Rogers Corporation Reports Third Quarter 2024 Results
Rogers (NYSE:ROG) reported mixed Q3 2024 results with net sales of $210.3 million, down 1.8% from Q2. Despite lower sales, earnings exceeded guidance due to operational improvements and expense management. GAAP operating margin improved to 6.9% from 5.3%, while adjusted earnings reached $0.98 per diluted share. The company faced softer EV/HEV demand and lower seasonal peak in portable electronics. Looking ahead, Q4 sales are expected to decline due to seasonality and customer inventory management. The company highlighted its expansion with a new power substrate factory in China targeting EV/HEV, renewable energy, and industrial markets.
Rogers (NYSE:ROG) ha riportato risultati misti per il terzo trimestre del 2024 con vendite nette di 210,3 milioni di dollari, in calo dell'1,8% rispetto al secondo trimestre. Nonostante le vendite inferiori, gli utili hanno superato le previsioni grazie a miglioramenti operativi e gestione delle spese. Il margine operativo GAAP è aumentato al 6,9% rispetto al 5,3%, mentre gli utili corretti hanno raggiunto 0,98 dollari per azione diluita. L'azienda ha affrontato una domanda più debole per veicoli elettrici/ibridi e un ridotto picco stagionale nei dispositivi elettronici portatili. Guardando avanti, si prevede che le vendite del quarto trimestre diminuiranno a causa della stagionalità e della gestione dell'inventario da parte dei clienti. L'azienda ha messo in evidenza la sua espansione con una nuova fabbrica di substrati di potenza in Cina, rivolta ai mercati EV/HEV, delle energie rinnovabili e industriali.
Rogers (NYSE:ROG) reportó resultados mixtos para el tercer trimestre de 2024 con ventas netas de 210,3 millones de dólares, una disminución del 1,8% con respecto al segundo trimestre. A pesar de las ventas más bajas, las ganancias superaron las expectativas debido a mejoras operativas y gestión de gastos. El margen operativo GAAP mejoró al 6,9% desde el 5,3%, mientras que las ganancias ajustadas alcanzaron 0,98 dólares por acción diluida. La empresa enfrentó una demanda más baja de vehículos eléctricos/HEV y un pico estacional menor en dispositivos electrónicos portátiles. De cara al futuro, se espera que las ventas del cuarto trimestre disminuyan debido a la estacionalidad y a la gestión de inventarios de los clientes. La empresa destacó su expansión con una nueva fábrica de sustratos de energía en China, orientada a los mercados de EV/HEV, energía renovable e industrial.
로저스 (NYSE:ROG)는 2024년 3분기 혼합 실적을 보고하였으며, 순매출은 2억 1,030만 달러로 2분기 대비 1.8% 감소했습니다. 매출이 감소했음에도 불구하고 운영 개선 및 비용 관리로 인해 수익은 예상치를 초과했습니다. GAAP 운영 마진은 5.3%에서 6.9%로 개선되었고, 조정된 수익은 희석 주당 0.98달러에 달했습니다. 회사는 전기차/하이브리드 차량에 대한 수요 감소와 휴대용 전자 기기에서의 낮은 계절적 피크에 직면했습니다. 앞으로 4분기 판매는 계절성과 고객 재고 관리로 인해 감소할 것으로 예상됩니다. 회사는 전기차/하이브리드, 재생 에너지 및 산업 시장을 겨냥한 중국의 새로운 전력 기판 공장을 통한 확장을 강조했습니다.
Rogers (NYSE:ROG) a rapporté des résultats mitigés pour le troisième trimestre 2024 avec des ventes nettes de 210,3 millions de dollars, soit une baisse de 1,8 % par rapport au deuxième trimestre. Malgré des ventes plus faibles, les bénéfices ont dépassé les prévisions grâce à des améliorations opérationnelles et à une gestion des coûts. La marge opérationnelle GAAP a augmenté à 6,9 % contre 5,3 %, tandis que les bénéfices ajustés ont atteint 0,98 dollar par action diluée. L'entreprise a fait face à une demande plus faible pour les véhicules électriques/HEV et à un pic saisonnier réduit dans l'électronique portable. En regardant vers l'avenir, les ventes du quatrième trimestre devraient diminuer en raison de la saisonnalité et de la gestion des stocks des clients. L'entreprise a mis en avant son expansion avec une nouvelle usine de substrats de puissance en Chine, visant les marchés EV/HEV, les énergies renouvelables et l'industrie.
