Rogers Corporation ROG today announced financial results for the fourth quarter and full year of 2015.
The Company reported record fourth quarter net sales of $152.9 million, in line with the company's previously announced guidance and a 3.5% increase from the net sales of $147.7 million for the 2014 fourth quarter. These results include $26.6 million of net sales from the acquired Arlon business. Net sales were unfavorably impacted by approximately $5.2 million of negative currency fluctuations primarily related to the decline in the value of the Euro.
Earnings for the 2015 fourth quarter were $0.37 per diluted share (or $0.69 per diluted share excluding special charges, exceeding the company's previously announced guidance), as compared to $0.39 per diluted share (or $0.91 per diluted share excluding special charges) for the fourth quarter of 2014. These results include earnings of $0.26 per diluted share from the acquired Arlon business.
Going forward the Company will provide EBITDA and adjusted earnings as it believes these are key to assessing its internal core operating performance and will be useful information to analysts, investors and others. The Company defines EBITDA as net income excluding interest, income taxes, depreciation, amortization, restructuring, non-cash stock-based compensation and other discrete charges, and adjusted earnings as net income excluding restructuring, non-cash stock-based compensation, amortization and other discrete charges. The 2015 fourth quarter EBITDA was $28.2 million compared to $31.2 million for the 2014 fourth quarter. The 2015 fourth quarter adjusted earnings were $0.88 per diluted share compared to $1.04 per diluted share for the 2014 fourth quarter.
Net sales for the full year 2015 were a record $641.4 million, a 5.0% increase from the net sales of $610.9 million for the full year 2014. Full year 2015 net sales included $100.0 million of net sales from the acquired Arlon business and a negative impact of approximately $27.5 million due to currency fluctuations (primarily related to the decline in the value of the Euro). Full year 2015 earnings were $2.48 per diluted share (or $3.08 per diluted share excluding special charges), compared to $2.86 per diluted share for full year 2014 (or $3.41 per diluted share excluding special charges). The full year 2015 includes earnings of $0.70 per diluted share from the acquired Arlon business. The full year 2015 EBITDA was $132.8 million compared to $125.7 million for the full year 2014. The full year 2015 adjusted earnings were $3.84 per diluted share compared to $3.93 per diluted share for the full year 2014.
Bruce D. Hoechner, President and CEO commented, "In 2015, Rogers was impacted by the volatile global economy. Despite these market headwinds, we delivered record sales for the year by remaining focused on our growth strategy and on successfully integrating the Arlon business. We are encouraged by the growth outlook in our global megatrend markets and in the progress we are making with our operational improvements. We believe the Company is well-positioned to capitalize on the opportunities that will arise when global markets recover."
Business Segment Discussion
Advanced Connectivity Solutions (ACS)
Advanced
Connectivity Solutions reported record fourth quarter net sales of $63.8
million, an 11.0% increase compared to 2014 fourth quarter net sales of
$57.5 million. Organic sales declined $9.5 million or 16.4% on a
currency neutral basis from the same quarter of the prior year.
Fluctuations in currency exchange rates unfavorably impacted net sales
in the fourth quarter by approximately $0.7 million or 1.2% as compared
with the 2014 fourth quarter. Net sales during the 2015 fourth quarter
include $16.4 million or 28.6% from the acquired Arlon business. The
2015 fourth quarter results were favorably impacted by strong growth in
high frequency circuit materials used in automotive Advanced Driver
Assistance Systems and aerospace and defense applications, which
partially offset weaker demand in the 4G LTE base station supply chain,
primarily in China.
Elastomeric Material Solutions (EMS)
Elastomeric
Material Solutions reported 2015 fourth quarter net sales of $42.5
million, a 1.0% decrease compared to 2014 fourth quarter net sales of
$43.0 million. Organic sales declined by $5.8 million or 13.5% on a
currency neutral basis from the same quarter of the prior year.
Fluctuations in currency exchange rates unfavorably impacted net sales
in the fourth quarter by approximately $0.8 million or 1.8% as compared
with the 2014 fourth quarter. Net sales during the 2015 fourth quarter
include $6.1 million or 14.3% from the acquired Arlon business. The 2015
fourth quarter results were favorably impacted by increases in certain
consumer and automotive applications, which partially offset the
continued decline in portable electronics.
