Strong First Half Leads Rogers to Record
2019 Revenues
Market Uncertainty Tempering Q1
Outlook
Rogers Corporation (NYSE:ROG) today announced financial results
for the 2019 fourth quarter and full year.
Full year 2019
The Company reported 2019 net sales of $898.3 million, a 2.2%
increase compared to 2018 net sales of $879.1 million. Net sales
during 2019 were unfavorably impacted by $20.9 million as a result
of currency fluctuations, due to a weaker euro and renminbi. 2019
revenue increased 4.6%, relative to 2018, on a constant currency
basis.
Full year 2019 net income was $47.3 million, or $2.53 per
diluted share, compared to $87.7 million, or $4.70 per diluted
share, for full year 2018. 2019 earnings were inclusive of a $43.9
million, or $2.35 per diluted share, non-cash after-tax pension
settlement charge. On an adjusted basis, earnings were $6.14 per
diluted share for full year 2019, compared to $5.77 per diluted
share for full year 2018.
Adjusted EBITDA was $188.2 million, or 21.0% of net sales for
full year 2019, versus $184.8 million, or 21.0% of net sales for
full year 2018.
Gross margin was 35.0% in 2019, compared to 35.4% in 2018.
Operating margin was 12.3% for full year 2019, compared to 12.8% in
the full year of 2018. Adjusted operating margin was 15.7% in the
full year of 2019, compared to 15.8% in the full year of 2018.
Fourth quarter 2019
The Company reported 2019 fourth quarter net sales of $193.8
million, a 12.7% decrease compared to 2019 third quarter net sales
of $221.8 million and a 13.1% decrease compared to 2018 fourth
quarter net sales of $222.9 million. Net sales for the 2019 fourth
quarter were below the Company's previously announced guidance
range of $200 to $210 million. Currency exchange rates unfavorably
impacted the 2019 fourth quarter net sales by $1.1 million compared
to 2019 third quarter net sales, and by $2.6 million compared to
2018 fourth quarter net sales.
Fourth quarter 2019 net loss was $(28.8) million, or ($1.55) per
share, compared to net income of $23.4 million, or $1.25 per
diluted share, in the third quarter of 2019 and $24.5 million, or
$1.31 per diluted share, in the fourth quarter of 2018. The fourth
quarter 2019 net loss was inclusive of a $43.9 million, or $2.35
per diluted share, non-cash after-tax pension settlement charge.
This loss per share exceeded the Company's previously announced
guidance of a loss per share ranging from ($1.43) to ($1.28). On an
adjusted basis, earnings were $1.14 per diluted share for the 2019
fourth quarter compared to adjusted earnings of $1.51 per diluted
share in the third quarter of 2019 and $1.67 per diluted share in
the fourth quarter of 2018. Adjusted earnings exceeded the midpoint
of the Company's previously announced guidance range of $1.00 to
$1.15 per diluted share.
Adjusted EBITDA was $34.5 million, or 17.8% of net sales, for
the fourth quarter of 2019 compared to $47.4 million, or 21.4% of
net sales, reported in the third quarter of 2019 and $46.7 million,
or 20.9% of net sales, reported in the fourth quarter of 2018.
Gross margin was 33.1% in the fourth quarter of 2019 compared to
35.6% in the third quarter of 2019 and 35.2% in the fourth quarter
of 2018. Fourth quarter 2019 gross margin was within the Company's
previously announced guidance range of 33% to 34%. Operating margin
was 7.5% in the fourth quarter of 2019 compared to 13.5% in the
third quarter of 2019 and 12.0% in the fourth quarter of 2018.
Adjusted operating margin was 11.6% in the fourth quarter of 2019
compared to 16.3% in the third quarter of 2019 and 16.0% in the
fourth quarter of 2018.
“For 2019 Rogers reported modest growth in revenue and adjusted
earnings, despite challenging market conditions in the second half
of the year,” stated Bruce D. Hoechner, Rogers' President and CEO.
"Fourth quarter revenues were impacted by expected weakness in
industrial and automotive markets and a greater than anticipated
slowdown in wireless infrastructure demand. Looking ahead to the
first quarter, we have limited visibility across multiple segments
due to the still unfolding impact of the coronavirus outbreak, but
believe that revenue will be impacted in the range of 7% to 10%.
From a strategic growth perspective we remain optimistic regarding
the outlook for Advanced Mobility applications and the China 5G
wireless infrastructure market.”
