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Sep 30, 2020
Rogers Q3 2020 Earnings Report
Reported strong financial results driven by strategic market growth and operational execution.
Key Takeaways
Rogers Corporation reported a 5.6% increase in net sales compared to the prior quarter, driven by strength in EV/HEV, ADAS, portable electronics, and defense markets. Gross margin increased due to higher volumes, favorable mix, and operational cost savings. GAAP earnings per share decreased due to higher restructuring-related expenses and increased accelerated intangible amortization, while adjusted earnings per share increased due to improved gross margin and lower tax expense.
Net sales increased 5.6% sequentially to $201.9 million, driven by EMS and PES segment sales.
Gross margin improved to 37.4% due to higher volumes, favorable mix, and operational cost savings.
GAAP earnings per share were $0.37, while adjusted earnings per share were $1.45.
The company generated strong free cash flow of $47.9 million.
Forward Guidance
For Q4 2020, Rogers Corporation expects net sales of $195 to $210 million, gross margin of 37.0% to 38.0%, GAAP earnings per share of $0.50 to $0.70, and non-GAAP earnings per share of $1.30 to $1.50. The effective tax rate is expected to be 23% to 24%, and capital expenditures are projected to be $40 to $45 million.
Positive Outlook
- Net Sales ($M): $195 to $210
- Gross Margin: 37.0% to 38.0%
- Earnings Per Share: $0.50 to $0.70
- Non-GAAP Earnings Per Share: $1.30 to $1.50
- Capital Expenditures ($M): $40 to $45
Historical Earnings Impact
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Avg. Return Before/After Earnings
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