Rogers Corporation Updates Guidance for the First Quarter

ROGERS, Conn.–(BUSINESS WIRE)– Rogers Corporation (NYS: ROG) (“Rogers” or the “Company”) today announced revised guidance for its fiscal first quarter ended March 31, 2013. Rogers now projects first quarter net sales from continuing operations of approximately $126 million compared to the February 19, 2013 guidance of $129 to $133 million. The GAAP earnings per diluted share from continuing operations for the first quarter 2013 are expected to be approximately $0.39 per share. These per share estimates include anticipated net special adjustments of approximately $0.05 per diluted share during the quarter. Excluding these charges, non-GAAP earnings per diluted share from continuing operations are expected to be $0.44 compared to the previous non-GAAP guidance of $0.57 to $0.61 per diluted share. The first quarter results were primarily impacted by lower demand and lower production absorption in the quarter, as well as start-up costs associated with the installation of the new molded urethane foam manufacturing line.

The special adjustments are comprised of:

• $0.7 million of pre-tax charges related to severance costs associated with workforce reductions during the quarter. This charge impacts Selling General & Administrative expenses (SG&A).
• $0.5 million of pre-tax charges primarily associated with moving the final inspection operation for Curamik Electronics Solutions from its site in Eschenbach, Germany to Hungary. This move had been previously announced, and the costs are expensed as they are incurred. This charge also impacts SG&A.

The Company is currently working through its quarterly closing process to finalize results, which it expects to report at the end of April 2013. A table reconciling the GAAP and non-GAAP earnings amounts disclosed in this press release is included below.

Bruce D. Hoechner, President and CEO commented, “This year’s first quarter sales were up about $5.8 million or 4.8% over the first quarter of 2012, but fell slightly below the low end of our guidance for the quarter by about $3 million or 2.4%. As reported by industry sources, the quarterly reduction in global demand for tablet devices and reduced military spending impacted our first quarter results more than anticipated. However, High Performance Foams had record first quarter sales up 5.0% and our Printed Circuit Materials operating segment started the year strong with sales up 10.6%, both relative to the first quarter of 2012. We see positive signs in the markets we serve and expect market conditions to improve

From: http://www.dailyfinance.com/2013/04/18/rogers-corporation-updates-guidance-for-the-first-/