Business segment
discussion
Advanced Connectivity Solutions
(ACS)
Advanced Connectivity Solutions reported 2019 fourth quarter net
sales of $64.6 million, a 18.2% decrease compared to 2019 third
quarter net sales of $79.0 million and a 10.8% decrease compared to
2018 fourth quarter net sales of $72.5 million. The sequential
decrease in 2019 fourth quarter net sales was largely driven by
lower demand for high frequency circuit materials used in 4G and 5G
wireless infrastructure, partially offset by continued strength in
Aerospace and Defense market demand. Fourth quarter 2019 net sales
were unfavorably impacted by fluctuations in currency exchange
rates of $0.3 million compared to 2019 third quarter net sales, and
by $0.5 million compared to 2018 fourth quarter net sales.
Elastomeric Material Solutions
(EMS)
Elastomeric Material Solutions reported 2019 fourth quarter net
sales of $80.0 million, a 15.7% decrease compared to 2019 third
quarter net sales of $94.9 million and a 9.4% decrease compared to
2018 fourth quarter net sales of $88.3 million. The sequential
decrease in 2019 fourth quarter net sales was primarily due to a
seasonal decline in the portable electronics market and weakness in
other markets. Fluctuations in currency exchange rates unfavorably
impacted net sales by $0.3 million in the 2019 fourth quarter
compared to 2019 third quarter net sales, and by $0.8 million
compared to 2018 fourth quarter net sales.
Power Electronics Solutions
(PES)
Power Electronics Solutions reported 2019 fourth quarter net
sales of $43.9 million, a 1.8% increase compared to 2019 third
quarter net sales of $43.1 million and a 22.6% decrease compared to
2018 fourth quarter net sales of $56.8 million. The 2019 fourth
quarter sequential increase was primarily due to stronger demand
for power semiconductor substrates used in the EV/HEV market,
partially offset by lower rail and renewable energy market demand.
Fourth quarter 2019 net sales were unfavorably impacted by
fluctuations in currency exchange rates of $0.5 million compared to
2019 third quarter net sales and by $1.3 million compared to 2018
fourth quarter net sales.
Other
Other reported 2019 fourth quarter net sales of $5.2 million, a
9.1% increase compared to 2019 third quarter net sales of $4.8
million and a 4.0% decrease compared to 2018 fourth quarter net
sales of $5.4 million.
Balance sheet and other
highlights
Cash position
Rogers ended the fourth quarter of 2019 with cash and cash
equivalents of $166.8 million, a slight decrease of $0.9 million
from $167.7 million at December 31, 2018. The decrease in cash
resulted from repayment of outstanding borrowings on our revolving
credit facility of $105.5 million, capital expenditures of $51.6
million and $7.6 million in tax payments related to net share
settlement of equity awards, largely offset by net cash provided by
operating activities of $161.3 million. 2019 free cash flow
generated was $109.7 million, compared to $19.7 million generated
in 2018. The Company ended the year with cash that exceeded
borrowings by $43.8 million. Borrowings exceeded cash by $60.7
million at December 31, 2018.
Effective tax rate
Rogers' effective tax rate for 2019 was 14.2% compared to 20.7%
in 2018. The 2019 rate decreased primarily due to the increased
utilization of research and development credits and excess tax
deductions on stock-based compensation, partially offset by the
disproportionate tax effect of the pension settlement charge and an
increase in reserves for uncertain tax positions.
Pension Plan Termination
On October 17, 2019, in connection with the Company’s previously
announced plans, the Company terminated the Rogers Corporation
Defined Benefit Pension Plan, which had sufficient assets to
satisfy all transaction obligations. This decision continues the
Company’s strategy to improve cost competitiveness and reduces
future risk. The Company recorded a total non-cash pre-tax
settlement charge in connection with the termination of $53.2
million in the fourth quarter of 2019, or approximately $2.35 per
diluted share.
Financial outlook
Rogers guides its 2020 first quarter net sales to a range of
$185 to $200 million. The revenue range incorporates a 7% to 10%
reduction from the expected impact of the coronavirus outbreak and
is wider than normal due to uncertainty related to the evolving
situation. The Company guides to a gross margin range of 32.5% to
33.5%. First quarter earnings is expected to be in the range of
$0.50 to $0.70 per diluted share and adjusted earnings is expected
to be in the range of $0.75 to $0.95 per diluted share. The 2020
full year effective tax rate is expected to be 20% to 21%. For the
full year 2020, Rogers expects capital expenditures to be in a
range of $40 to $45 million.
