Improved Financial Performance Driven by Higher Demand and Cost Actions
CHANDLER, Ariz. — (BUSINESS WIRE) — April 27, 2023 — Rogers Corporation (NYSE: ROG) today announced financial results for the first quarter of 2023.
“First quarter sales and gross margin exceeded the high end of our guidance as a result of improved market demand and continued execution of our cost improvement plans,” stated Colin Gouveia, Rogers' President and CEO. “Sales in the ADAS, general industrial and renewable energy markets all contributed to the higher revenue versus the prior quarter. While we are pleased with the improved profitability in the first quarter, we remain intently focused on realizing the full benefit of the previously announced cost improvement actions, including achieving 34% gross margin in the second quarter. As outlined at our recent Investor Day, we will continue to execute on the Restore phase of our multi-year strategy as we also focus on leveraging our innovative technologies and application expertise to drive towards our 2025 growth targets."
Financial Overview
GAAP Results |
Q1 2023 |
Q4 2022 |
Q1 2022 |
Net Sales ($M) |
$243.8 |
$223.7 |
$248.3 |
Gross Margin |
32.7% |
31.8% |
34.4% |
Operating Margin1 |
(0.1%) |
37.0% |
8.0% |
Net Income (Loss) ($M)1 |
$(3.5) |
$67.3 |
$16.6 |
Net Income (Loss) Margin1 |
(1.4)% |
30.1% |
6.7% |
Diluted Earnings Per Share1 |
$(0.19) |
$3.58 |
$0.87 |
Net Cash Used by Operating Activities1 |
$1.8 |
$127.6 |
$(13.7) |
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Non-GAAP Results2 |
Q1 2023 |
Q4 2022 |
Q1 2022 |
Adjusted Operating Margin |
10.5% |
9.3% |
14.5% |
Adjusted Net Income ($M) |
$16.2 |
$19.5 |
$29.1 |
Adjusted Earnings Per Diluted Share |
$0.87 |
$1.04 |
$1.53 |
Adjusted EBITDA ($M) |
$35.1 |
$27.8 |
$47.2 |
Adjusted EBITDA Margin |
14.4% |
12.5% |
19.0% |
Free Cash Flow ($M) |
$(14.6) |
$97.8 |
$(42.0) |
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| Net Sales by Operating Segment (dollars in millions) |
Q1 2023 |
Q4 2022 |
Q1 2022 |
| Advanced Electronics Solutions (AES) |
$135.9 |
$125.3 |
$133.2 |
| Elastomeric Material Solutions (EMS) |
$102.2 |
$93.7 |
$110.2 |
| Other |
$5.7 |
$4.7 |
$4.9 |