Power Electronics Solutions (PES)
Power
Electronics Solutions reported 2015 fourth quarter net sales of $36.7
million, a 12.0% decrease compared to 2014 fourth quarter net sales of
$41.6 million. Sales declined by $1.4 million or 3.4% on a currency
neutral basis from the same quarter of the prior year. Net sales were
unfavorably impacted by approximately $3.6 million or 8.6% due to
fluctuations in currency exchange rates as compared with the 2014 fourth
quarter. The 2015 fourth quarter results were favorably impacted by
increased demand in electric and hybrid-electric vehicles and certain
renewable energy applications, which partially offset lower demand in
mass transit applications.
Other
Net sales of other
products reported for the 2015 fourth quarter were $10.0 million, an
increase of 76.2% compared to 2014 fourth quarter net sales of $5.6
million. This increase was driven by the acquired Arlon related sales of
polyimide and thermoset epoxy laminate products of $4.0 million or 71.6%
in the 2015 fourth quarter. Net sales were unfavorably impacted by
approximately $0.2 million or 3.0% due to fluctuations in currency
exchange rates as compared with the 2014 fourth quarter. As previously
announced on December 21, 2015 the Company sold the portion of the
acquired Arlon business related to the polyimide and thermoset epoxy
laminate products reported within the Other business results.
Operational Highlights
Rogers
ended 2015 with cash and cash equivalents of $204.6 million, a decrease
of $32.8 million, or 13.8%, from $237.4 million at December 31, 2014. In
2015, this cash utilization was predominantly a result of $33.4 million
(net of financing proceeds) being deployed for the acquisition of Arlon,
$40.0 million used to fund the share repurchase program, as well as
investments in capital expenditures of approximately $3.3 million in the
fourth quarter and $24.8 million for the full year 2015. Net cash
provided by operating activities was $73.9 million for 2015 compared to
$85.2 million for 2014.
The Company reported 2015 fourth quarter gross margin of 34.4% and 36.7% (non-GAAP 36.9%) for the full year 2015, which compares to 39.7% for the 2014 fourth quarter and 38.4% for the full year 2014. Operating margin was 8.0% for the 2015 fourth quarter and 11.9% for the full year 2015, compared to 10.0% for the 2014 fourth quarter and 13.3% for the full year 2014. Operating margin on a non-GAAP basis was 10.8% for the 2015 fourth quarter and 13.7% for the full year 2015, compared to 14.6% for both the fourth quarter and full year 2014. The 2015 gross and operating margins were unfavorably impacted primarily by the lower organic volume and sales mix.
The Company's 2015 effective tax rate was 30.0%.
Share Repurchase Program
During
the 2015 fourth quarter, the Company repurchased 49,273 shares at an
aggregate cost of $2.5 million. A total of 727,573 shares were
repurchased in 2015 with an aggregate cost of $40.0 million. The Company
initiated a share repurchase program of up to $100.0 million of shares
of the Company's capital stock during the 2015 third quarter. This
repurchase program was initiated to increase shareholder value and
mitigate potentially dilutive effects of stock options and shares of
restricted stock granted by the Company.
Outlook
Rogers projects its
2016 first quarter net sales will be between $148 to $156 million and
earnings will be between $0.51 and $0.61 per diluted share and adjusted
earnings will be between $0.72 and $0.82 per diluted share.
For the full year 2016, Rogers expects capital expenditures to be approximately $25 million and its effective tax rate to be approximately 30%.
Non-GAAP Financial Measures
This
release refers to various non-GAAP financial measures. We believe that
this information is useful to understanding the operating results and
ongoing performance of our underlying businesses. Reconciliations of
non-GAAP measures used in this release to the applicable GAAP financial
measures appear at the end of the press release.
About Rogers Corporation
Rogers
Corporation ROG is a global leader in engineered materials to
power, protect, and connect our world. With more than 180 years of
materials science experience, Rogers delivers high-performance solutions
that enable clean energy, internet connectivity, and safety and
protection applications, as well as other technologies where reliability
is critical. Rogers delivers Power Electronics Solutions for
energy-efficient motor drives, vehicle electrification and alternative
energy; Elastomeric Material Solutions for sealing, vibration management
and impact protection in mobile devices, transportation interiors,
industrial equipment and performance apparel; and Advanced Connectivity
Solutions for wireless infrastructure, automotive safety and radar
systems. Headquartered in Connecticut (USA), Rogers operates
manufacturing facilities in the United States, China, Germany, Belgium,
Hungary, and South Korea, with joint ventures and sales offices
worldwide. For more information, visit www.rogerscorp.com.
