Dan’s Biz Bookshelf: ‘Growth Hacker Marketing’
Happy’s Tech Talk #38: Novel Metallization for UHDI
It’s Only Common Sense Mastering the Follow-Up—The Key to Closing More Deals
Rogers Reports Second Quarter 2021 Results
July 30, 2021 | Rogers CorporationEstimated reading time: 2 minutes
Rogers Corporation announced financial results for the second quarter of 2021.
“Rogers achieved continued sales improvement in the second quarter driven by growth in EV/HEV, clean energy and other strategic markets,” stated Bruce D. Hoechner, Rogers' President and CEO. “Global supply chain challenges impacted our second quarter results more than anticipated and margins and earnings were below our prior guidance expectations. We are addressing these recent challenges as we continue to navigate this dynamic environment. We are executing on our market strategy and the outlook for Advanced Mobility remains robust, led by the accelerating transition to electric and hybrid electric vehicles. We continue to significantly increase our investments in new capacity and capabilities to capitalize on the growth opportunities across our market portfolio.”
Q2 2021 Summary of Results
Net sales of $234.9 million increased 2.5% versus the prior quarter from higher sales in the AES business unit. AES net sales increased primarily due to strong demand for EV/HEV applications and higher clean energy, defense and wireless infrastructure market sales, partially offset by a decline in sales for ADAS applications. Demand remained strong in the EMS business, but net sales decreased compared to the prior quarter primarily due to lower production levels from supply constraints and the previously announced disruption to the Company's manufacturing facility in South Korea. The lower production levels contributed to the decline in portable electronics market sales, and tempered growth in industrial market sales. EV/HEV sales declined slightly, compared to strong first quarter sales. Currency exchange rates unfavorably impacted total company net sales in the second quarter of 2021 by $0.8 million compared to prior quarter net sales.
Gross margin was 38.2%, compared to 39.0% in the prior quarter. The decrease in gross margin was primarily due to the impact of supply constraints, raw material price increases and unfavorable product mix, partially offset by higher volumes.
Selling, general and administrative (SG&A) expenses increased by $2.5 million from the prior quarter to $45.0 million. The increase in SG&A expense was due to higher performance based compensation costs and reinvestment initiatives.
GAAP operating margin of 15.2% decreased by 100 basis points from the prior quarter primarily due to lower gross margin and higher SG&A expenses, partially offset by lower restructuring charges. Adjusted operating margin of 17.4% decreased by 160 basis points versus the prior quarter.
GAAP earnings per diluted share were $1.52, compared to earnings per diluted share of $1.66 in the previous quarter. The decrease in GAAP earnings primarily resulted from lower operating income and other income, partially offset by lower tax expense. On an adjusted basis, earnings were $1.72 per diluted share compared to adjusted earnings of $1.92 per diluted share in the prior quarter.
Ending cash and cash equivalents were $203.9 million, an increase of $4.8 million versus the prior quarter. The Company generated free cash flow of approximately $11.9 million in the second quarter of 2021. Net cash provided by operating activities of $29.7 million was offset by $4.0 million of principal payments made on the remaining outstanding borrowings under the Company’s revolving credit facility and capital expenditures of $17.8 million.
Share on:
Suggested Items
Hunting for Clues: Feng Xue Solving Circuit Board 'Crimes' With AOI Standard
05/08/2025 | Linda Stepanich, IPCWhen residents in sleepy English villages needed a top-tier detective to solve a murder, they called on Belgian super-sleuth Hercule Poirot, author Agatha Christie’s fictional detective famous for using his “little grey cells” to solve crimes. In the same way, IPC standards development committees, when creating a standard to detect defects in circuit boards using Automated Optical Inspection (AOI), call on IPC A-Team, Hercule.
The Right Blend: Mixed Wireless Technologies
05/08/2025 | Kirsten Zima, Siemens EDAA common trend recently is to employ as many radios as possible on a single PCB. With the increase of wireless standards and the downscaling of PCB size, it can be difficult to know what the most critical design parameters are to focus on. In this article, we’ll discuss the most important considerations to make when designing with mixed wireless technologies, such as Bluetooth, GPS, and Wi-Fi, on a single PCB. These considerations include antennas, frequencies, FCC compliance, shielding, and layout with and without transition vias.
Voices of the Industry: Alpha Circuit
05/06/2025 | Marcy LaRont, PCB007 MagazinePrashant Patel, founder and president of Alpha Circuit, takes a pragmatic approach to doing business: “Commerce always wins out,” he says. How will potential tariffs and shifts in the economy affect PCB manufacturing? Prashant offers sound advice.
Green Circuits Expands Large-Format PCBA Capabilities with Installation of JUKI Primo Screen Printer
05/05/2025 | Green CircuitsGreen Circuits, a full-service Electronics Manufacturing Services (EMS) partner to leading OEMs, proudly announces the installation of the JUKI Primo Large-Format Screen Printer, expanding its capabilities to support printed circuit board assemblies (PCBAs) up to 33.5" x 24".
Hon Hai Research Institute Demonstrates Superiority of Shallow Quantum Circuits Beyond Prior Understanding
05/05/2025 | Hon Hai Technology GroupHon Hai Research Institute (HHRI), in a milestone collaborative effort, has demonstrated that parallel quantum computation can exhibit greater computational power than previously recognized, with its research results accepted for publication in the prestigious journal Nature Communications.