CHANDLER, AZ – Rogers reported third quarter net sales of $221.8 million, down 2.2% year-over-year and 8.7% sequentially. Net sales were below the company's previously announced guidance range of $225 million to $235 million.

Third quarter net income was $23.4 million, up 18.8% year-over-year and down 3.7% sequentially. Adjusted EBITDA was $47.4 million, or 21.4% of net sales, compared to $50.2 million, or 22.1% of net sales, reported in the third quarter of 2018.

"Rogers' third quarter earnings exceeded the top end of our guidance range, despite the impact of challenging market conditions and trade tensions that tempered sales for the quarter," said Bruce D. Hoechner, Rogers’ president and CEO. "The solid third quarter earnings resulted from a favorable product mix, gross margin improvement efforts and efficient management of operating expenses. For the remainder of the year, we anticipate continued weakness in the industrial and automotive markets and a pause in China 5G deployments before the expected next wave of deployments in the first half of 2020. We remain focused on our strategic priorities and are well positioned to take advantage of the significant growth opportunities for Advanced Connectivity and Advanced Mobility applications."

Advanced Connectivity Solutions reported third quarter net sales of $79 million, an increase of 9.9% year-over-year and down 14.6% sequentially. The sequential decrease was largely driven by lower demand for high-frequency circuit materials used in 4G and 5G wireless infrastructure, partially offset by stronger aerospace and defense.

Elastomeric Material Solutions reported third quarter net sales of $94.9 million, down 0.9% compared to the third quarter last year and up 1.1% sequentially. The sequential increase was primarily due to seasonally stronger demand in portable electronics, which was partially offset by a decline in general industrial.

Power Electronics Solutions reported net sales of $43.1 million, a decrease of 21.9% year-over-year and 16.5% sequentially. The third quarter sequential decrease was primarily due to weaker demand for power semiconductor substrates across most market segments.

Rogers ended the third quarter with cash and cash equivalents of $140.7 million, a decrease of $27 million from Dec. 31, 2018.

Rogers guides its fourth quarter net sales to a range of $200 million to $210 million.

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