CHANDLER, AZ – Rogers Corporation reported net sales of $223.7 million for the fourth quarter, a decrease of 3% from the same quarter in 2021.

The company said the drop in sales revenue resulted primarily from weaker customer demand due to COVID-related disruptions in China and the challenging macroeconomic environment.

For the full year, Rogers saw a 4.1% increase in sales, totaling $971.2 million compared to 2021's $932.9 million. Looking at the first quarter of 2023, the company expects sales of $230 million to $240 million.

"Rogers continues to execute on its profitability improvement plans and navigate the challenging macroeconomic environment as we focus on our growth strategy," said Colin Gouveia, Rogers' President and CEO. "As recently announced we have undertaken a series of actions to improve operating margins in the coming quarters, including reducing our global workforce by 7%, divesting the non-core, low-margin natural rubber product line and optimizing our manufacturing footprint. In the fourth quarter we continued to face market headwinds from continuing COVID-related disruptions in China and weaker demand in certain markets, which tempered sales volume and gross margins. As we respond to the current market dynamics we also remain focused on driving growth by expanding our leadership in advanced materials solutions across our markets. This is especially true in the EV market where we are well-positioned with sales growth of 35% in 2022 and continued design win traction."