About Rogers Corporation
Rogers Corporation (NYSE: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 the company’s growth
drivers-- advanced connectivity and advanced mobility applications,
as well as other technologies where reliability is critical. Rogers
delivers Power Electronics Solutions for energy-efficient motor
drives, e-Mobility and renewable 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 Arizona (USA), Rogers operates manufacturing
facilities in the United States, China, Germany, Belgium, Hungary,
and South Korea, with joint ventures and sales offices
worldwide.
Safe Harbor Statement
This release contains forward-looking statements, which concern
our plans, objectives, outlook, goals, strategies, future events,
future net sales or performance, capital expenditures, future
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 and
uncertainties that could cause such results to differ include:
failure to capitalize on, volatility within, or other adverse
changes with respect to the Company's growth drivers, including
advanced mobility and advanced connectivity, such as delays in
adoption or implementation of new technologies; uncertain 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, sales or
administrative operations; the trade policy dynamics between the
U.S. and China reflected in trade agreement negotiations and the
imposition of tariffs and other trade restrictions, including trade
restrictions on Huawei Technologies Co., Ltd.; fluctuations in
foreign currency exchange rates; the results of our research and
development efforts; adverse competitive developments, including
the extent to which our products are incorporated into end-user
products and systems and the extent to which those products and
systems achieve commercial success; business interruptions due to
catastrophes or other similar events, such as natural disasters,
war, terrorism or public health crises; business development
transactions and related integration considerations, including
failure to realize, or delays in the realization of anticipated
benefits of such transactions; the outcome of ongoing and future
litigation, including our asbestos-related product liability
litigation; inability to obtain raw materials, including
commodities, from single or limited source suppliers in a timely
and cost effective manner; and changes in laws and regulations
applicable to our business. For additional information about the
risks, uncertainties and other factors that may affect our
business, please see our most recent annual report on Form 10-K and
any subsequent reports filed with the Securities and Exchange
Commission, including quarterly reports on Form 10-Q. Rogers
Corporation assumes no responsibility to update any forward-looking
statements contained herein except as required by law.
Conference call and additional
information
A conference call to discuss the 2019 fourth quarter and full
year results will take place today, Thursday February 20, 2020 at
5pm ET.
A live webcast and slide presentation will be available under
the investors section of https://www.rogerscorp.com/investors.
To participate, please dial:
1-800-574-8929
Toll-free in the United States
1-973-935-8524
Internationally
The passcode for the live teleconference
is 8027919.
If you are unable to attend, a conference call playback will be
available from February 20, 2020 at approximately 8 pm ET through
March 5, 2020 at 11:59 pm ET, by dialing 1-855-859-2056 from the
United States, and 1-404-537-3406 from outside of the US, each with
passcode 8027919.
Additionally, the archived webcast will be available on the
Rogers website at approximately 8 pm ET February 21, 2020.
Additional information
Please contact the Company directly via email or visit the
Rogers website.
