Rogers Corporation Reports Fourth Quarter and Full Year 2022

Rogers Corporation Reports Fourth Quarter and Full Year 2022 Results

(Financial statements follow)

*Condensed Consolidated Statements of Operations (Unaudited)*

	Three Months Ended						Twelve Months Ended
(DOLLARS AND SHARES IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)	December 31, 2022			December 31, 2021			December 31, 2022			December 31, 2021
Net sales	$	223,704		$	230,452		$	971,171		$	932,886
Cost of sales		152,665			152,299			650,156			583,747
Gross margin		71,039			78,153			321,015			349,139

Selling, general and administrative expenses		54,332			57,895			218,828			193,153
Research and development expenses		9,757			7,709			35,207			29,904
Restructuring and impairment charges		65,443			310			66,562			3,570
Other operating (income) expense, net		(141,162	)		1,794			(144,014	)		5,330
Operating income		82,669			10,445			144,432			117,182

Equity income in unconsolidated joint ventures		200			1,148			4,437			7,032
Pension settlement charges		—			—			—			(534	)
Other income (expense), net		(505	)		1,398			1,058			5,136
Interest expense, net		(3,988	)		(1,084	)		(9,547	)		(2,536	)
Income before income tax expense		78,376			11,907			140,380			126,280
Income tax expense		11,068			(11,224	)		23,751			18,147
Net income	$	67,308		$	23,131		$	116,629		$	108,133

Basic earnings per share	$	3.59		$	1.23		$	6.21		$	5.77

Diluted earnings per share	$	3.58		$	1.22		$	6.15		$	5.73

Shares used in computing:
Basic earnings per share		18,724			18,743			18,784			18,731
Diluted earnings per share		18,820			18,863			18,953			18,863

*Condensed Consolidated Statements of Financial Position (Unaudited)*

(DOLLARS AND SHARES IN THOUSANDS, EXCEPT PAR VALUE)	December 31, 2022			December 31, 2021
Assets
Current assets
Cash and cash equivalents	$	235,850		$	232,296
Accounts receivable, less allowance for doubtful accounts of $1,227 and $1,223		177,413			163,092
Contract assets		38,853			36,610
Inventories		182,402			133,384
Prepaid income taxes		4,042			1,921
Asbestos-related insurance receivables, current portion		3,881			3,176
Other current assets		17,426			13,586
Total current assets		659,867			584,065
Property, plant and equipment, net of accumulated depreciation of $381,584 and $367,850		358,415			326,967
Investments in unconsolidated joint ventures		14,082			16,328
Deferred income taxes		50,649			32,671
Goodwill		352,365			370,189
Other intangible assets, net of amortization		133,724			176,353
Pension assets		5,251			5,123
Asbestos-related insurance receivables, non-current portion		55,926			59,391
Other long-term assets		15,935			27,479
Total assets	$	1,646,214		$	1,598,566
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable	$	57,342		$	64,660
Accrued employee benefits and compensation		34,158			48,196
Accrued income taxes payable		5,504			9,632
Asbestos-related liabilities, current portion		4,968			3,841
Finance lease obligations, current portion		498			198
Other accrued liabilities		40,067			37,422
Total current liabilities		142,537			163,949
Borrowings under revolving credit facility		215,000			190,000
Pension and other postretirement benefits liabilities		1,501			1,618
Asbestos-related liabilities, non-current portion		60,065			64,491
Finance lease obligations, non-current portion		1,295			209
Non-current income tax		9,985			7,131
Deferred income taxes		23,557			29,451
Other long-term liabilities		19,808			22,822
Shareholders’ equity
Capital stock - $1 par value; 50,000 authorized shares; 18,574 and 18,730 shares issued and outstanding		18,574			18,730
Additional paid-in capital		140,702			163,583
Retained earnings		1,098,454			981,825
Accumulated other comprehensive loss		(85,264	)		(45,243	)
Total shareholders' equity		1,172,466			1,118,895
Total liabilities and shareholders' equity	$	1,646,214		$	1,598,566

Reconciliation of non-GAAP financial measures to the comparable GAAP measures

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