NEW YORK – Rogers Corporation (NYSE: NYSE:) reported a miss on each earnings and income for the primary quarter of 2024, as the corporate navigates via various market circumstances.
The firm’s adjusted earnings per share (EPS) of $0.58 fell in need of the analyst estimate of $0.75, whereas income reached $213.4 million, additionally under the consensus estimate of $220 million.
Despite the shortfall, Rogers’ President and CEO, Colin Gouveia, expressed optimism in regards to the bettering demand seen within the first quarter, significantly in aerospace and protection gross sales. Gouveia additionally famous optimistic traits within the basic industrial market, anticipating additional gross sales enhancements within the upcoming quarters.
However, the corporate’s steerage for the second quarter suggests a cautious outlook.
For the primary quarter, Rogers skilled a 4.3% improve in internet gross sales in comparison with the earlier quarter, attributed to increased gross sales within the AES (NYSE:) and EMS enterprise items.
However, gross margin noticed a lower to 32.0% from 32.9% resulting from an unfavorable product combine, regardless of increased gross sales volumes. The firm managed to scale back promoting, basic and administrative bills by $4.3 million, primarily via decreased skilled service charges and different administrative prices.
GAAP working margin declined to five.5% from 14.9% within the prior quarter, primarily resulting from a lower in different working revenue, which had been bolstered by a major insurance coverage restoration within the earlier quarter. Adjusted working margin, nevertheless, improved by 120 foundation factors to 7.5%.
Looking forward, Rogers offered steerage for the second quarter of 2024, with an anticipated EPS vary of $0.50 to $0.70. This steerage falls under the analyst consensus of $0.70. The firm additionally anticipates second-quarter income to be between $210 million and $220 million, with the midpoint barely under the consensus estimate of $216.8 million.
take away adverts
.
While the corporate didn’t specify the inventory’s up or down motion in proportion, the steerage for the subsequent quarter signifies a extra conservative expectation in comparison with market estimates. Rogers’ focus stays on driving profitability and money circulate, in addition to positioning for progress as demand strengthens, based on CEO Gouveia.
The firm’s money and money equivalents ended the quarter at $116.9 million after a principal cost of $30.0 million on its revolving credit score facility.
This article was generated with the assist of AI and reviewed by an editor. For extra info see our T&C.