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Mar 31, 2021
Rogers Q1 2021 Earnings Report
Rogers reported strong first quarter sales and earnings, driven by growth strategy and operational excellence initiatives.
Key Takeaways
Rogers Corporation reported strong first quarter results, driven by demand in Advanced Mobility markets and a recovery in industrial demand. Net sales increased by 8.8% compared to the prior quarter, with growth in both the AES and EMS business units. The company anticipates global supply chain disruptions and the ongoing recovery of UTIS manufacturing will temper sales growth for the second quarter.
Net sales increased 8.8% versus the prior quarter from higher sales in both the AES and EMS business units.
Gross margin was 39.0%, compared to 38.3% in the prior quarter, driven by higher volumes and operational cost savings.
GAAP operating margin of 16.2% increased by 670 basis points sequentially primarily due to the improved gross margin and reduction in SG&A expenses and restructuring charges.
The Company generated free cash flow of approximately $32.9 million in the first quarter of 2021.
Forward Guidance
For Q2 2021, Rogers Corporation expects net sales between $230 million and $240 million, gross margin between 38.5% and 39.5%, and adjusted earnings per share between $1.80 and $1.95.
Positive Outlook
- Net Sales ($M): $230 to $240
- Gross Margin: 38.5% to 39.5%
- Adjusted Earnings Per Share: $1.80 to $1.95
- 2021 Effective Tax Rate: 23% - 24%
- Capital Expenditures ($M): $70 to $80
Historical Earnings Impact
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Avg. Return Before/After Earnings
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