CHANDLER, AZ -- Rogers Corp. today reported first quarter revenues at its Advanced Electronics Solutions unit were $135.9 million, up from $133.2 million last year.

AES net sales increased by 8.4% primarily related to higher ADAS and renewable energy revenues and favorable currency exchange rates, partially offset by lower EV/HEV revenues following strong fourth quarter sales. Overall revenues were $243.8 million, down from $248.3 million in the year ago quarter. Net sales were up 9% versus the prior quarter on higher ADAS, general industrial and renewable energy market revenues, and favorable currency exchange rate fluctuations.

Gross margin fell 170 basis points to 32.7%. Operating Margin was -0.1%, versus 8% a year ago. The net loss of #3.5 million compared to a net gain of $16.6 million a year ago.

"First quarter sales and gross margin exceeded the high end of our guidance as a result of improved market demand and continued execution of our cost improvement plans," said Colin Gouveia, president and CEO, Rogers. "Sales in the ADAS, general industrial and renewable energy markets all contributed to the higher revenue versus the prior quarter. While we are pleased with the improved profitability in the first quarter, we remain intently focused on realizing the full benefit of the previously announced cost improvement actions, including achieving 34% gross margin in the second quarter. As outlined at our recent Investor Day, we will continue to execute on the Restore phase of our multi-year strategy as we also focus on leveraging our innovative technologies and application expertise to drive towards our 2025 growth targets."

Rogers guided for second quarter net sales of $235 million to $245 million and gross margin of 33.5% to 34.5%.

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