ROGERS, CT -- Rogers today announced first quarter net sales of $203.8 million, up 27% from last year and exceeding previously company guidance of $185 million to $195 million.

Currency exchange rates unfavorably impacted net sales by $2.6 million. Net income jumped 81% to $27 million, and adjusted EBITDA rose 61% to $54.3 million.

Gross margin was 39.4% in the quarter, up 170 basis points. Operating margin rose 440 basis points to 19.4%.

Cash from operations was $23.2 million. Cash on hand dropped about $42 million sequentially during the period to $186.1 million, due primarily to a $60 million acquisition completed during quarter.

The company's Advanced Connectivity Solutions unit, which covers its printed circuit materials, reported first quarter net sales of $78.5 million, up 7% increase from a year ago quarter. The results were largely impacted by growth in high frequency circuit materials for automotive advanced driver assistance systems and aerospace / defense, partially offset by lower demand for wireless 4G LTE applications. First quarter 2017 net sales were unfavorably impacted by $900,000 due to fluctuations in currency exchange rates.

In a statement, CEO and president Bruce D. Hoechner said, "Our strong revenue growth was driven by increased organic sales across all our business units as well as exceptional sales performance by our recently acquired businesses. Our excellent operating discipline translated our sales performance to the bottom line enabling Rogers to deliver all-time record quarterly earnings. We are clearly benefiting from our strong execution of our core strategy: market driven innovation; synergistic M&A and operating excellence to deliver shareholder value. We remain cautious regarding global markets given the ongoing geopolitical uncertainty."

Later, on a conference call with analysts, Hoechner added: "As we look ahead, we expect to see continued penetration in the back pad solution for portable electronics as well as in high performance cascading for automotive applications. In addition, we anticipate more early wins as we integrate the acquisitions. Strategically, we are actively exploring additional acquisition opportunities to extend our current EMS product portfolio and technology capabilities with complementary, high-end, high-performance and high-margin polymeric materials."

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