Rogers Corporation reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, net sales were $214,611,000 against $203,828,000 a year ago. Operating income was $31,044,000 against $39,037,000 a year ago. Income before income tax expense was $30,907,000 against $39,917,000 a year ago. Net income was $26,136,000 against $27,032,000 a year ago. Diluted net earnings per share were $1.40 against $1.47 a year ago. Adjusted earnings per diluted share were $1.48 against $1.68 a year ago. Adjusted EBITDA was $41.4 million against $54.3 million a year ago. GAAP operating margin was 14.5% compared to 19.2% a year ago. Adjusted operating margin was 15.4% compared to 22.0% a year ago. Net cash provided from operating activities of $8.8 million in the first quarter of 2018, a decrease compared to $23.2 million in 2017. The decrease in net cash provided by operating activities was primarily driven by the use of working capital. Capital spending was $9.1 million in 2018, an increase compared to $5.3 million in 2017.

Rogers guides its 2018 second quarter net sales to a range of $210 to $220 million. Rogers guides its 2018 second quarter earnings to a range of $1.10 to $1.25 per diluted share. Adjusted earnings are guided to a range of $1.25 to $1.40 per diluted share.

Rogers guides 2018 full year capital spending to be in the range of $50 to $60 million. Rogers guides the 2018 full year effective tax rate to be 24% to 26%, with a second quarter effective tax rate of 28% to 29%.