Strong Growth In EV And Other Strategic Markets Drives Continued Sales Improvement Supply Chain Challenges Temper Margins And EPS
CHANDLER, Ariz. — (BUSINESS WIRE) — July 29, 2021 — Rogers Corporation (NYSE: ROG) today announced financial results for the second quarter of 2021.
“Rogers achieved continued sales improvement in the second quarter driven by growth in EV/HEV, clean energy and other strategic markets,” stated Bruce D. Hoechner, Rogers' President and CEO. “Global supply chain challenges impacted our second quarter results more than anticipated and margins and earnings were below our prior guidance expectations. We are addressing these recent challenges as we continue to navigate this dynamic environment. We are executing on our market strategy and the outlook for Advanced Mobility remains robust, led by the accelerating transition to electric and hybrid electric vehicles. We continue to significantly increase our investments in new capacity and capabilities to capitalize on the growth opportunities across our market portfolio.”
Financial Overview |
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GAAP Results |
Q2 2021 |
|
Q1 2021 |
|
Q2 2020 |
|
Net Sales ($M) |
$234.9 |
|
$229.3 |
|
$191.2 |
|
Gross Margin |
38.2% |
|
39.0% |
|
36.6% |
|
Operating Margin |
15.2% |
|
16.2% |
|
11.0% |
|
Net Income ($M) |
$28.7 |
|
$31.2 |
|
$14.5 |
|
Diluted Earnings Per Share |
$1.52 |
|
$1.66 |
|
$0.78 |
|
Non-GAAP Results1 |
Q2 2021 |
|
Q1 2021 |
|
Q2 2020 |
|
Adjusted Operating Margin |
17.4% |
|
19.0% |
|
15.4% |
|
Adjusted Net Income ($M) |
$32.5 |
|
$36.0 |
|
$21.1 |
|
Adjusted Earnings Per Diluted Share |
$1.72 |
|
$1.92 |
|
$1.13 |
|
Adjusted EBITDA ($M) |
$55.8 |
|
$59.8 |
|
$42.5 |
|
| Adjusted EBITDA Margin |
23.8% |
|
26.1% |
|
22.2% |
|
| Free Cash Flow ($M) |
$11.9 |
|
$32.9 |
|
$39.3 |
|
| Net Sales by Operating Segment (dollars in millions) |
Q2 2021 |
|
Q1 2021 |
|
Q2 2020 |
|
| Advanced Electronics Solutions (AES) 2 |
$140.4 |
|
$131.9 |
|
$116.2 |
|
| Elastomeric Material Solutions (EMS) |
$89.3 |
|
$91.8 |
|
$71.6 |
|
| Other |
$5.1 |
|
$5.5 |
|
$3.4 |
|
| 1 - A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below 2 - The AES business segment was formed in the first quarter of 2021 through the combination of the Advanced Connectivity Solutions (ACS) and Power Electronics Solutions (PES) businesses. Prior period consolidated financial statements have been reclassified to conform to the current year presentation. |
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