Rogers Corporation Reports Third Quarter 2023 Results

(Financial statements follow)

*Condensed Consolidated Statements of Operations (Unaudited)*

	Three Months Ended						Nine Months Ended
(DOLLARS AND SHARES IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)	September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Net sales	$	229,148		$	247,231		$	703,816		$	747,467
Cost of sales		148,788			169,167			464,138			497,491
Gross margin		80,360			78,064			239,678			249,976

Selling, general and administrative expenses		44,336			50,653			150,549			164,496
Research and development expenses		7,827			9,140			25,511			25,450
Restructuring and impairment charges		1,921			373			16,361			1,119
Other operating (income) expense, net		(846	)		(578	)		(7,507	)		(2,852	)
Operating income		27,122			18,476			54,764			61,763

Equity income in unconsolidated joint ventures		641			1,162			1,559			4,237
Other income (expense), net		761			977			9			1,563
Interest expense, net		(2,328	)		(2,942	)		(8,627	)		(5,559	)
Income before income tax expense		26,196			17,673			47,705			62,004
Income tax expense (benefit)		7,161			2,835			14,311			12,683
Net income	$	19,035		$	14,838		$	33,394		$	49,321

Basic earnings per share	$	1.02		$	0.79		$	1.79		$	2.62

Diluted earnings per share	$	1.02		$	0.78		$	1.79		$	2.60

Shares used in computing:
Basic earnings per share		18,627			18,818			18,619			18,804
Diluted earnings per share		18,685			18,999			18,668			18,997

*Condensed Consolidated Statements of Financial Position (Unaudited)*

(DOLLARS AND SHARES IN THOUSANDS, EXCEPT PAR VALUE)	September 30, 2023			December 31, 2022
Assets
Current assets
Cash and cash equivalents	$	126,455		$	235,850
Accounts receivable, less allowance for doubtful accounts of $1,147 and $1,007		185,750			177,413
Contract assets		46,476			38,853
Inventories		157,073			182,402
Prepaid income taxes		3,337			4,042
Asbestos-related insurance receivables, current portion		3,881			3,881
Other current assets		31,825			17,426
Total current assets		554,797			659,867
Property, plant and equipment, net of accumulated depreciation of $391,898 and $381,584		341,696			358,415
Investments in unconsolidated joint ventures		10,346			14,082
Deferred income taxes		58,922			50,649
Goodwill		352,214			352,365
Other intangible assets, net of amortization		124,496			133,724
Pension assets		5,523			5,251
Asbestos-related insurance receivables, non-current portion		55,926			55,926
Other long-term assets		16,946			15,935
Total assets	$	1,520,866		$	1,646,214
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable	$	46,852		$	57,342
Accrued employee benefits and compensation		33,778			34,158
Accrued income taxes payable		7,018			5,504
Asbestos-related liabilities, current portion		4,968			4,968
Finance lease obligations, current portion		345			498
Other accrued liabilities		23,176			40,067
Total current liabilities		116,137			142,537
Borrowings under revolving credit facility		80,000			215,000
Pension and other postretirement benefits liabilities		1,618			1,501
Asbestos-related liabilities, non-current portion		59,739			60,065
Finance lease obligations, non-current portion		1,147			1,295
Non-current income tax		9,560			9,985
Deferred income taxes		23,720			23,557
Other long-term liabilities		18,333			19,808
Shareholders’ equity
Capital stock - $1 par value; 50,000 authorized shares; 18,616 and 18,574 shares issued and outstanding		18,616			18,574
Additional paid-in capital		148,992			140,702
Retained earnings		1,131,848			1,098,454
Accumulated other comprehensive loss		(88,844	)		(85,264	)
Total shareholders' equity		1,210,612			1,172,466
Total liabilities and shareholders' equity	$	1,520,866		$	1,646,214

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

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 Next Page »