Rogers Corporation reports Q1
Apr 22, 2005
Rogers Corporation (NYSE:ROG) announced that for the fiscal first quarter of 2005, earnings per diluted share were $0.30, compared to the $0.72 earned in the first quarter of 2004. The Company's first quarter guidance was earnings of $0.28 to $0.32 per diluted share. Net income for the quarter was $5.1 million.
Net sales in the first quarter were $86.5 million, compared to the $97.7 million sold in the first quarter of 2004. The Company had provided a first quarter guidance range for net sales of $85 to $89 million.
Printed Circuit Materials segment sales totaled $39.7 million, down 12% from the first quarter of 2004, when customers were building significant inventory. This business segment's operating profit was $3.8 million, compared to $8.5 million a year ago. Flexible laminate circuit material sales were significantly lower due to major cell phone programs reaching end of life. The Company expects its customers' new programs to ramp up late in the second and into the third quarter. High frequency circuit material sales, driven by resumed cellular infrastructure orders, increased significantly over the fourth quarter and satellite TV market sales remained strong throughout the quarter.