Navigating Challenging Environment With Focus On Execution
CHANDLER, Ariz. — (BUSINESS WIRE) — February 21, 2024 — Rogers Corporation (NYSE: ROG) today announced financial results for the full year and fourth quarter of 2023.
"We made significant progress this past year as we drove structural cost improvements, secured new design wins, generated solid free cash flow, and invested in targeted capacity expansions to drive future growth,” stated Colin Gouveia, Rogers' President and CEO. "In the fourth quarter, the macroeconomic headwinds we faced throughout 2023 persisted, resulting in further inventory destocking by customers and softness in many end markets. The lower sales volumes, especially in industrial and portable electronics markets, more than offset our cost improvements in the quarter and resulted in lower gross margins. Looking ahead, we anticipate the demand environment will remain challenging in the first quarter, but that we will begin to see some improvement midyear. We will continue to navigate the dynamic conditions with a clear focus on executing our strategy and managing what is within our control."
Financial Overview |
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GAAP Results |
Q4 2023 |
Q3 2023 |
Q4 2022 |
2023 |
2022 |
Net Sales ($M) |
$204.6 |
$229.1 |
$223.7 |
$908.4 |
$971.2 |
Gross Margin |
32.9% |
35.1% |
31.8% |
33.8% |
33.1% |
Operating Margin |
14.9% |
11.8% |
37.0% |
9.4% |
14.9% |
Net Income (Loss) ($M) |
$23.2 |
$19.0 |
$67.3 |
$56.6 |
$116.6 |
Net Income (Loss) Margin |
11.3% |
8.3% |
30.1% |
6.2% |
12.0% |
Diluted Earnings Per Share |
$1.24 |
$1.02 |
$3.58 |
$3.03 |
$6.15 |
Net Cash Provided by Operating Activities ($M) |
$71.9 |
$42.0 |
$127.6 |
$131.4 |
$129.5 |
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Non-GAAP Results1 |
Q4 2023 |
Q3 2023 |
Q4 2022 |
2023 |
2022 |
| Adjusted Operating Margin |
6.3% |
14.3% |
9.3% |
11.2% |
11.7% |
| Adjusted Net Income ($M) |
$11.3 |
$23.2 |
$19.5 |
$70.7 |
$93.0 |
| Adjusted Earnings Per Diluted Share |
$0.60 |
$1.24 |
$1.04 |
$3.78 |
$4.91 |
| Adjusted EBITDA ($M) |
$23.4 |
$45.4 |
$27.8 |
$147.7 |
$160.2 |
| Adjusted EBITDA Margin |
11.4% |
19.8% |
12.5% |
16.3% |
16.5% |
| Free Cash Flow ($M) |
$49.4 |
$35.3 |
$97.8 |
$74.4 |
$12.7 |
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| Net Sales by Operating Segment (dollars in millions) |
Q4 2023 |
Q3 2023 |
Q4 2022 |
2023 |
2022 |
| Advanced Electronics Solutions (AES) |
$117.3 |
$126.4 |
$125.3 |
$509.7 |
$530.2 |
| Elastomeric Material Solutions (EMS) |
$83.4 |
$98.0 |
$93.7 |
$379.0 |
$420.0 |
| Other |
$3.9 |
$4.8 |
$4.7 |
$19.7 |
$21.0 |
| 1 - A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below |
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