Website address: http://www.rogerscorp.com
(Financial statements follow)
Condensed Consolidated
Statements of Operations (Unaudited)
Three Months Ended
Twelve Months Ended
(DOLLARS AND SHARES IN THOUSANDS, EXCEPT
PER SHARE AMOUNTS)
December 31,
2019
December 31,
2018
December 31,
2019
December 31,
2018
Net sales
$
193,768
$
222,942
$
898,260
$
879,091
Cost of sales
129,565
144,567
583,968
568,308
Gross margin
64,203
78,375
314,292
310,783
Selling, general and administrative
expenses
41,333
40,966
168,682
164,046
Research and development expenses
8,403
8,561
31,685
33,075
Restructuring and impairment charges
—
2,023
2,485
4,038
Other operating (income) expense, net
(116
)
24
959
(3,087
)
Operating income
14,583
26,801
110,481
112,711
Equity income in unconsolidated joint
ventures
1,242
1,048
5,319
5,501
Pension settlement charges
(53,213
)
—
(53,213
)
—
Other income (expense), net
323
(347
)
(592
)
(994
)
Interest expense, net
(1,146
)
(2,126
)
(6,869
)
(6,629
)
Income (loss) before income tax
expense
(38,211
)
25,376
55,126
110,589
Income tax expense
(9,451
)
924
7,807
22,938
Net income (loss)
$
(28,760
)
$
24,452
$
47,319
$
87,651
Basic earnings per share
$
(1.55
)
$
1.33
$
2.55
$
4.77
Diluted earnings per share
$
(1.55
)
$
1.31
$
2.53
$
4.70
Shares used in computing:
Basic earnings per share
18,587
18,385
18,573
18,374
Diluted earnings per share
18,587
18,687
18,713
18,659
Condensed Consolidated
Statements of Financial Position (Unaudited)
(IN THOUSANDS)
December 31, 2019
December 31, 2018
Assets
Current assets
Cash and cash equivalents
$
166,849
$
167,738
Accounts receivable, less allowance for
doubtful accounts of $1,691 and $1,354
122,285
144,623
Contract assets
22,455
22,728
Inventories
132,859
132,637
Prepaid income taxes
4,524
3,093
Asbestos-related insurance receivables,
current portion
4,292
4,138
Other current assets
10,838
10,829
Total current assets
464,102
485,786
Property, plant and equipment, net of
accumulated depreciation of $341,119 and $317,414
260,246
242,759
Investments in unconsolidated joint
ventures
16,461
18,667
Deferred income taxes
17,117
8,236
Goodwill
262,930
264,885
Other intangible assets, net of
amortization
158,947
177,008
Pension assets
12,790
19,273
Asbestos-related insurance receivables,
non-current portion
74,024
59,685
Other long-term assets
6,564
3,045
Total assets
$
1,273,181
$
1,279,344
Liabilities and Shareholders’
Equity
Current liabilities
Accounts payable
$
33,019
$
40,321
Accrued employee benefits and
compensation
29,678
30,491
Accrued income taxes payable
10,649
7,032
Asbestos-related liabilities, current
portion
5,007
5,547
Other accrued liabilities
21,872
23,789
Total current liabilities
100,225
107,180
Borrowings under revolving credit
facility
123,000
228,482
Pension and other postretirement benefits
liabilities
1,567
1,739
Asbestos-related liabilities, non-current
portion
80,873
64,799
Non-current income tax
10,423
8,418
Deferred income taxes
9,220
10,806
Other long-term liabilities
13,973
9,596
Shareholders’ equity
Capital stock - $1 par value; 50,000
authorized shares; 18,577 and 18,395 shares issued and
outstanding
18,577
18,395
Additional paid-in capital
138,526
132,360
Retained earnings
823,702
776,403
Accumulated other comprehensive loss
(46,905
)
(78,834
)
Total shareholders' equity
933,900
848,324
Total liabilities and shareholders'
equity
$
1,273,181
$
1,279,344
Reconciliation of non-GAAP financial
measures to the comparable GAAP measures
Non-GAAP financial measures:
This earnings release includes the following financial measures
that are not presented in accordance with generally accepted
accounting principles in the United States of America (“GAAP”):
(1) Adjusted earnings per diluted share, which the Company
defines as earnings per diluted share excluding amortization of
acquisition intangible assets and discrete items, such as
acquisition and related integration costs, change in foreign
jurisdiction tax regulation on equity awards attributable to a
prior period, asbestos related charges, environmental accrual
adjustment, gain from indemnity claim and antitrust litigation
settlements, losses or gains on the sale or disposal of property,
plant and equipment, pension settlement charges, purchase
accounting inventory adjustment, restructuring, severance,
impairment and other related costs and transition services, net
(collectively, “discrete items”) divided by adjusted weighted
average shares outstanding - diluted;
(2) Adjusted EBITDA, which the Company defines as net income
excluding interest expense, net, income tax expense, depreciation
and amortization, stock-based compensation expense and other
discrete items detailed below in the adjusted operating margin;
(3) Adjusted operating margin, which the Company defines as
operating margin excluding amortization of acquisition-related
intangible assets and discrete items, such as acquisition and
related integration costs, changes in foreign jurisdiction tax
regulation on equity awards attributable to a prior period,
asbestos related charges, environmental accrual adjustments, gains
from indemnity claim and antitrust litigation settlement, gains or
losses on the sale of property, plant and equipment, restructuring,
severance, impairments and other related costs, and transition
services related to asset acquisition;
(4) Free cash flow, which the Company defines as net cash
provided by operating activities less non-acquisition capital
expenditures.
