Rogers Corporation Reports Fourth Quarter and Full Year 2024 Results
Q4 Results In Line with Expectations
"Our results were consistent with our guidance expectations for the fourth quarter,” stated Colin Gouveia, Rogers' President and CEO. "As anticipated, sales declined due to seasonally lower portable electronics sales and lower wireless infrastructure and industrial revenues. Despite macro and market challenges impacting full year sales, our focused efforts to deliver operations and procurement cost savings, optimize yields and drive throughput improvements helped mitigate the effect of the lower sales on gross margins. These actions, combined with effective expense and working capital management, enabled us to generate solid cash flow and execute our capital allocation priorities.
"Many of our customers remain cautious about the timing of a recovery in the EV/HEV and industrial markets," said Gouveia. "In 2025, we continue to focus on securing new design wins, improving our cost structure and maintaining a strong balance sheet. We are executing on our commercial, innovation and manufacturing footprint priorities, and are confident that these actions will position Rogers to win when market conditions begin to improve."
Financial Overview
GAAP Results (dollars in millions, except per share amounts) |
Q4 2024 |
Q3 2024 |
Q4 2023 |
2024 |
2023 |
Net Sales |
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Gross Margin |
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Operating Margin |
( |
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Net Income (Loss) |
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Net Income (Loss) Margin |
( |
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Diluted Earnings (Loss) Per Share |
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Net Cash Provided by Operating Activities |
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Non-GAAP Results1 (dollars in millions, except per share amounts) |
Q4 2024 |
Q3 2024 |
Q4 2023 |
2024 |
2023 |
Adjusted Operating Margin |
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Adjusted Net Income |
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Adjusted Earnings Per Diluted Share |
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Adjusted EBITDA |
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Adjusted EBITDA Margin |
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Free Cash Flow |
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Net Sales by Operating Segment (dollars in millions) |
Q4 2024 |
Q3 2024 |
Q4 2023 |
2024 |
2023 |
Advanced Electronics Solutions (AES) |
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Elastomeric Material Solutions (EMS) |
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Other |
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1 - A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below |
Q4 2024 Summary of Results
Net sales of
Gross margin decreased to
Selling, general and administrative (SG&A) expenses decreased by
GAAP operating margin of (2.6)% decreased from
GAAP earnings per diluted share were
Ending cash and cash equivalents were
Financial Outlook
(dollars in millions, except per share amounts) |
Q1 2025 |
Net Sales |
|
Gross Margin |
|
Earnings (Loss) Per Diluted Share1 |
( |
Adjusted Earnings Per Diluted Share2 |
|
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|
2025 |
Capital Expenditures |
|
1 - Includes expected restructuring charges associated with the wind-down of AES manufacturing operations in our Evergem, |
|
2 - A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below. |
Conference Call and Additional Information
A conference call to discuss the results for the first quarter will take place today, Wednesday, February 19, 2025 at 5:00 pm ET. A live webcast of the event and the accompanying presentation can be accessed on the Rogers Corporation website at https://www.rogerscorp.com/investors.
