
38.5% |
38.3% |
37.4% |
36.4% |
Operating Margin |
4.5% |
14.2% |
9.5% |
12.6% |
8.4% |
Net Income ($M) |
$23.1 |
$25.1 |
$15.2 |
$108.1 |
$50.0 |
Net Income Margin |
10.0% |
10.5% |
7.2% |
11.6% |
6.2% |
Diluted Earnings Per Share |
$1.22 |
$1.33 |
$0.81 |
$5.73 |
$2.67 |
Net Cash Provided by Operating Activities |
$18.2 |
$39.9 |
$51.4 |
$124.4 |
$165.1 |
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Non-GAAP Results1 |
Q4 2021 |
Q3 2021 |
Q4 2020 |
2021 |
2020 |
Adjusted Operating Margin |
12.2% |
17.2% |
18.4% |
16.4% |
15.7% |
Adjusted Net Income ($M) |
$36.3 |
$30.9 |
$29.7 |
$135.8 |
$95.0 |
| Adjusted Earnings Per Diluted Share |
$1.92 |
$1.64 |
$1.58 |
$7.20 |
$5.08 |
| Adjusted EBITDA ($M) |
$41.7 |
$54.2 |
$53.2 |
$211.5 |
$177.0 |
| Adjusted EBITDA Margin |
18.1% |
22.7% |
25.3% |
22.7% |
22.1% |
| Free Cash Flow ($M) |
$(9.5) |
$17.9 |
$39.9 |
$53.2 |
$124.7 |
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| Net Sales by Operating Segment (dollars in millions) |
Q4 2021 |
Q3 2021 |
Q4 2020 |
2021 |
2020 |
| Advanced Electronics Solutions (AES) 2 |
$127.1 |
$135.0 |
$119.6 |
$534.4 |
$458.7 |
| Elastomeric Material Solutions (EMS) |
$98.9 |
$98.0 |
$86.6 |
$378.0 |
$328.2 |
| Other |
$4.4 |
$5.3 |
$4.5 |
$20.4 |
$15.7 |
