Roger - ROG STOCK NEWS

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.

Rogers Corporation (NYSE:ROG) has appointed Larry Schmid as Senior Vice President of Global Operations and Supply Chain. With over 20 years of experience in manufacturing and supply chain management, Schmid will oversee operational improvements across Rogers' facilities in the U.S., China, Belgium, Germany, England, South Korea, and Hungary. His role will focus on implementing operational excellence initiatives to enhance financial performance, aligning with Rogers' strategic plan for profitability. Schmid's most recent position was President at Pilko & Associates, and he previously held senior roles at Dow and Rohm and Haas.

Rogers Corporation (NYSE: ROG) announced participation in the CJS Securities 23rd Annual New Ideas for the New Year Conference on January 11, 2023. Senior management will present at the event, which highlights the company’s innovative solutions in engineered materials for various sectors including automotive, renewable energy, and wireless infrastructure. Investors can access the conference presentation on Rogers' official website. The company, based in Chandler, Arizona, operates globally, providing advanced materials for electric vehicles and industrial applications.

Rogers Corporation (NYSE: ROG) will host a conference call on December 8, 2022, at 4:30 pm ET to discuss growth opportunities, year-to-date performance, and capital allocation priorities. The call will feature CEO Bruce Hoechner, who will retire on December 31, 2022, with Colin Gouveia set to succeed him. A live webcast will be available on the company's website. Rogers specializes in engineered materials used in various industries, including EV/HEV and renewable energy, operating globally with manufacturing facilities in the US, Asia, and Europe.

Rogers Corporation (NYSE:ROG) has announced the retirement of President and CEO Bruce Hoechner, effective December 31, 2022. Colin Gouveia, currently Senior VP and GM of the Elastomeric Material Solutions (EMS) division, will succeed him. Hoechner will assist in the transition until March 31, 2023. Board Chair Peter C. Wallace praised Hoechner's leadership over 11 years, highlighting the company's position in advanced materials for growing markets like electric vehicles. Gouveia brings over 30 years of industry experience and aims to accelerate growth and shareholder value.

Rogers Corporation (NYSE: ROG) reported third quarter 2022 results with net sales of $247.2 million, a 1.9% decrease from the previous quarter, attributed to supply chain issues and unfavorable currency fluctuations. Gross margin declined to 31.6%, down from 34.3% due to lower volume in Advanced Electronics Solutions (AES). GAAP earnings per diluted share fell to $0.78 compared to $0.94 in Q2 2022. Net income stood at $14.8 million. Despite challenges, the company is focused on growth in advanced materials for EV/HEV and ADAS markets, maintaining a strong balance sheet amid macroeconomic hurdles.