About Rogers Corporation
Rogers Corporation (NYSE:ROG) is a global leader in engineered materials to power, protect and connect our world. Rogers delivers innovative solutions to help our customers solve their toughest material challenges. Rogers’ advanced electronic and elastomeric materials are used in applications for EV/HEV, automotive safety and radar systems, mobile devices, renewable energy, wireless infrastructure, energy-efficient motor drives, industrial equipment and more. Headquartered in
Safe Harbor Statement
Statements included in this release that are not a description of historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are generally accompanied by words or phrases such as “anticipate,” “assume,” “believe,” “could,” “estimate,” “expect,” “foresee,” “goal,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “seek,” “target” or similar expressions that convey uncertainty as to the future events or outcomes. Forward-looking statements are based on assumptions and beliefs that we believe to be reasonable; however, assumed facts almost always vary from actual results, and the differences between assumed facts and actual results could be material depending upon the circumstances. Where we express an expectation or belief as to future results, that expectation or belief is expressed in good faith and based on assumptions believed to have a reasonable basis. We cannot assure you, however, that the stated expectation or belief will occur or be achieved or accomplished. This release contains forward-looking statements regarding our plans, objectives, outlook, goals, strategies, future events, future net sales or performance, capital expenditures, future restructuring, plans or intentions relating to expansions, business trends and other information that is not historical information. All forward-looking statements are based upon information available to us on the date of this release and are subject to risks, uncertainties and other factors, many of which are outside of our control, which could cause actual results to differ materially from those indicated by the forward-looking statements. Other risks and uncertainties that could cause such results to differ include the following, without limitation: failure to capitalize on, volatility within, or other adverse changes with respect to our growth drivers, due to factors such as intense global competition affecting both the our existing products and products currently under development or delays in adoption or implementation of new technologies; failure to successfully execute on our long-term growth strategy; uncertain business, economic and political conditions in the
(Financial statements follow)
Condensed Consolidated Statements of Operations (Unaudited) |
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Three Months Ended |
|
Twelve Months Ended |
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(DOLLARS AND SHARES IN MILLIONS, EXCEPT PER SHARE AMOUNTS) |
December 31, 2024 |
|
December 31, 2023 |
|
December 31, 2024 |
|
December 31, 2023 |
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Net sales |
$ |
192.2 |
|
|
$ |
204.6 |
|
|
$ |
830.1 |
|
|
$ |
908.4 |
|
Cost of sales |
|
130.5 |
|
|
|
137.2 |
|
|
|
553.0 |
|
|
|
601.3 |
|
Gross margin |
|
61.7 |
|
|
|
67.4 |
|
|
|
277.1 |
|
|
|
307.1 |
|
|
|
|
|
|
|
|
|
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Selling, general and administrative expenses |