Rogers (NYSE:ROG) berichtete über gemischte Ergebnisse im dritten Quartal 2024 mit Nettoumsätzen von 210,3 Millionen US-Dollar, was einem Rückgang von 1,8% im Vergleich zum zweiten Quartal entspricht. Trotz geringerer Umsätze übertrafen die Gewinne die Prognosen aufgrund von betrieblichen Verbesserungen und Kostenmanagement. Die GAAP-Betriebsrendite verbesserte sich auf 6,9% von 5,3%, während die bereinigten Gewinne 0,98 US-Dollar pro verwässerter Aktie erreichten. Das Unternehmen hatte mit einer schwächeren Nachfrage nach Elektro-/Hybridfahrzeugen und niedrigeren saisonalen Spitzen bei tragbaren Elektronikgeräten zu kämpfen. Ausblickend wird erwartet, dass die Umsätze im vierten Quartal aufgrund von Saisonalität und Kundeninventarverwaltung zurückgehen werden. Das Unternehmen hob seine Expansion mit einer neuen Produktionsstätte für Leistungsträger in China hervor, die auf die Märkte für Elektro-/Hybridfahrzeuge, erneuerbare Energien und Industrie abzielt.
- Operating margin improved to 6.9% from 5.3% quarter-over-quarter
- Gross margin increased to 35.2% from 34.1%
- SG&A expenses decreased by $5.8 million
- Cash and cash equivalents increased by $26.5 million to $146.4 million
- Net cash from operations strong at $42.4 million
- Net sales declined 1.8% quarter-over-quarter to $210.3 million
- AES net sales decreased by 2.9%
- EMS net sales decreased by 0.5%
- Q4 guidance projects further sales decline to $185-200 million
- Expected Q4 earnings per share guidance between -$0.15 to $0.15
Insights
The Q3 results reveal a mixed performance with declining revenues but improved profitability metrics. Net sales decreased to
The adjusted operating margin showed significant improvement, increasing by
The company's market positioning shows concerning trends in key growth segments. The decline in EV/HEV sales is particularly noteworthy given the industry's expected growth trajectory. The new power substrate factory in China represents a strategic move to capture future demand in EV/HEV, renewable energy and industrial markets, but near-term headwinds persist.
The
Improved Operating Margin Drives Further Earnings Growth
"Third-quarter results were mixed with earnings that exceeded our guidance expectations and sales that were below the low end of our outlook,” stated Colin Gouveia, Rogers' President and CEO. "The higher earnings resulted from our ongoing focus on operational improvements, improved product mix, and careful expense management. Sales for the quarter were lower than expected due to softer EV/HEV demand and a lower seasonal peak in portable electronics sales. Looking ahead to the fourth quarter, we expect sales to decline due to typical seasonality and deferred ordering as customers manage year-end inventory levels. We continue to execute our focused strategy to position Rogers for the long-term, as highlighted by the ribbon-cutting ceremony at our new power substrate factory in
Financial Overview
GAAP Results (dollars in millions, except per share amounts) |
Q3 2024 |
Q2 2024 |
Q3 2023 |
Net Sales |
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Gross Margin |
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Operating Margin |
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Net Income |
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Net Income Margin |
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Diluted Earnings 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) |
Q3 2024 |
Q2 2024 |
Q3 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) |
Q3 2024 |
Q2 2024 |
Q3 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 |
Q3 2024 Summary of Results
Net sales of
Gross margin increased to
Selling, general and administrative (SG&A) expenses decreased by
GAAP operating margin of
GAAP earnings per diluted share were
