Rogers Corp Falling After Hours (ROG)

Rogers Corporation ROG announced after the market closed on Monday that it missed consensus Wall Street earnings estimates. Rogers Corporation reported that its 3rd quarter net income climbed to $8.9 million, or 55 cents per share, up from $6.3 million, or 40 cents per share, a year earlier. Revenue rose to $101.3 million, up from $81 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 57 cents per share, on revenue of $100.2 million. President and CEO Robert D. Wachob said, “I am quite pleased with our continued progress in the third quarter and how our people have held the cost reduction gains implemented in 2009. Looking forward I see the markets for our products to continue to be healthy, albeit at a slower rate of growth than earlier in the year and with some customer inventory corrections, especially in our High Performance Foams business." Wachob went on to say, "Finally, we are progressing more rapidly than planned in our high speed digital application initiatives and will incur several hundred thousand dollars of expense for customer qualification materials. All of this bodes very well for the future growth of the Company. Our fourth quarter is usually less robust than our third quarter and this year should be no different. I expect sales between $91 and $96 million and earnings ranging from $0.52 to $0.57 per diluted share, including a one-time gain of $0.15 per diluted share related to the sale of our 50% share of RCCT." Rogers Corporation ROG closed Monday trading at $34.22 per share and was down 6.6% at $31.95 during after hours trading. Analysts covering the company's stock give it a consensus price target of $42 per share. Read more from Benzinga's Company news.