CHANDLER, AZ – Rogers Corp. posted fourth quarter net sales of $222.9 million, up 6.7% year-over-year and down 1.8% sequentially.

Fourth quarter net income was $24.5 million, an increase of 250% compared to the fourth quarter of 2017 and up 24.3% sequentially. Adjusted EBITDA was $44 million, up 15.5% year-over-year and down 7.4% sequentially.

The company reported 2018 net sales of $879.1 million, an increase of 7% compared to 2017. Net income was $87.7 million, up 8.9%. Adjusted EBITDA for the year was $173.6 million, down 8.5%.

“In 2018, we accelerated capacity investments as the outlook for key applications in Advanced Connectivity and Advanced Mobility strengthened significantly,” said Bruce D. Hoechner, Rogers' president and CEO. "Margins were challenged by the operational initiatives underway, as we prepare for the significant growth opportunities in 5G wireless infrastructure, EV/HEV and Advanced Driver Assistance Systems. While we saw some softness in the fourth quarter 2018 demand that will carry forward into the first quarter 2019, the investments we are making today across the enterprise will enable Rogers to capitalize on these opportunities that we see accelerating in 2019."

Advanced Connectivity Solutions reported fourth quarter net sales of $72.5 million, down 4% year-over-year and up 0.9% sequentially. Elastomeric Material Solutions reported fourth quarter net sales of $88.3 million, a 16.2% increase year-over-year and a decrease of 7.8% sequentially. Power Electronics Solutions reported net sales of $56.8 million, up 9.2% compared to the same quarter of 2017 and 2.8% sequentially.

Rogers ended the fourth quarter with cash and cash equivalents of $167.7 million.

Rogers expects first quarter net sales in the range of $220 million to $230 million. For full-year 2019, the firm expects capital expenditures to be in a range of $50 million to $60 million.