Management believes adjusted earnings per diluted share,
adjusted EBITDA and adjusted operating margin are useful to
investors because they allow for comparison to the Company’s
performance in prior periods without the effect of items that, by
their nature, tend to obscure the Company’s core operating results
due to potential variability across periods based on the timing,
frequency and magnitude of such items. As a result, management
believes that these measures enhance the ability of investors to
analyze trends in the Company’s business and evaluate the Company’s
performance relative to peer companies. Management also believes
free cash flow is useful to investors as an additional way of
viewing the Company's liquidity and provides a more complete
understanding of factors and trends affecting the Company's cash
flows. However, non-GAAP financial measures have limitations as
analytical tools and should not be considered in isolation from, or
solely as alternatives to, financial measures prepared in
accordance with GAAP. In addition, these non-GAAP financial
measures may differ from similarly named measures used by other
companies. Reconciliations of the differences between these
non-GAAP financial measures and their most directly comparable
financial measures calculated in accordance with GAAP are set forth
below. Management also believes that providing net sales
information on a constant currency or FX adjusted basis is useful
to investors as it allows for the comparison of net sales for the
current period to past periods without the impact of changes in
exchange rates (from various local currencies into US dollars)
which occurred during the intervening time. To calculate constant
currency revenues, we converted current period local currency
revenues to US dollars at prior period rates, and used the
resulting US dollar revenues to calculate growth vs. the prior
period reported revenues.
Reconciliation of GAAP earnings per diluted share to adjusted
earnings per diluted share*:
2019
2018
Earnings per diluted
share
Q4
Q3
YTD
Q4
YTD
GAAP earnings per diluted
share
$
(1.55
)
$
1.25
$
2.53
$
1.31
$
4.70
Acquisition and related
integration costs
0.02
0.02
0.08
0.02
0.11
Change in foreign jurisdiction
tax regulation on equity awards attributable to a prior period
—
—
0.02
—
—
Asbestos-related charges
0.07
—
0.07
0.03
0.03
Environmental accrual
adjustment
0.03
—
0.03
—
—
Gain from indemnity claim and
antitrust litigation settlements
(0.03
)
—
(0.03
)
(0.06
)
(0.21
)
Loss (gain) on sale or disposal
of property, plant and equipment
0.02
—
0.03
—
(0.02
)
Pension settlement charges
2.35
—
2.35
—
—
Purchase accounting inventory
adjustment
—
—
—
—
0.01
Restructuring, severance,
impairment and other related costs
0.03
0.05
0.31
0.11
0.37
Transition services, net
0.01
0.01
0.04
0.08
0.11
Impact of including dilutive
securities(a)
0.01
—
—
—
—
Total discrete items
$
2.51
$
0.08
$
2.90
$
0.18
$
0.40
Earnings per diluted share
adjusted for discrete items
$
0.96
$
1.33
$
5.42
$
1.49
$
5.10
Acquisition intangible
amortization
$
0.18
$
0.18
$
0.72
$
0.18
$
0.67
Adjusted earnings per diluted
share
$
1.14
$
1.51
$
6.14
$
1.67
$
5.77
*Values in table may not add due to rounding. (a)This represents
the dilutive effect of awards under equity compensation plans.
Refer to the table below for the effect on adjusted weighted
average shares outstanding - diluted.
