Rogers Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Earning Guidance for the Second Quarter of 2018 and Capital Spending and Tax Rate Guidance for the Full Year of 2018
April 26, 2018 at 04:09 pm EDT
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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%.
Rogers Corporation designs, develops, manufactures, and sells engineered materials and components. Its segments include Advanced Electronics Solutions (AES), Elastomeric Material Solutions (EMS), and Other. The AES segment designs, develops, manufactures, and sells circuit materials, ceramic substrate materials, busbars, and cooling solutions for applications in electric and hybrid electric vehicles (EV/HEV), automotive, aerospace and defense, renewable energy, wireless infrastructure, mass transit, industrial, connected devices, wired infrastructure markets. The EMS segment designs, develops, manufactures, and sells engineered material solutions for a variety of applications and markets. These include polyurethane and silicone materials used in cushioning, gasketing and sealing, and vibration management applications for EV/HEV, general industrial, and portable electronics markets. The Other segment consists of elastomer components for applications in the general industrial market.
Rogers Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Earning Guidance for the Second Quarter of 2018 and Capital Spending and Tax Rate Guidance for the Full Year of 2018