CHANDLER, AZ – Rogers reported fourth quarter sales of $204.6 million, a decrease of 8.5% from 2022's fourth quarter.

The company's sales of $908.4 million for the full year were a 6.5% decrease from 2022's sales, primarily due to lower sales in its AES and EMS business units.

"We made significant progress this past year as we drove structural cost improvements, secured new design wins, generated solid free cash flow, and invested in targeted capacity expansions to drive future growth," stated Colin Gouveia, Rogers' president and CEO. "In the fourth quarter, the macroeconomic headwinds we faced throughout 2023 persisted, resulting in further inventory destocking by customers and softness in many end markets. The lower sales volumes, especially in industrial and portable electronics markets, more than offset our cost improvements in the quarter and resulted in lower gross margins. Looking ahead, we anticipate the demand environment will remain challenging in the first quarter, but that we will begin to see some improvement midyear. We will continue to navigate the dynamic conditions with a clear focus on executing our strategy and managing what is within our control."