Rogers reports record Q3 sales and income
Oct 21, 2004
Rogers Corporation (NYSE:ROG) announced results for the third quarter of 2004. Diluted earnings per share for the third quarter were $0.38, compared to $0.39 in last year's third quarter. The Company's updated third quarter guidance of September 20, 2004 was earnings of $0.36 to $0.40 per diluted share. Net income for the quarter increased to $6.5 million compared to $6.3 million for the same quarter last year.
Net sales of $86.7 million are up 53% compared to the $56.5 million sold in the third quarter of 2003, and in line with previously announced updated sales guidance of $86 to $88 million. The Durel Division, acquired in the fourth quarter of 2003, contributed $10.4 million to sales this quarter. Excluding Durel sales, all three of Rogers' business segments still experienced double-digit sales growth compared to the third quarter of 2003.
Sales of Printed Circuit Materials set a third quarter record of $45.2 million, up 51% over the third quarter of 2003. While wireless infrastructure spending and the satellite TV market were softer than forecasted, they continue to contribute to the sales growth of high frequency circuit materials. Flexible circuit materials sales experienced increased demand for high quality laminates in our end markets, especially wireless handsets, and had a record quarter with more than a 100% sales increase over the same quarter in 2003. As previously announced, profitability within Printed Circuit Materials was significantly affected by lower efficiencies associated with the ramping up of new grades of flexible circuit laminate raw materials, and a quality issue, resolved within the quarter, with the Company's high frequency products.