Ending cash and cash equivalents were
Financial Outlook
(dollars in millions, except per share amounts) |
Q4 2024 |
Net Sales |
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Gross Margin |
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Earnings Per Diluted Share1 |
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Adjusted Earnings Per Diluted Share2 |
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2024 |
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. |
Conference Call and Additional Information
A conference call to discuss the results for the first quarter will take place today, Thursday, October 24, 2024 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,” “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. 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 the Company's growth drivers, such as delays in adoption or implementation of new technologies; failure to successfully execute on our long-term growth strategy as a standalone company; uncertain business, economic and political conditions in
(Financial statements follow)
Condensed Consolidated Statements of Operations (Unaudited) |
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Three Months Ended |
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Nine Months Ended |
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(DOLLARS AND SHARES IN MILLIONS, EXCEPT PER SHARE AMOUNTS) |
September 30, 2024 |
|
September 30, 2023 |
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September 30, 2024 |
|
September 30, 2023 |
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Net sales |
$ |
210.3 |
|
|
$ |
229.1 |
|
|
$ |
637.9 |
|
|
$ |
703.8 |
|
Cost of sales |
|
136.2 |
|
|
|
148.7 |
|
|
|
422.5 |
|
|
|
464.1 |
|
Gross margin |
|
74.1 |
|
|
|
80.4 |
|
|
|
215.4 |
|
|
|
239.7 |
|
|
|
|
|
|
|
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Selling, general and administrative expenses |
|
45.1 |
|
|
|
44.2 |
|
|
|
143.5 |
|
|
|
150.5 |
|
Research and development expenses |
|
8.1 |
|
|
|
7.8 |
|
|
|
26.5 |
|
|
|
25.5 |
|
Restructuring and impairment charges |
|
6.3 |
|
|
|
2.0 |
|
|
|
7.8 |
|
|
|
16.4 |
|
Other operating (income) expense, net |
|
— |
|
|
|
(0.8 |
) |
|
|
— |
|
|
|
(7.5 |
) |
Operating income |
|
14.6 |
|
|
|
27.2 |
|
|
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37.6 |
|
|
|
54.8 |
|
|
|
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|
|
|
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Equity income in unconsolidated joint ventures |
|
0.4 |
|
|
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0.6 |
|
|
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1.2 |
|
|
|
1.5 |
|
Other income (expense), net |
|
(1.5 |
) |
|
|
0.7 |
|
|
|
(0.8 |
) |
|
|
0.0 |
|
Interest expense, net |
|
— |
|
|
|
(2.3 |
) |
|
|
(1.0 |
) |
|
|
(8.6 |
) |
Income before income tax expense |
|
13.5 |
|
|
|
26.2 |
|
|
|
37.0 |
|
|
|
47.7 |
|
Income tax expense |
|
2.8 |
|
|
|
7.2 |
|
|
|
10.4 |
|
|
|
14.3 |
|
Net income |
$ |
10.7 |
|
|
$ |
19.0 |
|
|
$ |
26.6 |
|
|
$ |
33.4 |
|
|
|
|
|
|
|
|
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Basic earnings per share |
$ |
0.58 |
|
|
$ |
1.02 |
|
|
$ |
1.43 |
|
|
$ |
1.79 |
|
Diluted earnings per share |
$ |
0.58 |
|
|
$ |
1.02 |
|
|
$ |
1.43 |
|
|
$ |
1.79 |
|
|
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|
|
|
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Shares used in computing: |
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|
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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) |
September 30, 2024 |
|
December 31, 2023 |
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Assets |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
146.4 |
|
|
$ |
131.7 |
|
Accounts receivable, less allowance for credit losses of |
|
