Rogers Corporation Reports Fourth Quarter and Full Year 2024 Results
Rogers (NYSE:ROG) reported Q4 2024 financial results with net sales of $192.2 million, representing an 8.6% decrease from the previous quarter. The decline was attributed to lower sales in both AES and EMS business units, particularly in wireless infrastructure and industrial sectors.
Gross margin decreased to 32.1% from 35.2% in the prior quarter due to lower volume and unfavorable product mix. GAAP operating margin fell to -2.6% from 6.9%, while adjusted operating margin decreased by 700 basis points to 4.7%. The company reported GAAP earnings per diluted share of $(0.03) compared to $0.58 in the previous quarter, and adjusted earnings of $0.46 per diluted share versus $0.98.
The company ended the quarter with $159.8 million in cash and cash equivalents, an increase of $13.4 million. Net cash provided by operating activities was $33.7 million, with capital expenditures of $15.4 million.
Rogers (NYSE:ROG) ha riportato i risultati finanziari del quarto trimestre 2024 con vendite nette di 192,2 milioni di dollari, che rappresentano una diminuzione dell'8,6% rispetto al trimestre precedente. Il calo è stato attribuito a vendite inferiori in entrambe le unità aziendali AES ed EMS, in particolare nei settori delle infrastrutture wireless e industriali.
Il margine lordo è diminuito al 32,1% rispetto al 35,2% del trimestre precedente a causa di un volume inferiore e di un mix di prodotti sfavorevole. Il margine operativo GAAP è sceso a -2,6% rispetto al 6,9%, mentre il margine operativo rettificato è diminuito di 700 punti base al 4,7%. L'azienda ha riportato utili GAAP per azione diluita di $(0,03) rispetto a $0,58 nel trimestre precedente, e utili rettificati di $0,46 per azione diluita rispetto a $0,98.
L'azienda ha concluso il trimestre con 159,8 milioni di dollari in contante e equivalenti, un aumento di 13,4 milioni di dollari. Il flusso di cassa netto derivante dalle attività operative è stato di 33,7 milioni di dollari, con spese in conto capitale di 15,4 milioni di dollari.
Rogers (NYSE:ROG) informó los resultados financieros del cuarto trimestre de 2024 con ventas netas de 192,2 millones de dólares, lo que representa una disminución del 8,6% en comparación con el trimestre anterior. La caída se atribuyó a menores ventas en ambas unidades de negocio, AES y EMS, particularmente en los sectores de infraestructura inalámbrica e industrial.
El margen bruto disminuyó al 32,1% desde el 35,2% del trimestre anterior debido a un menor volumen y una mezcla de productos desfavorable. El margen operativo GAAP cayó al -2,6% desde el 6,9%, mientras que el margen operativo ajustado disminuyó en 700 puntos básicos al 4,7%. La compañía reportó ganancias GAAP por acción diluida de $(0,03) en comparación con $0,58 en el trimestre anterior, y ganancias ajustadas de $0,46 por acción diluida frente a $0,98.
La compañía terminó el trimestre con 159,8 millones de dólares en efectivo y equivalentes, un aumento de 13,4 millones de dólares. El flujo de efectivo neto proporcionado por actividades operativas fue de 33,7 millones de dólares, con gastos de capital de 15,4 millones de dólares.
로저스 (NYSE:ROG)는 2024년 4분기 재무 결과를 발표하며 순매출 1억 9220만 달러를 기록했으며, 이는 이전 분기 대비 8.6% 감소한 수치입니다. 이 감소는 AES 및 EMS 사업 부문 모두에서의 판매 감소, 특히 무선 인프라 및 산업 부문에서 기인했습니다.
총 마진은 이전 분기의 35.2%에서 32.1%로 감소했으며, 이는 낮은 판매량과 불리한 제품 혼합 때문입니다. GAAP 운영 마진은 6.9%에서 -2.6%로 떨어졌고, 조정된 운영 마진은 700 베이시스 포인트 감소하여 4.7%에 이르렀습니다. 회사는 희석 주당 GAAP 이익이 $(0.03)로 이전 분기의 $0.58에 비해 감소했으며, 조정된 이익은 희석 주당 $0.46로 이전의 $0.98에 비해 낮아졌습니다.
