Rogers Corporation Reports Second Quarter 2024 Results

(Financial statements follow)

Condensed Consolidated Statements of Operations (Unaudited)

 

 

Three Months Ended

 

Six Months Ended

(DOLLARS AND SHARES IN MILLIONS, EXCEPT PER SHARE AMOUNTS)

June 30, 2024

 

June 30, 2023

 

June 30, 2024

 

June 30, 2023

Net sales

$

214.2

 

 

$

230.9

 

 

$

427.6

 

 

$

474.7

 

Cost of sales

 

141.1

 

 

 

151.3

 

 

 

286.3

 

 

 

315.4

 

Gross margin

 

73.1

 

 

 

79.6

 

 

 

141.3

 

 

 

159.3

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

50.9

 

 

 

46.2

 

 

 

98.4

 

 

 

106.3

 

Research and development expenses

 

9.5

 

 

 

8.1

 

 

 

18.4

 

 

 

17.7

 

Restructuring and impairment charges

 

1.4

 

 

 

3.9

 

 

 

1.5

 

 

 

14.4

 

Other operating (income) expense, net

 

 

 

 

(6.5

)

 

 

 

 

 

(6.7

)

Operating income

 

11.3

 

 

 

27.9

 

 

 

23.0

 

 

 

27.6

 

 

 

 

 

 

 

 

 

Equity income in unconsolidated joint ventures

 

0.5

 

 

 

0.8

 

 

 

0.8

 

 

 

0.9

 

Other income (expense), net

 

0.3

 

 

 

(0.8

)

 

 

0.7

 

 

 

(0.7

)

Interest expense, net

 

(0.2

)

 

 

(2.8

)

 

 

(1.0

)

 

 

(6.3

)

Income before income tax expense

 

11.9

 

 

 

25.1

 

 

 

23.5

 

 

 

21.5

 

Income tax expense

 

3.8

 

 

 

7.2

 

 

 

7.6

 

 

 

7.1

 

Net income

$

8.1

 

 

$

17.9

 

 

$

15.9

 

 

$

14.4

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

0.44

 

 

$

0.96

 

 

$

0.85

 

 

$

0.77

 

Diluted earnings per share

$

0.44

 

 

$

0.96

 

 

$

0.85

 

 

$

0.77

 

 

 

 

 

 

 

 

 

Shares used in computing:

 

 

 

 

 

 

 

Basic earnings per share

 

18.6

 

 

 

18.6

 

 

 

18.6

 

 

 

18.6

 

Diluted earnings per share

 

18.6

 

 

 

18.7

 

 

 

18.6

 

 

 

18.7

 

Condensed Consolidated Statements of Financial Position (Unaudited)

 

(DOLLARS AND SHARES IN MILLIONS, EXCEPT PAR VALUE)

June 30, 2024

 

December 31, 2023

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

119.9

 

 

$

131.7

 

Accounts receivable, less allowance for credit losses of $1.0 and $1.1

 

160.0

 

 

 

161.9

 

Contract assets

 

31.6

 

 

 

45.2

 

Inventories, net

 

150.8

 

 

 

153.5

 

Asbestos-related insurance receivables, current portion

 

4.3

 

 

 

4.3

 

Other current assets

 

35.5

 

 

 

30.3

 

Total current assets

 

502.1

 

 

 

526.9

 

Property, plant and equipment, net of accumulated depreciation of $393.2 and $385.7

 

365.7

 

 

 

366.3

 

Operating lease right-of-use assets

 

17.6

 

 

 

18.9

 

Goodwill

 

356.3

 

 

 

359.8

 

Other intangible assets, net of amortization

 

117.2

 

 

 

123.9

 

Asbestos-related insurance receivables, non-current portion

 

52.2

 

 

 

52.2

 

Investments in unconsolidated joint ventures

 

9.7

 

 

 

11.1

 

Deferred income taxes

 

58.1

 

 

 

49.7

 

Other long-term assets

 

8.2

 

 

 

8.4

 

Total assets

$

1,487.1

 

 

$

1,517.2

 

Liabilities and Shareholders’ Equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

49.9

 

 

$

50.3

 

Accrued employee benefits and compensation

 

30.9

 

 

 

31.1

 

Accrued income taxes payable

 

7.6

 

 

 

2.0

 

Operating lease obligations, current portion

 

3.7

 

 

 

3.5

 

Asbestos-related liabilities, current portion

 

5.5

 

 

 

5.5

 

Other accrued liabilities

 

18.9

 

 

 

24.0

 

Total current liabilities

 

116.5

 

 

 

116.4

 

Borrowings under revolving credit facility

 

 

 

 

30.0

 

Operating lease obligations, non-current portion

 

14.1

 

 

 

15.4

 

Asbestos-related liabilities, non-current portion

 

55.8

 

 

 

56.0

 

Non-current income tax

 

7.5

 

 

 

7.2

 

Deferred income taxes

 

22.6

 

 

 

22.9

 

Other long-term liabilities

 

9.8

 

 

 

10.3

 

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

 

152.4

 

 

 

151.8

 

Retained earnings

 

1,170.9

 

 

 

1,155.0

 

Accumulated other comprehensive loss

 

(81.1

)

 

 

(66.4

)

Total shareholders' equity

 

1,260.8

 

 

 

1,259.0

 

Total liabilities and shareholders' equity

$

1,487.1

 

 

$

1,517.2

 

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

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