CHANDLER, AZ – Rogers Corp. reported net sales of $238.3 million, up 18% year-over-year and 1.4% sequentially.

Net income was $25.1 million, an increase of 258.6% compared to the third quarter of 2020, down 12.5% sequentially.

Advanced Electronics Solutions net sales for the period were $135 million, up 21% year-over-year and down 3.8% sequentially. ADAS application revenues were lower during the quarter, primarily due to the impact of chip shortages on customer demand.

Record Elastomeric Material Solutions net sales were $98 million, an increase of 13.4% compared to the third quarter last year and up 9.7% sequentially. Revenues increased in all markets, led by EV/HEV and portable electronics.

“Rogers’ strong position in the burgeoning EV/HEV markets was again evident in our third quarter results, despite some near-term supply chain challenges,” said Bruce D. Hoechner, Rogers' president and CEO. “The underlying, long-term strength of the EV/HEV and ADAS markets, coupled with broad customer enthusiasm for our materials solutions, bolsters the opportunity we see to double our revenues over the next five years. In addition, we are very pleased with DuPont’s proposed acquisition of Rogers, which was announced earlier today. The planned combination of DuPont and Rogers is a natural fit that can help accelerate our long-term growth in EV/HEV, ADAS and other key markets. We appreciate the commitment of our employees, the trust of our customers, the constancy of our suppliers, and the support of the communities in which we operate, all working together to achieve shared success.”

Ending cash and cash equivalents were $220.9 million, an increase of $17 million versus the prior quarter. Net cash provided by operating activities of $39.9 million was offset by capital expenditures of $22 million. The company generated free cash flow of approximately $17.9 million in the third quarter.

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