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Rogers Corporation today announced preliminary results for its fiscal second quarter ended June 30, 2015. Rogers expects that it will report net sales of between $162 and $164 million for the quarter as compared to the April 29, 2015 guidance of $175 to $185 million. Non-GAAP net earnings per diluted share for the second quarter 2015 are expected to be approximately $0.60 to $0.70 (which excludes $0.02 per diluted share of integration charges and a discrete favorable tax benefit of an estimated $0.08 per diluted share), compared to the previous non-GAAP guidance of $0.81 to $0.93 per diluted share (which excluded $0.10 per diluted share of integration charges).
These revised unaudited net sales and earnings estimates are primarily the result of a sudden sales decline into the Chinese wireless telecom market. The Company believes that the widely-reported government actions in Chinese state-owned telecom enterprises may have temporarily delayed certain projects. In addition, weakness in the portable electronics market also impacted results for the quarter. The Company expects sales will progressively recover during the second half of 2015.
Bruce D. Hoechner, President and CEO commented, “We believe the Chinese wireless telecom situation is temporary, although global economic conditions are more challenging to forecast. We remain confident in our strategy and the Company is well positioned to manage through these headwinds. Our outlook for our business remains positive.”
The Company plans to release results for its 2015 second quarter after the close of trading on Wednesday, July 29, 2015 and host its quarterly teleconference on Thursday, July 30, 2015. Details will follow.
About Rogers Corporation
Rogers Corporation (NYSE:ROG) is a global leader in engineered materials helping to Power, Protect, Connect our world. With more than 180 years of materials science experience, Rogers delivers high-performance solutions that enable clean energy, internet connectivity, safety and protection and other technologies where reliability is critical. Rogers delivers Power Electronics Solutions for energy-efficient motor drives, vehicle electrification and alternative energy; High Performance Foams for sealing, vibration management and impact protection in mobile devices, transportation interiors, industrial equipment and performance apparel; and Printed Circuit Materials for wireless infrastructure, automotive safety and radar systems. Headquartered in Connecticut (USA), Rogers operates manufacturing facilities in the United States, China, Germany, Belgium, Hungary, and South Korea, with joint ventures and sales offices worldwide. For more information, visit www.rogerscorp.com.