Rogers Corporation Reports Results For The 2016 Third Quarter

Rogers Corporation (NYSE:ROG) today announced financial results for the 2016 third quarter.

The Company reported net sales of $165.3 million for the 2016 third quarter, which exceeded the Company's previously announced guidance of $150.0 to $160.0 million in net sales. In the 2015 third quarter, net sales were $160.4 million, which included $5.2 million of net sales from divested non-core assets. In addition, net sales during the 2016 third quarter were unfavorably impacted by $1.5 million as a result of currency fluctuations, primarily related to the Renminbi.

Third quarter 2016 earnings were $0.88 per diluted share (includes a net discrete gain of $0.02 per diluted share), exceeding the Company's previously announced guidance of $0.60 to $0.70 earnings per diluted share. Adjusted earnings per diluted share were $0.95, favorable to guidance. The 2015 third quarter earnings were $0.67 per diluted share ($0.89 adjusted earnings per diluted share). The 2016 third quarter net income was $16.1 million and adjusted EBITDA was $34.1 million or 20.6% of net sales compared to 2015 third quarter net income of $12.5 million and adjusted EBITDA of $32.5 million or 20.3% of net sales.

The Company's gross margin was 37.5% in the 2016 third quarter compared to 37.2% for the 2015 third quarter. Operating margin was 14.0% (15.2% adjusted operating margin) for the 2016 third quarter compared to 14.5% (16.6% adjusted operating margin) for the 2015 third quarter.

Bruce D. Hoechner, President and CEO stated, "I was encouraged by our Q3 2016 business performance despite challenging conditions in some of our markets. As we move forward, we see demand improving in a number of our key segments. Our commitment to market driven innovation, operational excellence and the diversification of our materials portfolio is enabling Rogers to achieve solid results as we navigate through uncertain global economic conditions."

If you liked this article you might like

FDA Approves First 'Biosimilar' for Cancer Treatment

Halozyme Jumps on Immuno-Oncology Deal with Bristol-Myers

5 New Breast Cancer Treatments That Are Helping to Save Lives

Celgene Enters PD1 Market with BeiGene Deal

Epizyme's Positive Cancer Drug Results Likely to Catch the Eye of Celgene, J&J