|
42.2 |
|
|
|
51.8 |
|
|
|
185.7 |
|
|
|
202.3 |
|
Research and development expenses |
|
8.1 |
|
|
|
10.2 |
|
|
|
34.6 |
|
|
|
35.7 |
|
Restructuring and impairment charges |
|
16.3 |
|
|
|
0.5 |
|
|
|
24.1 |
|
|
|
16.9 |
|
Other operating (income) expense, net |
|
0.1 |
|
|
|
(25.6 |
) |
|
|
0.1 |
|
|
|
(33.1 |
) |
Operating income |
|
(5.0 |
) |
|
|
30.5 |
|
|
|
32.6 |
|
|
|
85.3 |
|
|
|
|
|
|
|
|
|
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Equity income in unconsolidated joint ventures |
|
0.2 |
|
|
|
0.3 |
|
|
|
1.4 |
|
|
|
1.8 |
|
Other income (expense), net |
|
1.9 |
|
|
|
(0.7 |
) |
|
|
1.1 |
|
|
|
(0.7 |
) |
Interest expense, net |
|
0.2 |
|
|
|
(1.5 |
) |
|
|
(0.8 |
) |
|
|
(10.1 |
) |
Income before income tax expense |
|
(2.7 |
) |
|
|
28.6 |
|
|
|
34.3 |
|
|
|
76.3 |
|
Income tax expense |
|
(2.2 |
) |
|
|
5.4 |
|
|
|
8.2 |
|
|
|
19.7 |
|
Net income (loss) |
$ |
(0.5 |
) |
|
$ |
23.2 |
|
|
$ |
26.1 |
|
|
$ |
56.6 |
|
|
|
|
|
|
|
|
|
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Basic earnings per share |
$ |
(0.03 |
) |
|
$ |
1.25 |
|
|
$ |
1.40 |
|
|
$ |
3.04 |
|
Diluted earnings per share |
$ |
(0.03 |
) |
|
$ |
1.24 |
|
|
$ |
1.40 |
|
|
$ |
3.03 |
|
|
|
|
|
|
|
|
|
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Shares used in computing: |
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|
|
|
|
|
|
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Basic earnings per share |
|
18.6 |
|
|
|
18.6 |
|
|
|
18.6 |
|
|
|
18.6 |
|
Diluted earnings per share |
|
18.6 |
|
|
|
18.7 |
|
|
|
18.6 |
|
|
|
18.7 |
|
Condensed Consolidated Statements of Financial Position (Unaudited) |
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(DOLLARS AND SHARES IN MILLIONS, EXCEPT PAR VALUE) |
December 31, 2024 |
|
December 31, 2023 |
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Assets |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
159.8 |
|
|
$ |
131.7 |
|
Accounts receivable, less allowance for credit losses of |
|
135.3 |
|
|
|
161.9 |
|
Contract assets |
|
23.7 |
|
|
|
45.2 |
|
Inventories, net |
|
142.3 |
|
|
|
153.5 |
|
Asbestos-related insurance recoverables, current portion |
|
4.3 |
|
|
|
4.3 |
|
Other current assets |
|
28.5 |
|
|
|
30.3 |
|
Total current assets |
|
493.9 |
|
|
|
526.9 |
|
Property, plant and equipment, net of accumulated depreciation of |
|
365.1 |
|
|
|
366.3 |
|
Operating lease right-of-use assets |
|
24.1 |
|
|
|
18.9 |
|
Goodwill |
|
357.6 |
|
|
|
359.8 |
|
Other intangible assets, net of amortization |
|
110.3 |
|
|
|
123.9 |
|
Asbestos-related insurance recoverables, non-current portion |
|
48.0 |
|
|
|
52.2 |
|
Investments in unconsolidated joint ventures |
|
— |
|
|
|
11.1 |
|
Deferred income taxes |
|
61.5 |
|
|
|
49.7 |
|
Other long-term assets |
|
20.6 |
|
|
|
8.4 |
|
Total assets |
$ |
1,481.1 |
|
|
$ |
1,517.2 |
|
Liabilities and Shareholders’ Equity |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable |
$ |
48.1 |
|
|
$ |
50.3 |
|
Accrued employee benefits and compensation |
|
41.5 |
|
|
|
31.1 |
|
Accrued income taxes payable |
|
7.7 |
|
|
|
2.0 |
|
Operating lease obligations, current portion |
|
4.0 |
|
|
|
3.5 |
|
Asbestos-related liabilities, current portion |
|
5.4 |
|
|
|
5.5 |
|
Other accrued liabilities |
|
16.8 |
|
|
|
24.0 |
|
Total current liabilities |
|
123.5 |
|
|
|
116.4 |
|
Borrowings under revolving credit facility |
|
— |
|
|
|
30.0 |
|
Operating lease obligations, non-current portion |
