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Jun 30, 2022
Rogers Q2 2022 Earnings Report
Rogers reported solid revenue growth in Q2, led by EV/HEV, defense, and portable electronics markets, but supply challenges and COVID-related disruptions in China tempered further growth and impacted gross margins.
Key Takeaways
Rogers Corporation reported a 1.5% increase in net sales to $252.0 million compared to the prior quarter, driven by demand in EV/HEV, portable electronics, and defense markets. GAAP earnings per diluted share were $0.94, up from $0.87 in the previous quarter, while adjusted earnings per diluted share were $1.22, down from $1.53 in the prior quarter. The company's merger with DuPont is expected to close in the third quarter of 2022.
Net sales increased by 1.5% versus the prior quarter, driven by commercial actions and higher demand in EV/HEV, portable electronics, and defense markets.
AES net sales increased by 6.0% due to growth in the EV/HEV and defense markets, offset by lower industrial market revenues.
EMS net sales decreased by 4.7% due to lower industrial and EV/HEV revenues, partially offset by higher portable electronics market demand.
Ending cash and cash equivalents were $225.3 million, an increase of $43.2 million versus the prior quarter.
Forward Guidance
As a result of the pending acquisition, Rogers will not hold an earnings call or provide forward-looking guidance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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