회사는 분기를 마감하며 1억 5980만 달러의 현금 및 현금성 자산을 보유하고 있으며, 이는 1340만 달러 증가한 수치입니다. 운영 활동에서 발생한 순 현금은 3370만 달러였고, 자본 지출은 1540만 달러였습니다.
Rogers (NYSE:ROG) a publié les résultats financiers du quatrième trimestre 2024 avec des ventes nettes de 192,2 millions de dollars, ce qui représente une baisse de 8,6% par rapport au trimestre précédent. Ce déclin a été attribué à une baisse des ventes dans les deux unités commerciales, AES et EMS, notamment dans les secteurs des infrastructures sans fil et industriel.
La marge brute a diminué à 32,1% contre 35,2% au trimestre précédent en raison d'un volume plus faible et d'un mix de produits défavorable. La marge opérationnelle GAAP est tombée à -2,6% contre 6,9%, tandis que la marge opérationnelle ajustée a diminué de 700 points de base à 4,7%. L'entreprise a rapporté un bénéfice GAAP par action diluée de $(0,03) contre $0,58 au trimestre précédent, et un bénéfice ajusté de $0,46 par action diluée contre $0,98.
L'entreprise a terminé le trimestre avec 159,8 millions de dollars en liquidités et équivalents, soit une augmentation de 13,4 millions de dollars. Le flux de trésorerie net provenant des activités opérationnelles était de 33,7 millions de dollars, avec des dépenses d'investissement de 15,4 millions de dollars.
Rogers (NYSE:ROG) berichtete über die finanziellen Ergebnisse des vierten Quartals 2024 mit Nettoumsätzen von 192,2 Millionen Dollar, was einem Rückgang von 8,6% im Vergleich zum vorherigen Quartal entspricht. Der Rückgang wurde auf niedrigere Verkaufszahlen in beiden Geschäftsbereichen AES und EMS zurückgeführt, insbesondere im Bereich der drahtlosen Infrastruktur und der Industrie.
Die Bruttomarge sank von 35,2% im vorherigen Quartal auf 32,1% aufgrund eines geringeren Volumens und eines ungünstigen Produktmixes. Die GAAP-Betriebsrendite fiel von 6,9% auf -2,6%, während die bereinigte Betriebsrendite um 700 Basispunkte auf 4,7% sank. Das Unternehmen berichtete über GAAP-Gewinne je verwässerter Aktie von $(0,03) im Vergleich zu $0,58 im vorherigen Quartal und bereinigte Gewinne von $0,46 je verwässerter Aktie gegenüber $0,98.
Das Unternehmen schloss das Quartal mit 159,8 Millionen Dollar an Bargeld und liquiden Mitteln ab, was einem Anstieg von 13,4 Millionen Dollar entspricht. Der Nettogeldzufluss aus betrieblicher Tätigkeit betrug 33,7 Millionen Dollar, während die Investitionsausgaben 15,4 Millionen Dollar betrugen.
- Cash and cash equivalents increased by $13.4 million to $159.8 million
- Generated positive operating cash flow of $33.7 million
- Higher ADAS and EV/HEV sales in AES segment
- Improved aerospace and defense sales in EMS segment
- Net sales declined 8.6% quarter-over-quarter to $192.2 million
- Gross margin decreased to 32.1% from 35.2%
- GAAP operating margin fell to -2.6% from 6.9%
- Adjusted earnings per share decreased to $0.46 from $0.98
- Lower wireless infrastructure and industrial sales
Insights
Rogers 's Q4 2024 results reveal a complex financial picture marked by both operational challenges and strategic resilience. The
The company's operational efficiency initiatives are yielding tangible results, evidenced by strong cash flow generation of
The
Looking forward, Rogers' strategic focus on securing new design wins and optimizing manufacturing footprint positions it well for an eventual market recovery. The cautious customer outlook for EV/HEV and industrial markets suggests near-term challenges may persist, but the company's strong balance sheet and operational initiatives provide financial flexibility to weather the cycle.