|
20.6 |
|
|
|
15.4 |
|
Asbestos-related liabilities, non-current portion |
|
52.1 |
|
|
|
56.0 |
|
Non-current income tax |
|
5.7 |
|
|
|
7.2 |
|
Deferred income taxes |
|
18.0 |
|
|
|
22.9 |
|
Other long-term liabilities |
|
9.6 |
|
|
|
10.3 |
|
Shareholders’ equity |
|
|
|
||||
Capital stock - |
|
18.5 |
|
|
|
18.6 |
|
Additional paid-in capital |
|
147.3 |
|
|
|
151.8 |
|
Retained earnings |
|
1,181.1 |
|
|
|
1,155.0 |
|
Accumulated other comprehensive loss |
|
(95.3 |
) |
|
|
(66.4 |
) |
Total shareholders' equity |
|
1,251.6 |
|
|
|
1,259.0 |
|
Total liabilities and shareholders' equity |
$ |
1,481.1 |
|
|
$ |
1,517.2 |
|
Reconciliation of non-GAAP financial measures to the comparable GAAP measures
Non-GAAP Financial Measures:
This earnings release includes the following financial measures that are not presented in accordance with generally accepted accounting principles in
(1) Adjusted operating margin, which the Company defines as operating margin excluding acquisition and related integration costs, dispositions, intangible amortization, (gains) losses on the sale or disposal of property, plant and equipment, restructuring, severance, impairment and other related costs, non-routine shareholder advisory costs, (income) costs associated with terminated merger, UTIS fire (recoveries) charges and asbestos-related charges (credits);
(2) Adjusted net income, which the Company defines as net income (loss) excluding acquisition and related integration costs, dispositions, intangible amortization, (gains) losses on the sale or disposal of property, plant and equipment, restructuring, severance, impairment and other related costs, non-routine shareholder advisory costs, (income) costs associated with terminated merger, UTIS fire (recoveries) charges, asbestos-related charges (credits), pension settlement charges and the related income tax effect on these items;
(3) Adjusted earnings per diluted share, which the Company defines as earnings (loss) per diluted share excluding acquisition and related integration costs, dispositions, intangible amortization, (gains) losses on the sale or disposal of property, plant and equipment, restructuring, severance, impairment and other related costs, non-routine shareholder advisory costs, (income) costs associated with terminated merger, UTIS fire (recoveries) charges, asbestos-related charges (credits), pension settlement charges, and the related income tax effect on these items, divided by adjusted weighted average shares outstanding - diluted;
(4) Adjusted EBITDA, which the Company defines as net income (loss) excluding acquisition and related integration costs, dispositions, intangible amortization, (gains) losses on the sale or disposal of property, plant and equipment, restructuring, severance, impairment and other related costs, non-routine shareholder advisory costs, (income) costs associated with terminated merger, UTIS fire (recoveries) charges, asbestos-related charges (credits), pension settlement charges, interest expense, net, income tax expense (benefit), depreciation of fixed assets, equity compensation expense, and the related income tax effect on these items;
(5) Adjusted EBITDA Margin, which the Company defines as the percentage that results from dividing Adjusted EBITDA by total net sales;
(6) Free cash flow, which the Company defines as net cash provided by operating activities less non-acquisition capital expenditures.
