- pcb007 Magazine
Latest IssuesCurrent Issue
The Registration Sweet Spot
Registration is underrated and underappreciated. The key is to ensure proper registration from layer to layer across the entire printed circuit board. It’s a holistic process requiring anticipation, prediction, precise attention at each step, and detailed data tracking and monitoring.
- Events||| MENU
- pcb007 Magazine
Rogers Reports Second Quarter 2021 ResultsJuly 30, 2021 | Rogers Corporation
Estimated 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.
RS Group Selects Siemens' EDA Simulation Technology for New Cloud Native DesignSpark Circuit Simulator12/05/2023 | PRNewswire
Siemens Digital Industries Software announced that the RS Group plc, a global provider of product and service solutions to more than 1.1 million industrial customers, has selected Siemens as its strategic electronic design automation (EDA) provider for its new, cloud native, DesignSpark Circuit Simulator tool – empowering users to streamline the design process.
American Standard Circuits to Exhibit at the 60th Annual Association of Old Crows International Symposium and Convention 202312/05/2023 | American Standard Circuits
West Chicago, Illinois-based PCB fabricator American Standard Circuits will be exhibiting at this year’s Annual Association of Old Crows International Symposium to be held from December 11 through the 13th in National Harbor, Maryland.
Precision Technology, Inc. (PTI) and Epec Engineered Technologies shared that they have joined together to give customers a greater range of high-quality printed circuit boards and other electronic products.
To sustain a standard of excellence, it’s equally important to look at both what we’re doing today as well as what we’ll do in the future. In other words, plan ahead. In that spirit, I thought it would be prudent to peek into the future and talk about what a printed circuit board fabrication facility with a “standard of excellence” will look like five years from now.
Schweitzer Engineering Laboratories (SEL), a global leader in products and solutions that protect and control electric power systems, earned the 2023 Top Project of the Year award by the Idaho Business Review last week at Idaho’s 2023 Top Projects award ceremony in Boise.