Safe Harbor Statement
This
release contains forward-looking statements within the meaning of the
Safe Harbor Provisions of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements do not constitute guarantees
of future performance. Forward-looking statements include statements
concerning our plans, objectives, goals, strategies, future events,
future net sales or performance, capital expenditures, financing needs,
restructuring, plans or intentions relating to expansions, business
trends and other information that is not historical information. All
forward-looking statements are based upon information available to us on
the date of this release and are subject to risks, uncertainties and
other factors, many of which are outside of our control, which could
cause actual results to differ materially from the results discussed in
the forward-looking statements. Risks that could cause such results to
differ include: volatility within the Internet Connectivity, Clean
Energy, and Safety and Protection megatrends on which our business is
focused, as well as specific market and industry trends within these
megatrends; business, economic and political conditions in the United
States and abroad, particularly in China, South Korea, Germany, Hungary
and Belgium, where we maintain significant manufacturing or
administrative operations; fluctuations in foreign currency exchange
rates; our ability to develop innovative products and have them
incorporated into end-user products and systems; the extent to which
end-user products and systems incorporating our products achieve
commercial success; the ability of our sole or limited source suppliers
to deliver certain key raw materials to us in a timely manner; intense
global competition affecting both our existing products and products
currently under development; failure to realize, or delays in the
realization of, anticipated benefits of acquisitions and divestitures
due to, among other things, the existence of unknown liabilities or
difficulty integrating acquired businesses; our ability to attract and
retain management and skilled technical personnel; our ability to
protect our proprietary technology from infringement by third parties
and/or allegations that our technology infringes third party rights;
changes in effective tax rates or tax laws and regulations in the
jurisdictions in which we operate; financial and restrictive covenants
in our credit agreement, which could limit our operational and financial
flexibility; the outcome of ongoing and future litigation, including our
asbestos-related product liability litigation; changes in environmental
laws and regulations applicable to our business; disruptions in, or
breaches of, our information technology systems; asset impairment and
restructuring charges; and changes in accounting standards promulgated
by the Financial Accounting Standards Board and the Securities and
Exchange Commission. The risks identified in our filings with the
Securities and Exchange Commission, including the Company's most recent
Annual Report on Form 10-K, could impact any forward-looking statements
contained in this release. Rogers Corporation assumes no responsibility
to update any forward-looking statements contained herein except as
required by law.
Additional Information and February 23, 2016 Conference Call
For more information, please contact the Company directly, via email or visit the Rogers website.
Website Address: http://www.rogerscorp.com
A conference call to discuss 2015 fourth quarter and full year results will be held on Tuesday, February 23, 2016 at 9:00AM (Eastern Time).
A slide presentation will be made available prior to the start of the call. The slide presentation can be accessed under the investor relations section of the Rogers Corporation website (www.rogerscorp.com/ir).
The Rogers participants in the conference call will be:
Bruce D. Hoechner, President and CEO
Janice E. Stipp, Vice
President, Finance, CFO and Corporate Treasurer
Robert C. Daigle,
Senior Vice President and CTO
A Q&A session will immediately follow management's comments.
To participate in the conference call, please call:
1-800-574-8929 | Toll-free in the United States | ||||||||||
1-973-935-8524 | Internationally | ||||||||||
There is no passcode for the live teleconference. | |||||||||||
For playback access, please call: 1-855-859-2056 in the United States and 1-404-537-3406 internationally through 11:59PM (Eastern Time), February 29, 2016. The passcode for the audio replay is 31680653.
The call will also be webcast live in a listen-only mode. The webcast may be accessed through links available on the Rogers Corporation website at www.rogerscorp.com/ir. Replay of the archived webcast will be available on the Rogers website approximately two hours following the webcast.
