Rogers Corporation - ROG STOCK NEWS

Rogers Corporation (NYSE: ROG) is set to announce its first quarter results on April 27 after market close. A conference call will follow at 5:00 pm ET, featuring CEO Colin Gouveia and CFO Ram Mayampurath. Shareholders can access a live webcast of the event via the Investor Relations website, where a replay will also be available. Rogers Corporation is recognized for its engineered materials that support various industries, including electric vehicles, telecommunications, and renewable energy. The company operates globally with manufacturing facilities in the US, Asia, and Europe, providing innovative solutions for complex material challenges.

Rogers Corporation (NYSE:ROG) outlined a growth strategy during its 2023 Investor Day, aiming for a revenue CAGR of 7% to 10% and an adjusted EBITDA margin of 24% to 26% by 2025. The company targets revenue of $1.2B to $1.3B, with a gross margin of 38% to 40% and adjusted EPS of $8.50 to $9.50. CEO Colin Gouveia highlighted Rogers' strong positioning in growing markets and commitment to innovation. The event featured insights from the senior leadership team and provided information for accessing the webcast.

Rogers Corporation (NYSE:ROG) has appointed Jessica Morton as Vice President, General Counsel, and Corporate Secretary. Jessica brings extensive legal expertise from her previous roles at FMC Corporation and The Dow Chemical Company, where she handled M&A, corporate governance, and regulatory compliance. In her new position, she is expected to enhance Rogers' legal affairs and governance while promoting business ethics and compliance. The company’s leadership expressed confidence that her background will contribute to strategic goals and success at this crucial time in Rogers' development.

Rogers Corporation (NYSE:ROG) announced the nomination of Dr. Larry Berger to stand for election as an independent Director at the upcoming 2023 Annual Meeting of Shareholders, scheduled for May 4, 2023. Dr. Berger, currently the Chief Technical Officer at Ecolab Inc., brings extensive experience in technology and business development. The announcement also revealed that incumbent Directors Carol Jensen, Keith Larson, and Helene Simonet will not seek re-election. This move reflects the Company’s commitment to Board refreshment, with a new Board composition consisting of nine members, eight of which will be independent.

Rogers Corporation (NYSE:ROG) will host an Investor and Analyst Day on March 30 at the New York Stock Exchange in New York City. The event starts at 9:00 am (ET) and concludes at 12:00 pm (ET), led by CEO Colin Gouveia alongside senior leadership. Key topics include the company's strategic vision, growth, profitability objectives, and multi-year financial targets. Attendance is by invitation only, but a live broadcast and replay will be available at rogerscorp.com/investors.

Rogers Corporation (NYSE:ROG) has released its financial results for Q4 and FY 2022, revealing a decrease in net sales by 9.5% in Q4 to $223.7 million, influenced by COVID-related disruptions in China and weaker demand in key markets. Despite the challenges, net income surged to $67.3 million, aided by a $142.1 million regulatory termination fee. The company executed significant profitability improvement plans, including a 7% workforce reduction and divesting a low-margin product line. Total sales for 2022 reached $971.2 million, a 4.1% increase from 2021, driven by growth in the electric vehicle sector, although gross margin decreased from 37.4% in 2021 to 33.1%.

Rogers Corporation (NYSE: ROG) has appointed two independent directors, Anne K. Roby and Armand F. Lauzon, Jr., to its Board following an agreement with Starboard Value LP, which owns approximately 6.5% of the company's stock. This move aims to strengthen board composition in line with shareholder interests. Peter Wallace, Chair of the Board, expressed confidence that these additions will enhance Rogers' strategic execution and growth. The new board will consist of nine members, with eight being independent. The adjustments follow constructive discussions with Starboard, which will withdraw its previous director nominations as part of the agreement.

Rogers Corporation (NYSE:ROG) announced strategic actions to enhance cost structure and operating margins for 2023. The CEO stated that these measures are essential in a challenging market. Key actions include divesting a low-margin rubber product line, optimizing manufacturing footprints, and reducing corporate expenses. A $27 million non-cash charge and a $40 million non-cash charge were recorded in Q4 2022 due to these activities. Coupled with previous initiatives, these changes will reduce approximately 7% of the workforce and lower manufacturing costs. A detailed discussion of these actions will occur on the Q4 earnings call scheduled for February 28 at 5:00 PM ET.

Rogers Corporation (NYSE:ROG) will announce its fourth quarter and full year 2022 results on February 28 after market close, followed by a conference call at 5:00 pm ET led by R. Colin Gouveia, President and CEO, along with CFO Ram Mayampurath. The live webcast and presentation slides will be available on the company's Investor Relations website. Rogers is recognized for its engineered materials used across various industries, including EV/HEV, automotive safety, and renewable energy. The company operates globally, with facilities in the U.S., Asia, and Europe.