Management believes adjusted operating margin, adjusted net income, adjusted earnings per diluted share, adjusted EBITDA and adjusted EBITDA margin are useful to investors because they allow for comparison to the Company’s performance in prior periods without the effect of items that, by their nature, tend to obscure the Company’s core operating results due to potential variability across periods based on the timing, frequency and magnitude of such items. As a result, management believes that these measures enhance the ability of investors to analyze trends in the Company’s business and evaluate the Company’s performance relative to peer companies. Management also believes free cash flow is useful to investors as an additional way of viewing the Company's liquidity and provides a more complete understanding of factors and trends affecting the Company's cash flows. However, non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or as alternatives to, financial measures prepared in accordance with GAAP. In addition, these non-GAAP financial measures may differ from, and should not be compared to, similarly named measures used by other companies. Reconciliations of the differences between these non-GAAP financial measures and their most directly comparable financial measures calculated in accordance with GAAP are set forth below.
Reconciliation of GAAP Operating Margin to Adjusted Operating Margin*:
|
2024 |
2023 |
||||||||
|
Q4 |
Q3 |
YTD |
Q4 |
YTD |
|||||
GAAP Operating Margin |
(2.6 |
)% |
6.9 |
% |
3.9 |
% |
14.9 |
% |
9.4 |
% |
|
|
|
|
|
|
|||||
Acquisition & Divestiture Related Costs: |
|
|
|
|
|
|||||
Acquisition & Related Integration Costs |
(3.9 |
)% |
— |
% |
(0.9 |
)% |
— |
% |
— |
% |
Dispositions |
— |
% |
— |
% |
— |
% |
0.5 |
% |
0.2 |
% |
Intangible Amortization |
1.6 |
% |
1.5 |
% |
1.5 |
% |
1.6 |
% |
1.5 |
% |
(Gain) Loss on Sale or Disposal of PPE |
0.1 |
% |
— |
% |
— |
% |
(0.9 |
)% |
(0.3 |
)% |
|
|
|
|
|
|
|||||
Restructuring, Business Realignment & Other Cost Saving Initiatives: |
|
|
|
|
|
|||||
Restructuring, Severance, Impairment & Other Related Costs |
8.8 |
% |
3.3 |
% |
3.4 |
% |
0.7 |
% |
2.2 |
% |
|
|
|
|
|
|
|||||
Non-Routine Shareholder Advisory Costs |
— |
% |
— |
% |
— |
% |
0.3 |
% |
0.9 |
% |
(Income) Costs Associated with Terminated Merger |
— |
% |
— |
% |
— |
% |
0.5 |
% |
0.7 |
% |
UTIS Fire (Recoveries) Charges |
— |
% |
— |
% |
— |
% |
(11.5 |
)% |
(3.4 |
)% |
Asbestos-Related Charges (Credits) |
0.7 |
% |
— |
% |
0.2 |
% |
0.1 |
% |
— |
% |
Total Adjustments |
7.3 |
% |
4.8 |
% |
4.2 |
% |
(8.7 |
)% |
1.8 |
% |
Adjusted Operating Margin |
4.7 |
% |
11.7 |
% |
8.1 |
% |
6.3 |
% |
11.2 |
% |
*Percentages in table may not add due to rounding. |
Reconciliation of GAAP Net Income (Loss) to Adjusted Net Income*:
|
2024 |
2023 |
|||||||||||||
(dollars in millions) |
Q4 |
Q3 |
YTD |
Q4 |
YTD |
||||||||||
GAAP Net Income (Loss) |
$ |
(0.5 |
) |
$ |
10.7 |
|
$ |
26.1 |
|
$ |
23.2 |
|
$ |
56.6 |
|
|
|
|
|
|
|
||||||||||
Acquisition & Divestiture Related Costs: |
|
|
|
|
|
||||||||||
Acquisition & Related Integration Costs |
|
(7.5 |
) |
|
— |
|
|
(7.5 |
) |
|
— |
|
|
0.1 |
|
Dispositions |
|
— |
|
|
— |
|
|
— |
|
|
1.1 |
|
|
1.6 |
|
Intangible Amortization |
|
3.1 |
|
|
3.1 |
|
|
12.4 |
|
|
3.3 |
|
|
13.4 |
|
(Gain) Loss on Sale or Disposal of PPE |
|
0.1 |
|
|
— |
|
|
0.1 |
|
|
(1.9 |
) |
|
(2.6 |
) |
|
|
|
|
|
|
||||||||||
