ROGERS, CT -- Rogers Corp. reported net income fell 89% from a year ago to $1.14 million in the fourth quarter, in part due to a $2.5 million loss in its now discontinued composite materials business.

Fourth-quarter revenues of $126.4 million were up 30%, boosted by acquisitions.

Printed circuit material sales totaled $37.2 million, up 4.8% from 2010. Sales softened during the quarter due to global economic trends, including the economic crisis in Europe and slowing growth and spending in China. Rogers saw growth across a broad spectrum of markets including aerospace, defense and other high reliability applications, automotive radar safety sensors, and satellite television. Sales into the wireless infrastructure market were flat due primarily to customers managing inventory levels at year-end.

For the year, net sales from continuing operations hit a record $553.2 million, up 46.3% from 2010. Gross margin was 29.5% for the quarter and 32.4% for the year. However, the company closed its Thermal Management Solutions business due to a failure to achieve company objectives.

President and CEO Bruce D. Hoechner said Rogers is reorganizing senior leadership team to strengthen its marketing focus and sales alignment within the business units, and implementing initial steps in a cost-savings initiative.

Rogers guided for first quarter sales of $120 million to $126 million. "We believe business conditions should improve in the second half of 2012. However the ongoing business climate uncertainty in the near term is tempering first quarter 2012 guidance," Hoechner said.

• Prev
• Next