Operating Performance Drives Continued Margin and Earnings Improvement
CHANDLER, Ariz. — (BUSINESS WIRE) — August 3, 2023 — Rogers Corporation (NYSE: ROG) today announced financial results for the second quarter of 2023.
“We continued to execute on our profitability improvement plans in the second quarter which drove gross margin and earnings per share results that exceeded the mid-point of our guidance,” stated Colin Gouveia, Rogers' President and CEO. “We are pleased with the progress we have made thus far, and we remain intently focused on driving additional margin and earnings improvement in the coming quarters. Challenging market conditions tempered sales for the second quarter, but with our strong technology portfolio we remain extremely well positioned to benefit as demand improves. We continue to execute on our strategy to achieve our long-term growth targets, including the recent announcement that we are expanding our power substrate capacity to capitalize on the accelerating demand for silicon carbide devices in EV and renewable energy markets."
Financial Overview
GAAP Results |
Q2 2023 |
Q1 2023 |
Q2 2022 |
Net Sales ($M) |
$230.8 |
$243.8 |
$252.0 |
Gross Margin |
34.5% |
32.7% |
34.3% |
Operating Margin |
12.1% |
(0.1%) |
9.3% |
Net Income (Loss) ($M) |
$17.9 |
$(3.5) |
$17.9 |
Net Income (Loss) Margin |
7.7% |
(1.4)% |
7.1% |
Diluted Earnings Per Share |
$0.96 |
$(0.19) |
$0.94 |
Net Cash Provided by Operating Activities ($M) |
$15.7 |
$1.8 |
$2.0 |
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|
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|
Non-GAAP Results1 |
Q2 2023 |
Q1 2023 |
Q2 2022 |
Adjusted Operating Margin |
13.4% |
10.5% |
12.1% |
Adjusted Net Income ($M) |
$20.0 |
$16.2 |
$23.2 |
Adjusted Earnings Per Diluted Share |
$1.07 |
$0.87 |
$1.22 |
Adjusted EBITDA ($M) |
$43.7 |
$35.1 |
$45.4 |
Adjusted EBITDA Margin |
18.9% |
14.4% |
18.0% |
Free Cash Flow ($M) |
$4.2 |
$(14.6) |
$(22.9) |
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|
|
|
|
| Net Sales by Operating Segment (dollars in millions) |
Q2 2023 |
Q1 2023 |
Q2 2022 |
| Advanced Electronics Solutions (AES) |
$130.2 |
$135.9 |
$141.2 |
| Elastomeric Material Solutions (EMS) |
$95.3 |
$102.2 |
$105.1 |
| Other |
$5.3 |
$5.7 |
$5.7 |
| 1 - A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below |