(Financial Statements Follow)
Condensed Consolidated Statements of Operations (Unaudited)* |
||||||||||||||||||||||||
Quarter Ended | Year Ended | |||||||||||||||||||||||
(DOLLARS AND SHARES IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) |
December 31, |
December 31, |
December 31, |
December 31, |
||||||||||||||||||||
Net sales | $ | 152,928 | $ | 147,724 | $ | 641,443 | $ | 610,911 | ||||||||||||||||
Cost of sales | 100,324 | 89,030 | 406,081 | 376,158 | ||||||||||||||||||||
Gross margin | 52,604 | 58,694 | 235,362 | 234,753 | ||||||||||||||||||||
Selling general and administrative expenses | 33,099 | 32,965 | 131,463 | 125,244 | ||||||||||||||||||||
Research and development expenses | 7,198 | 5,619 | 27,644 | 22,878 | ||||||||||||||||||||
Restructuring and impairment charges | - | 5,390 | - | 5,390 | ||||||||||||||||||||
Operating income | 12,307 | 14,720 | 76,255 | 81,241 | ||||||||||||||||||||
Equity income in unconsolidated joint ventures |
702 |
1,131 |
2,890 |
4,123 |
||||||||||||||||||||
Interest income (expense), net | (1,045 | ) | (779 | ) | (4,480 | ) | (2,946 | ) | ||||||||||||||||
Other income (expense), net | (7,088 | ) | 180 | (8,492 | ) | (1,194 | ) | |||||||||||||||||
Income before income tax expense | 4,876 | 15,252 | 66,173 | 81,224 | ||||||||||||||||||||
Income tax (benefit) expense | (1,702 | ) | 8,005 | 19,853 | 27,812 | |||||||||||||||||||
Net income | $ | 6,578 | $ | 7,247 | $ | 46,320 | $ | 53,412 | ||||||||||||||||
|
||||||||||||||||||||||||
Basic earnings per share: | $ | 0.37 | $ | 0.40 | $ | 2.52 | $ | 2.94 | ||||||||||||||||
|
||||||||||||||||||||||||
Diluted earnings per share: | $ | 0.37 | $ | 0.39 | $ | 2.48 | $ | 2.86 | ||||||||||||||||
Shares used in computing: | ||||||||||||||||||||||||
Basic | 17,953 | 18,341 | 18,371 | 18,177 | ||||||||||||||||||||
Diluted | 18,056 | 18,819 | 18,680 | 18,698 |
* The Company changed its method for inventory costs from last in first out (LIFO) to first in first out (FIFO), for all businesses using LIFO. This change is reflected for the years presented.
Condensed Consolidated Statements of Financial Position (Unaudited)* |
||||||||||||
(IN THOUSANDS) |
December 31, 2015 |
December 31, 2014 |
||||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 204,586 | $ | 237,375 | ||||||||
Accounts receivable, net | 101,428 | 99,065 | ||||||||||
Inventories | 91,824 | 76,806 | ||||||||||
Prepaid income taxes | 5,058 | 4,586 | ||||||||||
Deferred income taxes | 9,565 | 6,467 | ||||||||||
Asbestos related insurance receivables | 8,245 | 6,827 | ||||||||||
Other current assets | 8,431 | 7,048 | ||||||||||
Total current assets | 429,137 | 438,174 | ||||||||||
Property, plant and equipment, net | 178,661 | 150,420 | ||||||||||
Investments in unconsolidated joint ventures | 15,348 | 17,214 | ||||||||||
Deferred income taxes | 8,594 | 44,051 | ||||||||||
Goodwill | 175,453 | 98,227 | ||||||||||
Other intangible assets | 75,019 | 38,340 | ||||||||||
Asbestos related insurance receivables | 45,114 | 46,186 | ||||||||||
Other long term assets | 5,132 | 7,823 | ||||||||||
Total assets | $ | 932,458 | $ | 840,435 | ||||||||
Liabilities and Shareholders' Equity | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable | $ | 19,851 | $ | 20,020 | ||||||||
Accrued employee benefits and compensation | 23,241 | 33,983 | ||||||||||
Accrued income taxes payable | 3,621 | 6,103 | ||||||||||
Current portion of lease obligation | 284 | 747 | ||||||||||
Current portion of long term debt | 3,438 | 35,000 | ||||||||||
Asbestos related liabilities | 8,245 | 6,827 | ||||||||||
Other accrued liabilities | 20,440 | 17,765 | ||||||||||
Total current liabilities | 79,120 | 120,445 | ||||||||||
Long term lease obligation |
5,549 |
6,042 |
||||||||||
Long term debt | 175,188 | 25,000 | ||||||||||
Pension liability | 12,623 | 17,652 | ||||||||||
Retiree health care and life insurance benefits | 2,185 | 8,768 | ||||||||||
Asbestos related liabilities | 48,390 | 49,718 | ||||||||||
Non-current income tax | 11,863 | 10,544 | ||||||||||
Deferred income taxes | 9,455 | 14,647 | ||||||||||
Other long term liabilities | 3,503 | 338 | ||||||||||
Shareholders' equity | ||||||||||||
Capital stock | 17,957 | 18,404 | ||||||||||
Additional paid in capital | 112,017 | 137,225 | ||||||||||
Retained earnings | 543,066 | 496,746 | ||||||||||
Accumulated other comprehensive loss | (88,458 | ) | (65,094 | ) | ||||||||
Total shareholders' equity | 584,582 | 587,281 | ||||||||||
Total liabilities and shareholders' equity | $ | 932,458 | $ | 840,435 |
* The Company changed its method for inventory costs from last in first out (LIFO) to first in first out (FIFO), for all businesses using LIFO. This change is reflected for the years presented.
