CHANDLER, AZ – Rogers Corp. reported first quarter net sales of $198.8 million, down 17% year-over-year, up 2.6% sequentially, despite some impact to demand from the Covid-19 pandemic.

Net income was $13.3 million, a decrease of 53.2% year-over-year, compared to a net loss of $28.8 million in the fourth quarter of 2019.

Advanced Connectivity Solutions reported net sales of $64.6 million, down 19.8% year-over-year, flat with the prior quarter.

Elastomeric Material Solutions posted net sale of $83.5 million, down 10% year-over-year and up 4.4% sequentially.

Power Electronic Solutions reported first quarter net sales of $46.7 million, a decrease of 21.9% compared to the same period last year, up 6.4% sequentially.

"Rogers delivered solid first quarter results at the high end of our guidance range, despite the impact of the ongoing Covid-19 pandemic," said Bruce D. Hoechner, Rogers' president and CEO. "The global Rogers team responded swiftly to focus on employee safety and health, while maintaining continuity of our operations to meet commitments to our customers. Looking ahead, we anticipate second quarter sales to be comparable to the first quarter due to stronger wireless infrastructure demand from China offsetting weakness in automotive and industrial markets. The current environment remains dynamic. However, with a strong balance sheet, a history of adaptability, resilience and innovation, and leading positions in global diversified markets, Rogers is well positioned to navigate these challenges."

First quarter ending cash and cash equivalents was $308.3 million, an increase of $141.4 million versus the prior quarter. The increase in cash was primarily due to $150 million of new borrowing under the company’s revolving credit facility and net cash provided by operating activities of $8.6 million, partially offset by capital expenditures of $11.2 million and $5 million in tax payments related to net share settlement of equity awards. The borrowing under the revolving credit facility was a precautionary measure to preserve financial flexibility in the current market environment. At the end of the first quarter, cash exceeded borrowings by $35 million.

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