-
- News
- Books
Featured Books
- pcb007 Magazine
Latest Issues
Current IssueThe Growing Industry
In this issue of PCB007 Magazine, we talk with leading economic experts, advocacy specialists in Washington, D.C., and PCB company leadership to get a well-rounded picture of what’s happening in the industry today. Don’t miss it.
The Sustainability Issue
Sustainability is one of the most widely used terms in business today, especially for electronics and manufacturing but what does it mean to you? We explore the environmental, business, and economic impacts.
The Fabricator’s Guide to IPC APEX EXPO
This issue previews many of the important events taking place at this year's show and highlights some changes and opportunities. So, buckle up. We are counting down to IPC APEX EXPO 2024.
- Articles
- Columns
Search Console
- Links
- Events
||| MENU - pcb007 Magazine
Rogers Reports Q3 2021 Results
November 2, 2021 | Rogers CorporationEstimated reading time: 2 minutes
Rogers Corporation announced financial results for the third quarter of 2021.
“Rogers’ strong position in the burgeoning EV/HEV markets was again evident in our third quarter results, despite some near-term supply chain challenges,” stated Bruce D. Hoechner, Rogers' President and CEO. “The underlying, long-term strength of the EV/HEV and ADAS markets coupled with broad customer enthusiasm for our materials solutions bolsters the opportunity we see to double our revenues over the next five years. In addition, we are very pleased with DuPont’s proposed acquisition of Rogers, which was announced earlier today. The planned combination of DuPont and Rogers is a natural fit that can help accelerate our long-term growth in EV/HEV, ADAS and other key markets. We appreciate the commitment of our employees, the trust of our customers, the constancy of our suppliers, and the support of the communities in which we operate, all working together to achieve shared success.”
Q3 2021 Summary of Results
Net sales of $238.3 million increased 1.4% versus the prior quarter from record sales in the EMS business unit. EMS net sales increased by 9.6% and revenues increased in all markets, led by EV/HEV and portable electronics. AES net sales decreased by 3.9% due to lower revenues for ADAS applications, primarily due to the impact of chip shortages on customer demand. This decline was partially offset by higher EV/HEV, clean energy and aerospace and defense sales. Currency exchange rates unfavorably impacted total company net sales in the third quarter of 2021 by $0.4 million compared to prior quarter net sales.
Gross margin was 38.5%, compared to 38.2% in the prior quarter. The increase in gross margin was primarily due to commercial actions to address rising input costs and higher volumes, partially offset by the continued impact of supply constraints on raw material and labor availability.
Selling, general and administrative (SG&A) expenses increased by $2.9 million from the prior quarter to $47.9 million. The increase in SG&A expense was primarily due to one-time costs for strategic growth initiatives.
GAAP operating margin of 14.2% decreased by 100 basis points from the prior quarter primarily due to higher SG&A and restructuring charges, partially offset by the improvement in gross margin. Adjusted operating margin of 17.2% decreased by 20 basis points versus the prior quarter.
GAAP earnings per diluted share were $1.33, compared to earnings per diluted share of $1.52 in the previous quarter. The decrease in GAAP earnings resulted from a decline in operating income, an increase in other expense and higher tax expense. On an adjusted basis, earnings were $1.64 per diluted share compared to adjusted earnings of $1.72 per diluted share in the prior quarter.
Ending cash and cash equivalents were $220.9 million, an increase of $17.0 million versus the prior quarter. Net cash provided by operating activities of $39.9 million was offset by capital expenditures of $22.0 million. The Company generated free cash flow of approximately $17.9 million in the third quarter of 2021.
Transaction with DuPont
In a separate press release, Rogers announced that it has entered into a definitive merger agreement to be acquired by DuPont for $277 per share in cash, implying a purchase price of approximately $5.2 billion. The press release announcing the transaction is available on the Investor Relations section of Rogers' website. The transaction is expected to close in the second quarter of 2022, subject to customary closing conditions, including approval by Rogers’ shareholders and receipt of regulatory approvals.
Suggested Items
HQ NextPCB of HQ Electronics Debut on the International Stage for Electronics Manufacture at IPC APEX 2024
05/01/2024 | PRNewswireHQ NextPCB of HQ Electronics, a leading Chinese-based multilayer PCB manufacturer and assembly house showcased its industrial prowess on the international stage for the first time at the IPC APEX Expo 2024.
IPC's Vision for Empowering PCB Design Engineers
04/30/2024 | Robert Erickson, IPCAs architects of innovation, printed circuit board designers are tasked with translating increasingly complex concepts into tangible designs that power our modern world. IPC provides the necessary community, standards framework, and education to prepare these pioneers as they explore the boundaries of what’s possible, equipping engineers with the knowledge, skills, and resources required to thrive in an increasingly dynamic field.
On the Line With… Talks With Cadence Expert on SI/PI for PCB Designers
05/02/2024 | I-Connect007In “PCB 3.0: A New Design Methodology—SI/PI for PCB Designers,” subject matter expert Brad Griffin, Cadence Design Systems, discusses how an intelligent system design methodology can move some signal and power integrity decision-making into the physical design space, offering real-time feedback.
USPAE to Springboard U.S. Technology Forward
04/30/2024 | Marcy LaRont, PCB007 MagazineThe U.S. Partnership for Assured Electronics (USPAE) was launched as a nonprofit subsidiary of IPC in 2020, specifically to manage the DoD relationship and access to funding, and to develop a cooperative facility to develop UHDI capabilities in the U.S., not only for the defense sector, but for the whole of the U.S. electronics industry. It is a tall order, but industry veteran Joe O'Neil believes it will happen. Having been tasked with making the UHDI Capable Cooperative Production Facility (UCCPF) a reality, he provides an update on this important project for U.S. electronics manufacturing.
North American PCB Industry Sales Down 23.8% in March
04/29/2024 | IPCIPC announced the March 2024 findings from its North American Printed Circuit Board (PCB) Statistical Program. The book-to-bill ratio stands at 1.13.