Rogers Corporation Reports Fourth Quarter and Full Year 2023

Rogers Corporation Reports Fourth Quarter and Full Year 2023 Results

(Financial statements follow)

*Condensed Consolidated Statements of Operations (Unaudited)*

	Three Months Ended						Twelve Months Ended
(DOLLARS AND SHARES IN MILLIONS, EXCEPT PER SHARE AMOUNTS)	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022
Net sales	$	204.6		$	223.7		$	908.4		$	971.2
Cost of sales		137.2			152.7			601.3			650.2
Gross margin		67.4			71.0			307.1			321.0

Selling, general and administrative expenses		51.8			54.3			202.3			218.8
Research and development expenses		10.2			9.8			35.7			35.2
Restructuring and impairment charges		0.5			65.4			16.9			66.6
Other operating (income) expense, net		(25.6	)		(141.2	)		(33.1	)		(144.0	)
Operating income		30.5			82.7			85.3			144.4

Equity income in unconsolidated joint ventures		0.3			0.2			1.8			4.4
Other income (expense), net		(0.7	)		(0.5	)		(0.7	)		1.1
Interest expense, net		(1.5	)		(4.0	)		(10.1	)		(9.5	)
Income before income tax expense		28.6			78.4			76.3			140.4
Income tax expense		5.4			11.1			19.7			23.8
Net income	$	23.2		$	67.3		$	56.6		$	116.6

Basic earnings per share	$	1.25		$	3.59		$	3.04		$	6.21

Diluted earnings per share	$	1.24		$	3.58		$	3.03		$	6.15

Shares used in computing:
Basic earnings per share		18.6			18.7			18.6			18.8
Diluted earnings per share		18.7			18.8			18.7			19.0

*Condensed Consolidated Statements of Financial Position (Unaudited)*

(DOLLARS AND SHARES IN MILLIONS, EXCEPT PAR VALUE)	December 31, 2023			December 31, 2022
Assets
Current assets
Cash, cash equivalents and restricted cash	$	131.7		$	235.9
Accounts receivable, less allowance for doubtful accounts of $1.1 and $1.0		161.9			177.4
Contract assets		45.2			38.9
Inventories, net		153.5			182.4
Asbestos-related insurance receivables, current portion		4.3			3.9
Other current assets		30.3			21.4
Total current assets		526.9			659.9
Property, plant and equipment, net of accumulated depreciation of $385.7 and $381.6		366.3			358.4
Operating lease right-of-use assets		18.9			13.0
Goodwill		359.8			352.4
Other intangible assets, net of amortization		123.9			133.7
Asbestos-related insurance receivables, non-current portion		52.2			55.9
Investments in unconsolidated joint ventures		11.1			14.1
Deferred income taxes		49.7			50.6
Other long-term assets		8.4			8.2
Total assets	$	1,517.2		$	1,646.2
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable	$	50.3		$	57.3
Accrued employee benefits and compensation		31.1			34.2
Accrued income taxes payable		1.4			5.5
Operating lease obligations, current portion		3.5			2.8
Asbestos-related liabilities, current portion		5.5			5.0
Other accrued liabilities		24.0			37.7
Total current liabilities		115.8			142.5
Borrowings under revolving credit facility		30.0			215.0
Operating lease obligations, non-current portion		15.4			10.7
Asbestos-related liabilities, non-current portion		56.0			60.1
Non-current income tax		7.2			10.0
Deferred income taxes		22.9			23.6
Other long-term liabilities		10.3			11.8
Shareholders’ equity
Capital stock - $1 par value; 50.0 authorized shares; 18.6 and 18.6 shares issued and outstanding		18.6			18.6
Additional paid-in capital		151.8			140.7
Retained earnings		1,155.0			1,098.4
Accumulated other comprehensive loss		(65.8	)		(85.2	)
Total shareholders' equity		1,259.6			1,172.5
Total liabilities and shareholders' equity	$	1,517.2		$	1,646.2

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

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