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Dec 31, 2022
Rogers Q4 2022 Earnings Report
Rogers reported mixed Q4 2022 results, impacted by COVID-related restrictions in China and weaker demand in certain markets but benefited from a regulatory termination fee.
Key Takeaways
Rogers Corporation's Q4 2022 net sales decreased by 9.5% to $223.7 million compared to the prior quarter, influenced by China's COVID-related restrictions and weakened demand. GAAP earnings per diluted share were $3.58, up from $0.78 in the previous quarter, while adjusted earnings per diluted share were $1.04, down from $1.11. The company's GAAP operating margin increased to 37.0%, and it received a $142.1 million regulatory termination fee.
Net sales decreased 9.5% versus the prior quarter, totaling $223.7 million.
GAAP operating margin increased to 37.0% from 7.5% in the prior quarter, primarily due to a regulatory termination fee.
GAAP earnings per diluted share were $3.58, compared to $0.78 in the previous quarter.
The company undertook actions to improve operating margins, including a 7% workforce reduction and divesting the natural rubber product line.
Revenue by Segment
Forward Guidance
For Q1 2023, Rogers anticipates net sales between $230 million and $240 million, a gross margin of 31.5% to 32.5%, GAAP earnings per share between $(0.10) and $0.10, non-GAAP earnings per share between $0.65 and $0.85, and capital expenditures between $65 million and $75 million.
Positive Outlook
- Cost improvement actions are expected to begin taking hold in the first quarter.
- Full benefit of cost improvement expected in subsequent quarters.
- Sales from the natural rubber product line are expected to contribute $3 million in Q1 2023.
- Focus on growth strategy and profitability improvement plans.
- Well-positioned in the EV market with sales growth of 35% in 2022 and continued design win traction.
Challenges Ahead
- Anticipates severance, advisory fees and other itesm of $0.62 per diluted share.
- Impact of China COVID-related restrictions.
- Weaker demand in certain markets.
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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