Restructuring, Business Realignment & Other Cost Saving Initiatives: |
|
|
|
|
|
||||||||||
Restructuring, Severance, Impairment & Other Related Costs |
|
16.9 |
|
|
6.9 |
|
|
28.0 |
|
|
1.4 |
|
|
20.2 |
|
|
|
|
|
|
|
||||||||||
Non-Routine Shareholder Advisory Costs |
|
— |
|
|
— |
|
|
— |
|
|
0.6 |
|
|
8.3 |
|
(Income) Costs Associated with Terminated Merger |
|
— |
|
|
— |
|
|
— |
|
|
1.1 |
|
|
6.0 |
|
UTIS Fire (Recoveries) Charges |
|
— |
|
|
— |
|
|
— |
|
|
(23.6 |
) |
|
(30.5 |
) |
Asbestos-Related Charges (Credits) |
|
1.4 |
|
|
— |
|
|
1.4 |
|
|
0.2 |
|
|
0.2 |
|
Pension Settlement Charges |
|
— |
|
|
— |
|
|
— |
|
|
0.1 |
|
|
0.1 |
|
Estimated Income Tax Impacts of Adjustments |
|
(5.0 |
) |
|
(2.5 |
) |
|
(10.1 |
) |
|
5.6 |
|
|
(2.8 |
) |
Total Adjustments |
$ |
9.1 |
|
$ |
7.5 |
|
$ |
24.4 |
|
$ |
(12.1 |
) |
$ |
14.0 |
|
Adjusted Net Income |
$ |
8.6 |
|
$ |
18.2 |
|
$ |
50.5 |
|
$ |
11.3 |
|
$ |
70.7 |
|
*Values in table may not add due to rounding. |
Reconciliation of GAAP Earnings (Loss) Per Diluted Share to Adjusted Earnings Per Diluted Share*:
|
2024 |
2023 |
|||||||||||||
|
Q4 |
Q3 |
YTD |
Q4 |
YTD |
||||||||||
GAAP Earnings (Loss) Per Diluted Share |
$ |
(0.03 |
) |
$ |
0.58 |
|
$ |
1.40 |
|
$ |
1.24 |
|
$ |
3.03 |
|
|
|
|
|
|
|
||||||||||
Acquisition & Divestiture Related Costs: |
|
|
|
|
|
||||||||||
Acquisition & Related Integration Costs |
|
(0.40 |
) |
|
— |
|
|
(0.40 |
) |
|
— |
|
|
0.01 |
|
Dispositions |
|
— |
|
|
— |
|
|
— |
|
|
0.06 |
|
|
0.09 |
|
Intangible Amortization |
|
0.17 |
|
|
0.17 |
|
|
0.67 |
|
|
0.18 |
|
|
0.72 |
|
(Gain) Loss on Sale or Disposal of PPE |
|
0.01 |
|
|
— |
|
|
0.01 |
|
|
(0.10 |
) |
|
(0.14 |
) |
|
|
|
|
|
|
||||||||||
Restructuring, Business Realignment & Other Cost Saving Initiatives: |
|
|
|
|
|
||||||||||
Restructuring, Severance, Impairment & Other Related Costs |
|
0.91 |
|
|
0.37 |
|
|
1.51 |
|
|
0.08 |
|
|
1.08 |
|
|
|
|
|
|
|
||||||||||
Non-Routine Shareholder Advisory Costs |
|
— |
|
|
— |
|
|
— |
|
|
0.03 |
|
|
0.44 |
|
(Income) Costs Associated with Terminated Merger |
|
— |
|
|
— |
|
|
— |
|
|
0.06 |
|
|
0.32 |
|
UTIS Fire (Recoveries) Charges |
|
— |
|
|
— |
|
|
— |
|
|
(1.26 |
) |
|
(1.63 |
) |
Asbestos-Related Charges (Credits) |
|
0.08 |
|
|
— |
|
|
0.08 |
|
|
0.01 |
|
|
0.01 |
|
Pension Settlement Charges |
|
— |
|
|
— |
|
|
— |
|
|
0.01 |
|
|
0.01 |
|
Estimated Income Tax Impacts of Adjustments |
|
(0.27 |
) |
|
(0.13 |
) |
|
(0.54 |
) |
|
0.30 |
|
|
(0.15 |
) |
Impact of Including Dilutive Securities |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total Adjustments |
$ |
0.49 |
|
$ |
0.40 |
|
$ |
1.31 |
|
$ |
(0.64 |
) |
$ |
0.76 |
|
Adjusted Earnings Per Diluted Share |
$ |
0.46 |
|
$ |
0.98 |
|
$ |
2.72 |
|
$ |
0.60 |
|
$ |
3.78 |
|
*Values in table may not add due to rounding. |
|||||||||||||||
**Some amounts have been updated to conform to current period presentation. |
The following table reconciles weighted average shares outstanding - diluted under US GAAP to adjusted weighted average shares outstanding - diluted used in the calculation of adjusted diluted EPS:
|
2024 |
2023 |
|||
(shares in millions |
Q4 |
Q3 |
YTD |
Q4 |
YTD |
Weighed average shares outstanding - diluted |
18.6 |
18.6 |
18.6 |
18.7 |
18.7 |
Dilutive effect of awards under equity compensation plans |
— |
— |
— |
— |
— |
Adjusted weighted average shares outstanding - diluted |
18.6 |
18.6 |
18.6 |
18.7 |
18.7 |
Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA*:
|
2024 |
2023 |
||||||||||||
(dollars in millions) |
Q4 |
Q3 |
YTD |
Q4 |
YTD |
|||||||||
GAAP Net Income (Loss) |
$ |
(0.5 |
) |
$ |
10.7 |
$ |
26.1 |
|
$ |
23.2 |
|
$ |
56.6 |
|
|
|
|
|
|
|
|||||||||
Acquisition & Divestiture Related Costs: |
|
|
|
|
|
|||||||||
Acquisition & Related Integration Costs |
|
(7.5 |
) |
|
— |
|
(7.5 |
) |
|
— |
|
|
0.1 |
|
Dispositions |
|
— |
|
|
— |
|
— |
|
|
1.1 |
|
|
1.6 |
|
Intangible Amortization |
|
3.1 |
|
|
3.1 |
|
12.4 |
|
|
3.3 |
|
|
13.4 |
|
(Gain) Loss on Sale or Disposal of PPE |
|
0.1 |
|
|
— |
|
0.1 |
|
|
(1.9 |
) |
|
(2.6 |
) |
|
|
|
|
|
|
|||||||||
Restructuring, Business Realignment & Other Cost Saving Initiatives: |
|
|
|
|
|
|||||||||
Restructuring, Severance, Impairment & Other Related Costs |
|
16.9 |
|
|
6.9 |
|
28.0 |
|
|
1.4 |
|
|
14.6 |
|
|
|
|
|
|
|
|||||||||
Non-Routine Shareholder Advisory Costs |
|
— |
|
|
— |
|
— |
|
|
0.6 |
|
|
8.3 |
|
(Income) Costs Associated with Terminated Merger |
|
— |
|
|
— |
|
— |
|
|
0.7 |
|
|
4.0 |
|
UTIS Fire (Recoveries) Charges |
|
— |
|
|
— |
|
— |
|
|
(23.6 |
) |
|
(30.5 |
) |
Asbestos-Related Charges (Credits) |
|
1.4 |
|
|
— |
|
1.4 |
|
|
0.2 |
|
|
0.2 |
|
Pension Settlement Charges |
|
— |
|
|
— |
|
— |
|
|
0.1 |
|
|
0.1 |
|
|
|
|
|
|
|
|||||||||
Interest Expense, net |
|
(0.2 |
) |
|
— |
|
0.8 |
|
|
1.4 |
|
|
10.1 |
|
Income Tax Expense |
|
(2.3 |
) |
|
2.8 |
|
8.1 |
|
|
5.4 |
|
|
19.7 |
|
Depreciation |
|
9.3 |
|
|
8.4 |
|
34.1 |
|
|
7.9 |
|
|
37.7 |
|
Equity Compensation |
|
2.9 |
|
|
3.4 |
|
15.1 |
|
|
3.4 |
|
|
14.3 |
|
Total Adjustments |
$ |
23.7 |
|
$ |
24.6 |
$ |
92.5 |
|
$ |
0.2 |
|
$ |
91.0 |
|
Adjusted EBITDA |
$ |
23.3 |
|
$ |
35.2 |
$ |
118.7 |
|
$ |
23.4 |
|
$ |
147.7 |
|
*Values in table may not add due to rounding. |
Calculation of Adjusted EBITDA margin*:
|
2024 |
2023 |
|||||||||||||
(dollars in millions) |
Q4 |
Q3 |
YTD |
Q4 |
YTD |
||||||||||
Adjusted EBITDA |
$ |
23.3 |
|
$ |
35.2 |
|
$ |
118.7 |
|
$ |
23.4 |
|
$ |
147.7 |
|
Divided by Total Net Sales |
|
192.2 |
|
|
210.3 |
|
|
830.1 |
|
|
204.6 |
|
|
908.4 |
|
Adjusted EBITDA Margin |
|
12.1 |
% |
|
16.7 |
% |
|
14.3 |
% |
|
11.4 |
% |
|
16.3 |
% |
*Values in table may not add due to rounding. |
Reconciliation of Net Cash Provided By Operating Activities to Free Cash Flow*:
|
2024 |
2023 |
|||||||||||||
(dollars in millions) |
Q4 |
Q3 |
YTD |
Q4 |
YTD |
||||||||||
Net Cash Provided By Operating Activities |
$ |
33.7 |
|
$ |
42.4 |
|
$ |
127.1 |
|
$ |
71.9 |
|
$ |
131.4 |
|
Non-Acquisition Capital Expenditures |
|
(15.4 |
) |
|
(17.2 |
) |
|
(56.1 |
) |
|
(22.5 |
) |
|
(57.0 |
) |
Free Cash Flow |
$ |
18.3 |
|
$ |
25.2 |
|
$ |
71.0 |
|
$ |
49.4 |
|
$ |
74.4 |
|
*Values in table may not add due to rounding. |
Reconciliation of GAAP Earnings Per Diluted Share to Adjusted Earnings Per Diluted Share Guidance for the 2025 First Quarter:
|
Guidance Q1 2025 |
GAAP Earnings (Loss) per Diluted Share |
( |
|
|
Intangible Amortization |
|
|
|
Other Adjustments* |
|
|
|
Adjusted Earnings per Diluted Share |
|
*Other Adjustments is mainly comprised of expected restructuring charges associated with the wind-down of AES manufacturing operations in our Evergem, |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250219044535/en/
Investor Contact:
Steve Haymore
Phone: 480-917-6026
Email: stephen.haymore@rogerscorporation.com
Website Address: https://www.rogerscorp.com
Source: Rogers Corporation