Reconciliation of non-GAAP Financial Measures to the Comparable GAAP Measures
Non-GAAP Financial Measures
Management believes
non-GAAP information provides meaningful supplemental information
regarding the Company's performance by excluding certain expenses that
are generally non-recurring or otherwise may not be indicative of the
core business operating results. The Company believes that this
additional financial information is useful to management and investors
in assessing the Company's historical performance and for planning,
forecasting and analyzing future periods. However, non-GAAP information
has limitations as an analytical tool and should not be considered in
isolation from, or solely as an alternative to, financial information
prepared in accordance with GAAP.
Reconciliation of GAAP to non-GAAP Adjusted Earnings Per Diluted Share for the Fourth Quarter and Full Year 2015 and 2014:
The following table includes adjustments to earnings per diluted share.
2015 | 2014 | |||||||||||||||||
Earnings Per Diluted Share | Q4 | YTD | Q4 | YTD | ||||||||||||||
GAAP earnings per diluted share | $ | 0.37 | $ | 2.48 | $ | 0.39 | $ | 2.86 | ||||||||||
Environmental charge (impact to SG&A) | $ | 0.11 | $ | 0.11 | - | - | ||||||||||||
Severance (impact to SG&A) | $ | 0.04 | $ | 0.06 | - | - | ||||||||||||
Loss on sale of business (impact to OI&E) | $ | 0.17 | $ | 0.16 | - | - | ||||||||||||
Non-recurring purchase accounting costs (impact to gross margin) | - | $ | 0.06 | - | - | |||||||||||||
Integration costs related to Arlon, LLC (impact to SG&A) | - | $ | 0.18 | - | - | |||||||||||||
Tax items | - | $ | 0.03 | - | - | |||||||||||||
Acquisition costs related to Arlon, LLC | - | - | $ | 0.08 | $ | 0.11 | ||||||||||||
Pension curtailment and settlement charges | - | - | $ | 0.18 | $ | 0.18 | ||||||||||||
Expense related to a non-cash tax charge associated with the cash repatriation of $40 million from Europe | - | - | $ | 0.25 | $ | 0.25 | ||||||||||||
Impairment charge on write down of investment | - | - | $ | 0.01 | $ | 0.01 | ||||||||||||
Total special adjustments | $ | 0.32 | $ | 0.60 | $ | 0.52 | $ | 0.55 | ||||||||||
Non-GAAP earnings less special adjustments | $ | 0.69 | $ | 3.08 | $ | 0.91 | $ | 3.41 | ||||||||||
Intangible amortization | $ | 0.11 | $ | 0.40 | $ | 0.06 | $ | 0.24 | ||||||||||
Non cash equity compensation | $ | 0.08 | $ | 0.36 | $ | 0.07 | $ | 0.28 | ||||||||||
Non-GAAP adjusted earnings per diluted share | $ | 0.88 | $ | 3.84 | $ | 1.04 | $ | 3.93 | ||||||||||
Reconciliation of Net Income to EBITDA for the Fourth Quarter and Full Year of 2015 and 2014:
The following table includes adjustments to net income.
