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Rogers Corporation (NYSE:ROG) today announced financial results for its third quarter of 2013, reporting net sales of $142.8 million and net income from continuing operations of $0.76 per diluted share, which includes net special charges of $0.06 per diluted share. Excluding these net special charges, non-GAAP net income from continuing operations was $0.82 per diluted share. Both net sales and non-GAAP net income from continuing operations were higher than the Company’s guidance announced on July 30, 2013 of $138 to $142 million in net sales and non-GAAP net income from continuing operations of $0.67 to $0.77 per diluted share, respectively. Third quarter 2012 net sales were $129.1 million with net income from continuing operations of $3.47 per share, which included a net benefit from special items of $2.77 per diluted share. Excluding this net benefit, third quarter 2012 non-GAAP net income from continuing operations was $0.70 per diluted share.
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
Printed Circuit Materials reported near all-time record net sales of $47.1 million for the third quarter of 2013, an increase of 8.5% from the $43.4 million reported in the third quarter of 2012. The increase in net sales was driven by strong demand in global 4G – LTE base station deployments, automotive radar applications for Advanced Driver Assistance Systems (ADAS), as well as in mobile internet device applications. However, growth was moderated by weaker demand in the satellite TV market for low-noise block downconverters (LNB). High reliability applications in defense and aerospace remained stable despite concerns from the effects of sequestration.
Power Electronics Solutions
For the third quarter of 2013, net sales of Curamik Electronics Solutions totaled $32.1 million, an increase of 45.2% compared to the third quarter 2012 net sales of $22.1 million. The strong recovery in net sales was driven by growth in all geographies and markets, particularly in variable frequency drives for energy saving applications and clean energy. As announced previously, the move of the final inspection process to Hungary was completed during the third quarter of 2013 and the new facility is now fully operational.