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 |
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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 |
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Gross Margin |
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Earnings (Loss) Per Diluted Share1 |
( |
Adjusted Earnings Per Diluted Share2 |
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2025 |
Capital Expenditures |
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1 - Includes expected restructuring charges associated with the wind-down of AES manufacturing operations in our Evergem, |
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2 - A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below. |
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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 |
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Twelve Months Ended |
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(DOLLARS AND SHARES IN MILLIONS, EXCEPT PER SHARE AMOUNTS) |
December 31, 2024 |
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December 31, 2023 |
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December 31, 2024 |
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December 31, 2023 |
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Net sales |
$ |
192.2 |
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$ |
204.6 |
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$ |
830.1 |
|
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$ |
908.4 |
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Cost of sales |
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130.5 |
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137.2 |
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553.0 |
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601.3 |
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Gross margin |
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61.7 |
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67.4 |
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277.1 |
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307.1 |
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Selling, general and administrative expenses |
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42.2 |
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51.8 |
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185.7 |
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202.3 |
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Research and development expenses |
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8.1 |
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10.2 |
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34.6 |
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35.7 |
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Restructuring and impairment charges |
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16.3 |
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0.5 |
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24.1 |
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16.9 |
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Other operating (income) expense, net |
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0.1 |
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(25.6 |
) |
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0.1 |
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(33.1 |
) |
Operating income |
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(5.0 |
) |
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30.5 |
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32.6 |
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85.3 |
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Equity income in unconsolidated joint ventures |
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0.2 |
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0.3 |
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1.4 |
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1.8 |
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Other income (expense), net |
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1.9 |
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(0.7 |
) |
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1.1 |
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(0.7 |
) |
Interest expense, net |
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0.2 |
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(1.5 |
) |
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(0.8 |
) |
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(10.1 |
) |
Income before income tax expense |
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(2.7 |
) |
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28.6 |
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34.3 |
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76.3 |
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Income tax expense |
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(2.2 |
) |
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5.4 |
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8.2 |
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19.7 |
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Net income (loss) |
$ |
(0.5 |
) |
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$ |
23.2 |
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$ |
26.1 |
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$ |
56.6 |
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Basic earnings per share |
$ |
(0.03 |
) |
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$ |
1.25 |
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$ |
1.40 |
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$ |
3.04 |
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Diluted earnings per share |
$ |
(0.03 |
) |
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$ |
1.24 |
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$ |
1.40 |
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$ |
3.03 |
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Shares used in computing: |
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Basic earnings per share |
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18.6 |
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18.6 |
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18.6 |
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18.6 |
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Diluted earnings per share |
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18.6 |
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18.7 |
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18.6 |
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18.7 |
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Condensed Consolidated Statements of Financial Position (Unaudited) |
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(DOLLARS AND SHARES IN MILLIONS, EXCEPT PAR VALUE) |
December 31, 2024 |
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December 31, 2023 |
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Assets |
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Current assets |
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Cash and cash equivalents |
$ |
159.8 |
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$ |
131.7 |
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Accounts receivable, less allowance for credit losses of |
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135.3 |
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161.9 |
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Contract assets |
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23.7 |
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45.2 |
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Inventories, net |
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142.3 |
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|
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153.5 |
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Asbestos-related insurance recoverables, current portion |
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4.3 |
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4.3 |
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Other current assets |
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28.5 |
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30.3 |
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Total current assets |
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493.9 |
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526.9 |
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Property, plant and equipment, net of accumulated depreciation of |
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365.1 |
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|
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366.3 |
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Operating lease right-of-use assets |
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24.1 |
|
|
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18.9 |
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Goodwill |
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357.6 |
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|
359.8 |
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Other intangible assets, net of amortization |
|
110.3 |
|
|
|
123.9 |
|
Asbestos-related insurance recoverables, non-current portion |
|
48.0 |
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|
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52.2 |
|
Investments in unconsolidated joint ventures |
|
— |
|
|
|
11.1 |
|
Deferred income taxes |
|
61.5 |
|
|
|
49.7 |
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Other long-term assets |
|
20.6 |
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|
|
8.4 |
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Total assets |
$ |
1,481.1 |
|
|
$ |
1,517.2 |
|
Liabilities and Shareholders’ Equity |
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Current liabilities |
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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 |
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Total current liabilities |
|
123.5 |
|
|
|
116.4 |
|
Borrowings under revolving credit facility |
|
— |
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|
|
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 |
|
|
|
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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 |
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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*:
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2024 |
2023 |
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Q4 |
Q3 |
YTD |
Q4 |
YTD |
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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
FAQ
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