156.3 |
|
|
|
161.9 |
|
Contract assets |
|
28.1 |
|
|
|
45.2 |
|
Inventories, net |
|
154.4 |
|
|
|
153.5 |
|
Asbestos-related insurance receivables, current portion |
|
4.3 |
|
|
|
4.3 |
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Other current assets |
|
31.7 |
|
|
|
30.3 |
|
Total current assets |
|
521.2 |
|
|
|
526.9 |
|
Property, plant and equipment, net of accumulated depreciation of |
|
381.4 |
|
|
|
366.3 |
|
Operating lease right-of-use assets |
|
25.4 |
|
|
|
18.9 |
|
Goodwill |
|
365.7 |
|
|
|
359.8 |
|
Other intangible assets, net of amortization |
|
117.7 |
|
|
|
123.9 |
|
Asbestos-related insurance receivables, non-current portion |
|
52.2 |
|
|
|
52.2 |
|
Investments in unconsolidated joint ventures |
|
9.7 |
|
|
|
11.1 |
|
Deferred income taxes |
|
58.0 |
|
|
|
49.7 |
|
Other long-term assets |
|
8.7 |
|
|
|
8.4 |
|
Total assets |
$ |
1,540.0 |
|
|
$ |
1,517.2 |
|
Liabilities and Shareholders’ Equity |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable |
$ |
47.2 |
|
|
$ |
50.3 |
|
Accrued employee benefits and compensation |
|
39.7 |
|
|
|
31.1 |
|
Accrued income taxes payable |
|
6.6 |
|
|
|
2.0 |
|
Operating lease obligations, current portion |
|
4.1 |
|
|
|
3.5 |
|
Asbestos-related liabilities, current portion |
|
5.5 |
|
|
|
5.5 |
|
Other accrued liabilities |
|
19.4 |
|
|
|
24.0 |
|
Total current liabilities |
|
122.5 |
|
|
|
116.4 |
|
Borrowings under revolving credit facility |
|
— |
|
|
|
30.0 |
|
Operating lease obligations, non-current portion |
|
21.7 |
|
|
|
15.4 |
|
Asbestos-related liabilities, non-current portion |
|
55.1 |
|
|
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56.0 |
|
Non-current income tax |
|
6.1 |
|
|
|
7.2 |
|
Deferred income taxes |
|
23.8 |
|
|
|
22.9 |
|
Other long-term liabilities |
|
10.1 |
|
|
|
10.3 |
|
Shareholders’ equity |
|
|
|
||||
Capital stock - |
|
18.6 |
|
|
|
18.6 |
|
Additional paid-in capital |
|
155.7 |
|
|
|
151.8 |
|
Retained earnings |
|
1,181.6 |
|
|
|
1,155.0 |
|
Accumulated other comprehensive loss |
|
(55.2 |
) |
|
|
(66.4 |
) |
Total shareholders' equity |
|
1,300.7 |
|
|
|
1,259.0 |
|
Total liabilities and shareholders' equity |
$ |
1,540.0 |
|
|
$ |
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 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 (used in) 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 |
||||
|
Q3 |
Q2 |
Q3 |
|||
GAAP Operating Margin |
6.9 |
% |
5.3 |
% |
11.8 |
% |
|
|
|
|
|||
Acquisition & Divestiture Related Costs: |
|
|
|
|||
Dispositions |
— |
% |
— |
% |
(0.3 |
)% |
Intangible Amortization |
1.5 |
% |
1.4 |
% |
1.5 |
% |
(Gain) Loss on Sale or Disposal of PPE |
— |
% |
— |
% |
(0.1 |
)% |
|
|
|
|
|||
Restructuring, Business Realignment & Other Cost Saving Initiatives: |
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|
|
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Restructuring, Severance, Impairment & Other Related Costs |
3.3 |
% |
1.4 |
% |
1.0 |
% |
|
|
|
|
|||
(Income) Costs Associated with Terminated Merger |
— |
% |
— |
% |
0.6 |
% |
UTIS Fire (Recoveries) Charges |
— |
% |
— |
% |
(0.3 |
)% |
Total Adjustments |
4.8 |
% |
2.9 |
% |
2.4 |
% |
Adjusted Operating Margin |
11.7 |
% |
8.2 |
% |
14.3 |
% |
*Percentages in table may not add due to rounding. |
Reconciliation of GAAP Net Income to Adjusted Net Income*:
|
2024 |
2023 |
|||||||
(dollars in millions) |
Q3 |
Q2 |
Q3 |
||||||
GAAP Net Income |
$ |
10.7 |
|
$ |
8.1 |
|
$ |
19.0 |
|
|
|
|
|
||||||
Acquisition & Divestiture Related Costs: |
|
|
|
||||||
Dispositions |
|
— |
|
|
— |
|
|
(0.7 |
) |
Intangible Amortization |
|
3.1 |
|
|
3.1 |
|
|
3.4 |
|
(Gain) Loss on Sale or Disposal of PPE |
|
— |
|
|
— |
|
|
(0.2 |
) |
|
|
|
|
||||||
Restructuring, Business Realignment & Other Cost Saving Initiatives: |
|
|
|
||||||
Restructuring, Severance, Impairment & Other Related Costs |
