Q4 Results In Line with Expectations
CHANDLER, Ariz. — (BUSINESS WIRE) — February 19, 2025 — Rogers Corporation (NYSE: ROG) today announced financial results for the full year and fourth quarter of 2024.
"Our results were consistent with our guidance expectations for the fourth quarter,” stated Colin Gouveia, Rogers' President and CEO. "As anticipated, sales declined due to seasonally lower portable electronics sales and lower wireless infrastructure and industrial revenues. Despite macro and market challenges impacting full year sales, our focused efforts to deliver operations and procurement cost savings, optimize yields and drive throughput improvements helped mitigate the effect of the lower sales on gross margins. These actions, combined with effective expense and working capital management, enabled us to generate solid cash flow and execute our capital allocation priorities.
"Many of our customers remain cautious about the timing of a recovery in the EV/HEV and industrial markets," said Gouveia. "In 2025, we continue to focus on securing new design wins, improving our cost structure and maintaining a strong balance sheet. We are executing on our commercial, innovation and manufacturing footprint priorities, and are confident that these actions will position Rogers to win when market conditions begin to improve."
Financial Overview
GAAP Results (dollars in millions, except per share amounts) |
Q4 2024 |
Q3 2024 |
Q4 2023 |
2024 |
2023 |
Net Sales |
$192.2 |
$210.3 |
$204.6 |
$830.1 |
$908.4 |
Gross Margin |
32.1% |
35.2% |
32.9% |
33.4% |
33.8% |
Operating Margin |
(2.6%) |
6.9% |
14.9% |
3.9% |
9.4% |
Net Income (Loss) |
$(0.5) |
$10.7 |
$23.2 |
$26.1 |
$56.6 |
Net Income (Loss) Margin |
(0.3%) |
5.1% |
11.3% |
3.1% |
6.2% |
Diluted Earnings (Loss) Per Share |
$(0.03) |
$0.58 |
$1.24 |
$1.40 |
$3.03 |
Net Cash Provided by Operating Activities |
$33.7 |
$42.4 |
$71.9 |
$127.1 |
$131.4 |
|
|
|
|
|
|
Non-GAAP Results1 (dollars in millions, except per share amounts) |
Q4 2024 |
Q3 2024 |
Q4 2023 |
2024 |
2023 |
Adjusted Operating Margin |
4.7% |
11.7% |
6.3% |
8.1% |
11.2% |
| Adjusted Net Income |
$8.6 |
$18.2 |
$11.3 |
$50.5 |
$70.7 |
| Adjusted Earnings Per Diluted Share |
$0.46 |
$0.98 |
$0.60 |
$2.72 |
$3.78 |
| Adjusted EBITDA |
$23.3 |
$35.2 |
$23.4 |
$118.7 |
$147.7 |
| Adjusted EBITDA Margin |
12.1% |
16.7% |
11.4% |
14.3% |
16.3% |
| Free Cash Flow |
$18.3 |
$25.2 |
$49.4 |
$71.0 |
$74.4 |
|
|
|
|
|
|
|
| Net Sales by Operating Segment (dollars in millions) |
Q4 2024 |
Q3 2024 |
Q4 2023 |
2024 |
2023 |
| Advanced Electronics Solutions (AES) |
$102.4 |
$112.2 |
$117.3 |
$452.2 |
$509.7 |
| Elastomeric Material Solutions (EMS) |
$86.3 |
$94.2 |
$83.4 |
$360.9 |
$379.0 |
| Other |
$3.5 |
$3.9 |
$3.9 |
$17.0 |
$19.7 |
| 1 - A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below |
|||||
