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Rogers Corporation Reports Third Quarter 2018 Results
November 2, 2018 | Rogers CorporationEstimated reading time: 5 minutes
The Company reported 2018 third quarter net sales of $226.9 million, which was within the Company's previously announced guidance of $220 to $230 million. Q3 2018 net sales increased $12.2 million (+5.7%) over Q2 2018 net sales and $20.1 million (+9.7%) over Q3 2017 net sales. Currency exchange rates negatively impacted 2018 third quarter net sales by $4.2 million compared to the 2018 second quarter but had favorable impact of $0.8 million on 2018 third quarter revenues compared to the 2017 third quarter.
Gross margin was 34.9% in the third quarter of 2018, compared to 35.7% in the second quarter of 2018 and 39.7% in the third quarter of 2017. Q3 2018 gross margin was lower than our guidance of 37%. GAAP operating margin was 13.1% in the third quarter of 2018, compared to 11.7% in the second quarter of 2018 and 19.0% in the third quarter of 2017. Adjusted operating margin was 17.0% in Q3 2018, compared to 14.8% in Q2 2018 and 19.4% in Q3 2017.
Third quarter 2018 GAAP net income was $19.7 million, compared to $17.3 million in the second quarter of 2018 and $25.5 million in the third quarter of 2017.
GAAP earnings for the 2018 third quarter were $1.06 per diluted share, compared to $0.93 per diluted share in the second quarter of 2018 and $1.37 per diluted share in the third quarter of 2017. Q3 GAAP earnings per diluted share were within the Company's guidance of $0.97 to $1.12. On an adjusted basis, earnings were $1.42 per diluted share for the 2018 third quarter, compared to adjusted diluted earnings per share of $1.19 for the second quarter and $1.41 per diluted share for the 2017 third quarter. Adjusted earnings were above the Company's guidance of $1.25 to $1.40 per diluted share.
Adjusted EBITDA was $47.5 million for the third quarter of 2018, compared to $40.7 million for the second quarter and $50.7 million reported in the third quarter of 2017.
“We were pleased with the strong organic revenue growth in Rogers’ PES and EMS businesses, as well as our overall earnings performance in the quarter,” stated Bruce D. Hoechner, Rogers’ President and Chief Executive Officer. “However, market weakness in 4G LTE and Advanced Driver Assistance Systems applications led to lower than expected demand in our ACS business that unfavorably impacted gross margin. While there is still more work to do, we continue to make progress on our operational excellence initiatives to drive profitability. Our outlook remains positive as we anticipate the transition in wireless telecommunications infrastructure from 4G to 5G, as well as strength in demand for Advanced Mobility applications, including ADAS and EV/HEV.”
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