Rogers Corporation Reports Second Quarter 2021 Results

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

 

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.


1 | 2 | 3 | 4 | 5  Next Page »



Review Article Be the first to review this article
Featured Video
Jobs
NAND Hardware Engineer for Apple Inc at Cupertino, California
Logic Design Engineer for Intel at Santa Clara, California
Test and Measurement System Architect for Xilinx at San Jose, California
CSM Design Verification Lead for Apple Inc at Cupertino, California
Senior Staff Field Application Engineer for Global Foundaries at Santa Clara, California
Business Operations Planner for Global Foundaries at Santa Clara, California
Upcoming Events
SEIA' 2021 at Palma de Mallorca Balearic Islands Spain - Sep 22 - 24, 2021
Strategic Materials Conference (SMC) 2021 at DoubleTree by Hilton san jose CA - Sep 27 - 29, 2021
Embedded Systems Week at Virtual Conference Virtual Conference - Oct 10 - 15, 2021
DVCon Europe 2021 at Germany - Oct 26 - 27, 2021



© 2021 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise