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Rogers Corporation (NYSE:ROG) today announced financial results for its second quarter of 2013, reporting net sales of $132.5 million and net income from continuing operations of $0.32 per diluted share, which includes net special charges of $0.21 per diluted share. Excluding these net special charges, non-GAAP net income from continuing operations was $0.53 per diluted share. Net sales and non-GAAP net income from continuing operations were in line with the Company’s updated guidance announced on May 14, 2013 of $129 to $134 million in net sales and non-GAAP net income from continuing operations of $0.45 to $0.56 per diluted share, respectively. Second quarter 2012 net sales were $125.3 million with net income from continuing operations of $0.38 per share, which included special charges of $0.08 per diluted share. Second quarter 2012 non-GAAP net income per diluted share from continuing operations was $0.46.
Reconciliations of the GAAP to non-GAAP guidance and operating results discussed in this press release are set forth at its conclusion.
Business Segment DiscussionPrinted Circuit Materials
Net sales of Printed Circuit Materials totaled $45.6 million for the second quarter of 2013, an increase of 12.5% from the $40.5 million reported in the second quarter of 2012. The increase in net sales is mainly due to strong demand for high frequency printed circuit materials for use in the telecom base station market and automotive safety sensor applications. In addition, the segment continues to gain adoptions in new wireless antenna applications.
Power Electronics Solutions
Curamik Electronics Solutions reported net sales of $28.5 million for the second quarter of 2013, an increase of 19.2% compared to the second quarter 2012 net sales of $23.9 million. Net sales increased generally across all markets but were especially strong in the laser diode, solar power module and energy-efficient appliance markets. As previously announced, the move of the final inspection operations to Hungary remains on track and is expected to be completed by the fourth quarter of 2013.