The following table reconciles weighted average shares
outstanding - diluted under US GAAP to adjusted weighted average
shares outstanding - diluted used in the calculation of adjusted
diluted EPS:
2019
2018
(shares in thousands)
Q4
Q3
YTD
Q4
YTD
Weighted average shares
outstanding - diluted
18,587
18,724
18,713
18,687
18,659
Dilutive effect of awards under
equity compensation plans
118
-
-
-
-
Adjusted weighted average shares
outstanding - diluted
18,705
18,724
18,713
18,687
18,659
Reconciliation of GAAP net income to adjusted
EBITDA*:
2019
2018
(amounts in millions)
Q4
Q3
YTD
Q4
YTD
Net income
$
(28.8
)
$
23.4
$
47.3
$
24.5
$
87.7
Interest expense, net
1.1
1.8
6.9
2.1
6.6
Income tax expense
(9.5
)
5.3
7.8
0.9
22.9
Depreciation
7.6
7.6
31.4
10.3
33.5
Amortization
4.4
4.4
17.8
4.4
16.5
Stock-based compensation
expense
3.0
3.2
12.3
2.7
11.2
Acquisition and related
integration costs
0.5
0.5
1.9
0.4
2.6
Change in foreign jurisdiction
tax regulation on equity awards attributable to a prior period
—
—
0.5
—
—
Asbestos-related charges
1.7
—
1.7
0.7
0.7
Environmental accrual
adjustment
0.8
—
0.8
—
—
Gain from indemnity claim and
antitrust litigation settlements
(0.7
)
—
(0.7
)
(1.3
)
(4.9
)
Loss (gain) on sale or disposal
of property, plant and equipment
0.4
—
0.6
—
(0.4
)
Pension settlement charges
53.2
—
53.2
—
—
Purchase accounting inventory
adjustment
—
—
—
—
0.3
Restructuring, severance,
impairment and other related costs
0.8
1.3
7.7
2.7
9.0
Transition services lease
income
(0.1
)
(0.1
)
(1.0
)
(0.7
)
(1.0
)
Adjusted EBITDA**
$
34.5
$
47.4
$
188.2
$
46.7
$
184.8
*Values in table may not add due to rounding. **Adjusted EBITDA
for the fourth quarter and full year of 2018 has been recast to
reflect the add-back of stock-based compensation expense.
Reconciliation of GAAP operating margin to adjusted operating
margin*:
2019
2018
Operating margin
Q4
Q3
YTD
Q4
YTD
GAAP operating margin
7.5
%
13.5
%
12.3
%
12.0
%
12.8
%
Acquisition and related
integration costs
0.3
%
0.2
%
0.2
%
0.2
%
0.3
%
Change in foreign jurisdiction
tax regulation on equity awards attributable to a prior period
—
%
—
%
0.1
%
—
%
—
%
Asbestos-related charges
0.9
%
—
%
0.2
%
0.3
%
0.1
%
Environmental accrual
adjustment
0.4
%
—
%
0.1
%
—
%
—
%
Gain from indemnity claim and
antitrust litigation settlements
(0.4
)%
—
%
(0.1
)%
(0.6
)%
(0.6
)%
Loss (gain) on sale or disposal
of property, plant and equipment
0.2
%
—
%
—
%
—
%
(0.1
)%
Restructuring, severance,
impairment and other related costs
0.4
%
0.6
%
0.9
%
1.2
%
1.0
%
Transition services, net
0.1
%
—
%
0.1
%
0.9
%
0.3
%
Total discrete items
1.8
%
0.8
%
1.5
%
2.0
%
1.0
%
Operating margin adjusted for
discrete items
9.4
%
14.3
%
13.8
%
14.0
%
13.8
%
Acquisition intangible
amortization
2.3
%
2.0
%
2.0
%
2.0
%
1.9
%
Adjusted operating margin
11.6
%
16.3
%
15.7
%
16.0
%
15.8
%
*Percentages in table may not add due to rounding.
Reconciliation of net cash provided by operating activities
to free cash flow:
2019
2018
(amounts in millions)
Q4
Q3
YTD
Q4
YTD
Net cash provided by operating
activities
$
45.7
$
48.2
$
161.3
$
33.4
$
66.8
Non-acquisition capital
expenditures
(12.8
)
(14.8
)
(51.6
)
(10.6
)
(47.1
)
Free cash flow
$
32.9
$
33.4
$
109.7
$
22.8
$
19.7
Reconciliation of GAAP earnings per diluted share to adjusted
earnings per diluted share guidance for the 2019 fourth
quarter:
Guidance
Q4 2019
GAAP earnings per diluted
share
($1.43) - ($1.28)
Discrete items*
$2.25
Acquisition intangible
amortization
$0.18
Adjusted earnings per diluted
share
$1.00 - $1.15
*Discrete items included a $52 million to $56 million non-cash
pre-tax charge associated with the termination of the Rogers
Corporation Defined Benefit Pension Plan.
Reconciliation of GAAP earnings per diluted share to adjusted
earnings per diluted share guidance for the 2020 first
quarter:
Guidance
Q1 2020
GAAP earnings per diluted
share
$0.50 - $0.70
Discrete items
$0.10
Acquisition intangible
amortization
$0.15
Adjusted earnings per diluted
share
$0.75 - $0.95
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200220005838/en/
Investor contact: Steve Haymore Phone: 480-917-6026
Email: stephen.haymore@rogerscorporation.com
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