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Jun 30, 2024
Rogers Q2 2024 Earnings Report
Rogers reported second quarter results with stronger gross margin driving improved results.
Key Takeaways
Rogers Corporation reported Q2 2024 results with net sales of $214.2 million, a gross margin of 34.1%, and adjusted earnings per diluted share of $0.69. The company achieved record quarterly sales of EV battery solutions, but overall EV/HEV results were mixed. Stronger gross margin results drove higher earnings and reflect the structural cost improvements.
Net sales increased 0.4% versus the prior quarter, driven by higher sales in the EMS business unit.
Gross margin increased to 34.1% from 32.0% in the prior quarter due to favorable product mix and reductions in manufacturing costs.
GAAP earnings per diluted share were $0.44 compared to $0.42 in the previous quarter.
Ending cash and cash equivalents were $119.9 million, an increase of $3.0 million versus the prior quarter.
Revenue by Segment
Forward Guidance
Rogers Corporation anticipates net sales between $215 million and $225 million and adjusted earnings per diluted share between $0.75 and $0.95 for Q3 2024.
Positive Outlook
- Net Sales: $215 to $225 million
- Gross Margin: 34.0% to 35.0%
- Adjusted Earnings Per Diluted Share: $0.75 to $0.95
- Capital Expenditures: $55 to $65
Challenges Ahead
- Earnings Per Diluted Share: $0.32 to $0.52
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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