CHANDLER, AZ – Rogers reported third quarter net sales of $226.9 million, an increase of 9.7% year-over-year and 5.7% sequentially.

Third quarter GAAP net income was $19.7 million, down 22.7% year-over-year and up 13.9% sequentially.

Adjusted EBITDA was $47.5 million, a decrease of 6.3% compared to the same quarter last year, and up 16.7% sequentially.

“We were pleased with the strong organic revenue growth in Rogers’ PES and EMS businesses, as well as our overall earnings performance in the quarter,” said Bruce D. Hoechner, Rogers’ president and CEO. “However, market weakness in 4G LTE and Advanced Driver Assistance Systems applications led to lower than expected demand in our ACS business that unfavorably impacted gross margin. While there is still more work to do, we continue to make progress on our operational excellence initiatives to drive profitability. Our outlook remains positive as we anticipate the transition in wireless telecommunications infrastructure from 4G to 5G, as well as strength in demand for Advanced Mobility applications, including ADAS and EV/HEV.”

Advanced Connectivity Solutions reported third quarter net sales of $71.9 million, a decrease of 1.2% year-over-year and 5.9% sequentially.

Elastomeric Material Solutions reported net sales of $95.8 million, an increase 16.5% year-over-year and 21% sequentially.

Power Electronics Solutions reported net sales of $55.2 million, up 19% compared to the third quarter of 2017 and 3% sequentially.

Rogers ended the third quarter with cash and cash equivalents of $149.6 million, compared to $181.2 million as of Dec. 31, 2017.

Rogers expects fourth quarter net sales between $215 million and $225 million.

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