2015 | 2014 | ||||||||||||||||||
(amounts in millions) | Q4 | YTD | Q4 | YTD | |||||||||||||||
Net Income | $ | 6.6 | $ | 46.3 | $ | 7.3 | $ | 53.4 | |||||||||||
Interest | $ | 1.0 | $ | 4.5 | $ | 0.8 | $ | 2.9 | |||||||||||
Income tax (benefit) expense | ($1.7 | ) | $ | 19.8 | $ | 8.0 | $ | 27.8 | |||||||||||
Depreciation | $ | 6.0 | $ | 23.2 | $ | 4.9 | $ | 20.2 | |||||||||||
Intangible amortization | $ | 2.9 | $ | 10.9 | $ | 1.4 | $ | 6.1 | |||||||||||
Non cash equity compensation | $ | 1.9 | $ | 9.6 | $ | 1.9 | $ | 7.5 | |||||||||||
Environmental charge (impact to SG&A) | $ | 3.2 | $ | 3.2 | - | - | |||||||||||||
Severance (impact to SG&A) | $ | 1.0 | $ | 1.6 | - | - | |||||||||||||
Non-recurring purchase accounting costs (impact to gross margin) | - | $ | 1.6 | - | - | ||||||||||||||
Integration costs related to Arlon, LLC (impact to SG&A) | - | $ | 4.8 | - | - | ||||||||||||||
Loss on sale of business (impact to OI&E) | $ | 4.8 | $ | 4.8 | - | - | |||||||||||||
Tax items | $ | 2.5 | $ | 2.5 | - | - | |||||||||||||
Acquisition costs related to Arlon, LLC | - | - | $ | 1.5 | $ | 2.4 | |||||||||||||
Pension curtailment and settlement charges | - | - | $ | 5.2 | $ | 5.2 | |||||||||||||
Impairment charge on write down of investment | - | - | $ | 0.2 | $ | 0.2 | |||||||||||||
EBITDA | $ | 28.2 | $ | 132.8 | $ | 31.2 | $ | 125.7 | |||||||||||
Reconciliation of GAAP to non-GAAP Operating Margin for the Fourth Quarter and Full Year of 2015 and 2014:
The following table includes adjustments to operating margin.
2015 | 2014 | |||||||||||||||||
Operating Margin | Q4 | YTD | Q4 |
YTD |
||||||||||||||
GAAP operating margin | 8.0 | % | 11.9 | % | 10.0 | % |
13.3 |
% |
||||||||||
Environmental charge | 2.1 | % | 0.5 | % | - | - | ||||||||||||
Severance | 0.7 | % | 0.3 | % | - | - | ||||||||||||
Integration costs related to Arlon, LLC | - | 0.8 | % | - | - | |||||||||||||
Non-recurring purchase accounting costs | - | 0.2 | % | - | - | |||||||||||||
Pension curtailment and settlement charges | - | - | 3.5 | % | 0.9 | % | ||||||||||||
Acquisition costs related to Arlon, LLC | - | - | 1.0 | % | 0.4 | % | ||||||||||||
Impairment charge on write down of investment | - | - | 0.1 | % | - | |||||||||||||
Total special adjustments | 2.8 | % | 1.8 | % | 4.6 | % | 1.3 | % | ||||||||||
Non-GAAP operating margin | 10.8 | % | 13.7 | % | 14.6 | % | 14.6 | % | ||||||||||
Reconciliation of GAAP to non-GAAP Gross Margin for Full Year 2015
The following table includes adjustments to gross margin.
Gross Margin | 2015 YTD | |||||
GAAP gross margin | 36.7 | % | ||||
Non-recurring purchase accounting costs | 0.2 | % | ||||
Total adjustments | 0.2 | % | ||||
Non-GAAP gross margin | 36.9 | % | ||||
Reconciliation of GAAP to non-GAAP Adjusted Earnings Per Share Guidance for the 2016 First Quarter and Actual 2015 First Quarter:
The following table includes adjustments to earnings per diluted share.
Guidance |
Actual |
|||||||||
GAAP Earnings Per Diluted Share | $ | 0.51 - $0.61 | $ | 0.72 | ||||||
Intangible amortization | $ | 0.10 | $ | 0.09 | ||||||
Equity compensation | $ | 0.11 | $ | 0.06 | ||||||
Restructuring and other discrete charges | - | $ | 0.22 | |||||||
Total adjustments | $ | 0.21 | $ | 0.37 | ||||||
Adjusted Earnings Per Diluted Share | $ | 0.72 - $0.82 | $ | 1.09 | ||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20160222006302/en/
Rogers Corporation
Financial News Contact:
Janice
E. Stipp, 860-779-4033
Vice President, Finance, Chief Financial
Officer and Corporate Treasurer
FAX: 860-779-5509
or
Investor
Contact:
William J. Tryon, 860-779-4037
Director,
Investor and Public Relations
FAX: 860-779-5509
william.tryon@rogerscorp.com
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