|
6.9 |
|
|
3.1 |
|
|
2.3 |
|
|
|
|
|
||||||
(Income) Costs Associated with Terminated Merger |
|
— |
|
|
— |
|
|
1.4 |
|
UTIS Fire (Recoveries) Charges |
|
— |
|
|
— |
|
|
(0.7 |
) |
Estimated Income Tax Impacts of Adjustments |
|
(2.5 |
) |
|
(1.5 |
) |
|
(1.4 |
) |
Total Adjustments |
$ |
7.5 |
|
$ |
4.7 |
|
$ |
4.1 |
|
Adjusted Net Income |
$ |
18.2 |
|
$ |
12.8 |
|
$ |
23.2 |
|
*Values in table may not add due to rounding. |
Reconciliation of GAAP Earnings Per Diluted Share to Adjusted Earnings Per Diluted Share*:
|
2024 |
2023 |
|||||||
|
Q3 |
Q2 |
Q3 |
||||||
GAAP Earnings Per Diluted Share |
$ |
0.58 |
|
$ |
0.44 |
|
$ |
1.02 |
|
|
|
|
|
||||||
Acquisition & Divestiture Related Costs: |
|
|
|
||||||
Dispositions |
|
— |
|
|
— |
|
|
(0.04 |
) |
Intangible Amortization |
|
0.17 |
|
|
0.17 |
|
|
0.18 |
|
(Gain) Loss on Sale or Disposal of PPE |
|
— |
|
|
— |
|
|
(0.01 |
) |
|
|
|
|
||||||
Restructuring, Business Realignment & Other Cost Saving Initiatives: |
|
|
|
||||||
Restructuring, Severance, Impairment & Other Related Costs |
|
0.37 |
|
|
0.17 |
|
|
0.12 |
|
|
|
|
|
||||||
(Income) Costs Associated with Terminated Merger |
|
— |
|
|
— |
|
|
0.08 |
|
UTIS Fire (Recoveries) Charges |
|
— |
|
|
— |
|
|
(0.03 |
) |
Estimated Income Tax Impacts of Adjustments |
|
(0.13 |
) |
|
(0.08 |
) |
|
(0.07 |
) |
Total Adjustments |
$ |
0.40 |
|
$ |
0.25 |
|
$ |
0.23 |
|
Adjusted Earnings Per Diluted Share |
$ |
0.98 |
|
$ |
0.69 |
|
$ |
1.24 |
|
*Values in table may not add due to rounding. |
|||||||||
**Some amounts have been updated to conform to current period presentation. |
Reconciliation of GAAP Net Income to Adjusted EBITDA*:
|
2024 |
2023 |
|||||
(dollars in millions) |
Q3 |
Q2 |
Q3 |
||||
GAAP Net Income |
$ |
10.7 |
$ |
8.1 |
$ |
19.0 |
|
|
|
|
|
||||
Acquisition & Divestiture Related Costs: |
|
|
|
||||
Dispositions |
|
— |
|
— |
|
(0.7 |
) |
Intangible Amortization |
|
3.1 |
|
3.1 |
|
3.4 |
|
(Gain) Loss on Sale or Disposal of PPE |
|
— |
|
— |
|
(0.2 |
) |
|
|
|
|
||||
Restructuring, Business Realignment & Other Cost Saving Initiatives: |
|
|
|
||||
Restructuring, Severance, Impairment & Other Related Costs |
|
6.9 |
|
3.1 |
|
2.3 |
|
|
|
|
|
||||
(Income) Costs Associated with Terminated Merger |
|
— |
|
— |
|
0.9 |
|
UTIS Fire (Recoveries) Charges |
|
— |
|
— |
|
(0.7 |
) |
|
|
|
|
||||
Interest Expense, net |
|
— |
|
0.2 |
|
2.3 |
|
Income Tax Expense |
|
2.8 |
|
3.8 |
|
7.2 |
|
Depreciation |
|
8.4 |
|
8.2 |
|
8.1 |
|
Equity Compensation |
|
3.4 |
|
5.3 |
|
3.8 |
|
Total Adjustments |
$ |
24.6 |
$ |
23.7 |
$ |
26.4 |
|
Adjusted EBITDA |
$ |
35.2 |
$ |
31.9 |
$ |
45.4 |
|
*Values in table may not add due to rounding. |
Calculation of Adjusted EBITDA margin*:
|
2024 |
2023 |
|||||||
(dollars in millions) |
Q3 |
Q2 |
Q3 |
||||||
Adjusted EBITDA |
$ |
35.2 |
|
$ |
31.9 |
|
$ |
45.4 |
|
Divided by Total Net Sales |
|
210.3 |
|
|
214.2 |
|
|
229.1 |
|
Adjusted EBITDA Margin |
|
16.7 |
% |
|
14.9 |
% |
|
19.8 |
% |
*Values in table may not add due to rounding. |
Reconciliation of Net Cash Provided By (Used In) Operating Activities to Free Cash Flow*:
|
2024 |
2023 |
|||||||
(dollars in millions) |
Q3 |
Q2 |
Q3 |
||||||
Net Cash Provided By Operating Activities |
$ |
42.4 |
|
$ |
22.9 |
|
$ |
42.0 |
|
Non-Acquisition Capital Expenditures |
|
(17.2 |
) |
|
(14.1 |
) |
|
(6.7 |
) |
Free Cash Flow |
$ |
25.2 |
|
$ |
8.8 |
|
$ |
35.3 |
|
*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 2024 Fourth Quarter:
|
Guidance Q4 2024 |
GAAP Earnings 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/20241024395667/en/
Investor Contact:
Steve Haymore
Phone: 480-917-6026
Email: stephen.haymore@rogerscorporation.com
Website Address: https://www.rogerscorp.com
Source: Rogers Corporation
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