Stronger Gross Margin Drives Improved Results
CHANDLER, Ariz. — (BUSINESS WIRE) — July 25, 2024 — Rogers Corporation (NYSE: ROG) today announced financial results for the second quarter of 2024.
"Solid execution contributed to results that were in line with our second quarter expectations,” stated Colin Gouveia, Rogers' President and CEO. "Sales were near the mid-point of our Q2 guidance, as stronger portable electronics and wireless infrastructure revenues were tempered by lower general industrial demand. We achieved record quarterly sales of our leading EV battery solutions, but overall EV/HEV results were mixed as power substrate sales declined due to elevated customer inventory levels. Stronger gross margin results drove higher earnings and reflect the structural cost improvements we have implemented in recent quarters. We remain intently focused on executing our strategy to grow the business and drive significant margin and profitability improvements."
Financial Overview
GAAP Results (dollars in millions, except per share amounts) |
Q2 2024 |
Q1 2024 |
Q2 2023 |
Net Sales |
$214.2 |
$213.4 |
$230.9 |
Gross Margin |
34.1% |
32.0% |
34.5% |
Operating Margin |
5.3% |
5.5% |
12.1% |
Net Income |
$8.1 |
$7.8 |
$17.9 |
Net Income Margin |
3.8% |
3.7% |
7.7% |
Diluted Earnings Per Share |
$0.44 |
$0.42 |
$0.96 |
Net Cash Provided by Operating Activities |
$22.9 |
$28.1 |
$15.7 |
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Non-GAAP Results1 (dollars in millions, except per share amounts) |
Q2 2024 |
Q1 2024 |
Q2 2023 |
Adjusted Operating Margin |
8.2% |
7.5% |
13.4% |
Adjusted Net Income |
$12.8 |
$10.9 |
$20.0 |
Adjusted Earnings Per Diluted Share |
$0.69 |
$0.58 |
$1.07 |
Adjusted EBITDA |
$31.9 |
$28.3 |
$43.7 |
Adjusted EBITDA Margin |
14.9% |
13.3% |
18.9% |
Free Cash Flow |
$8.8 |
$18.7 |
$4.2 |
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| Net Sales by Operating Segment (dollars in millions) |
Q2 2024 |
Q1 2024 |
Q2 2023 |
| Advanced Electronics Solutions (AES) |
$115.5 |
$122.1 |
$130.2 |
| Elastomeric Material Solutions (EMS) |
$94.7 |
$85.7 |
$95.4 |
| Other |
$4.0 |
$5.6 |
$5.3 |
| 1 - A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below |
