Implemented Additional Actions to Streamline Operations and Increase Profitability
CHANDLER, Ariz. — (BUSINESS WIRE) — February 28, 2023 — Rogers Corporation (NYSE: ROG) today announced financial results for the full year and fourth quarter of 2022.
“Rogers continues to execute on its profitability improvement plans and navigate the challenging macroeconomic environment as we focus on our growth strategy," said Colin Gouveia, Rogers' President and CEO. "As recently announced we have undertaken a series of actions to improve operating margins in the coming quarters, including reducing our global workforce by 7%, divesting the non-core, low-margin natural rubber product line and optimizing our manufacturing footprint. In the fourth quarter we continued to face market headwinds from continuing COVID-related disruptions in China and weaker demand in certain markets, which tempered sales volume and gross margins. As we respond to the current market dynamics we also remain focused on driving growth by expanding our leadership in advanced materials solutions across our markets. This is especially true in the EV market where we are well-positioned with sales growth of 35% in 2022 and continued design win traction."
Financial Overview |
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GAAP Results |
Q4 2022 |
Q3 2022 |
Q4 2021 |
2022 |
2021 |
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Net Sales ($M) |
$223.7 |
$247.2 |
$230.5 |
$971.2 |
$932.9 |
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Gross Margin |
31.8% |
31.6% |
33.9% |
33.1% |
37.4% |
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Operating Margin1 |
37.0% |
7.5% |
4.5% |
14.9% |
12.6% |
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Net Income ($M)1 |
$67.3 |
$14.8 |
$23.1 |
$116.6 |
$108.1 |
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Net Income Margin1 |
30.1% |
6.0% |
10.0% |
12.0% |
11.6% |
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Diluted Earnings Per Share1 |
$3.58 |
$0.78 |
$1.22 |
$6.15 |
$5.73 |
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Net Cash Provided by Operating Activities1 |
$127.6 |
$13.5 |
$18.2 |
$129.5 |
$124.4 |
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| Non-GAAP Results 2 |
Q4 2022 |
Q3 2022 |
Q4 2021 |
2022 |
2021 |
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| Adjusted Operating Margin |
9.3% |
10.8% |
12.2% |
11.7% |
16.4% |
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| Adjusted Net Income ($M) |
$19.5 |
$21.2 |
$36.3 |
$93.0 |
$135.8 |
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| Adjusted Earnings Per Diluted Share |
$1.04 |
$1.11 |
$1.92 |
$4.91 |
$7.20 |
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| Adjusted EBITDA ($M) |
$27.8 |
$39.7 |
$41.7 |
$160.2 |
$211.5 |
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| Adjusted EBITDA Margin |
12.5% |
16.0% |
18.1% |
16.5% |
22.7% |
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| Free Cash Flow ($M) |
$97.8 |
$(20.3) |
$(9.5) |
$12.7 |
$53.2 |
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| Net Sales by Operating Segment (dollars in millions) |
Q4 2022 |
Q3 2022 |
Q4 2021 |
2022 |
2021 |
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| Advanced Electronics Solutions (AES) |
$125.3 |
$130.6 |
$127.1 |
$530.2 |
$534.4 |
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| Elastomeric Material Solutions (EMS) |
$93.7 |
$111.0 |
$98.9 |
$420.0 |
$378.0 |
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| Other |
$4.7 |
$5.6 |
$4.4 |
$21.0 |
$20.4 |
| 1 - Q4 2022 and FY 2022 includes receipt of a regulatory termination fee |
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| 2 - A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below |
