Q1 Sales And EPS Exceed Mid-Point Of Guidance As Outlook Improves
CHANDLER, Ariz. — (BUSINESS WIRE) — April 25, 2024 — Rogers Corporation (NYSE: ROG) today announced financial results for the first quarter of 2024.
"We are encouraged by the improving demand that we saw in the first quarter, which resulted in sales near the top end of our guidance expectations,” stated Colin Gouveia, Rogers' President and CEO. "Aerospace and defense sales were strong in the first quarter and after a prolonged downturn, the outlook for the general industrial market is improving with lower customer inventory levels and positive order trends. We expect overall sales to improve further in the coming quarters, tempered by some markets which continue to face near-term inventory challenges. We remain intently focused on driving improved profitability and cash flow, while also ensuring we are positioned to grow as demand strengthens."
Financial Overview
GAAP Results (dollars in millions, except per share amounts) |
Q1 2024 |
Q4 2023 |
Q1 2023 |
Net Sales |
$213.4 |
$204.6 |
$243.8 |
Gross Margin |
32.0% |
32.9% |
32.7% |
Operating Margin |
5.5% |
14.9% |
(0.1%) |
Net Income (Loss) |
$7.8 |
$23.2 |
$(3.5) |
Net Income (Loss) Margin |
3.7% |
11.3% |
(1.4)% |
Diluted Earnings (Loss) Per Share |
$0.42 |
$1.24 |
$(0.19) |
Net Cash Provided by Operating Activities |
$28.1 |
$71.9 |
$1.8 |
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Non-GAAP Results1 (dollars in millions, except per share amounts) |
Q1 2024 |
Q4 2023 |
Q1 2023 |
Adjusted Operating Margin |
7.5% |
6.3% |
10.5% |
Adjusted Net Income |
$10.9 |
$11.3 |
$16.2 |
Adjusted Earnings Per Diluted Share |
$0.58 |
$0.60 |
$0.87 |
Adjusted EBITDA |
$28.3 |
$23.4 |
$35.1 |
Adjusted EBITDA Margin |
13.3% |
11.4% |
14.4% |
Free Cash Flow |
$18.7 |
$49.4 |
$(14.6) |
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| Net Sales by Operating Segment (dollars in millions) |
Q1 2024 |
Q4 2023 |
Q1 2023 |
| Advanced Electronics Solutions (AES) |
$122.1 |
$117.3 |
$135.9 |
| Elastomeric Material Solutions (EMS) |
$85.7 |
$83.4 |
$102.2 |
| Other |
$5.6 |
$3.9 |
$5.7 |
