Rogers Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Rogers Corp. has submitted its quarterly 10-Q filing for the period ending March 31, 2024.</b>

AI Summary

ROGERS CORP (ROG) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. Rogers Corp. filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's fiscal year ends on December 31st. Rogers Corp. is incorporated in Massachusetts. The filing was made on April 26, 2024.

Why It Matters

For investors and stakeholders tracking ROGERS CORP, this filing contains several important signals. This 10-Q filing provides an update on the company's financial performance and position for the first quarter of 2024. Investors and analysts will use this report to assess the company's operational results, financial health, and any material changes since the last filing.

Risk Assessment

Risk Level: low — ROGERS CORP shows low risk based on this filing. The filing is a standard quarterly report and does not contain immediate red flags, indicating a routine disclosure.

Analyst Insight

Monitor future filings for detailed financial results and management commentary regarding the company's performance in Q1 2024.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-04-26 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (Reporting period start date)
• 2023-01-01 — Prior Year Quarter Start Date (Prior year reporting period start date)
• 2023-03-31 — Prior Year Quarter End Date (Prior year reporting period end date)

Key Players & Entities

• ROGERS CORP (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-04-26 (date) — Filed as of date
• MA (location) — State of incorporation
• 1934 Act (regulation) — SEC Act
• 2225 W CHANDLER BLVD (address) — Business address street 1
• CHANDLER (location) — Business address city
• AZ (location) — Business address state

FAQ

Industry Context

Rogers Corp. operates in the plastics, materials, and synthetic resins sector, specifically focusing on non-vulcanized elastomers.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management's discussion and analysis.
2. Compare Q1 2024 results with Q1 2023 and the preceding quarter (Q4 2023) to identify trends.
3. Note any new risk factors or updates to existing ones disclosed in the filing.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-26: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the standard quarterly update for Rogers Corp. and does not appear to be a restatement or amendment of previous filings.

Key Financial Figures

• $1.00 — registered Capital Stock, par value $1.00 per share ROG New York Stock Exchange

Filing Documents

• rog-20240331.htm (10-Q) — 1080KB
• exhibit102.htm (EX-10.2) — 13KB
• exhibit103.htm (EX-10.3) — 15KB
• exhibit104.htm (EX-10.4) — 15KB
• rog-20240331x10ex311.htm (EX-31.1) — 9KB
• rog-20240331x10ex312.htm (EX-31.2) — 9KB
• rog-20240331x10ex32.htm (EX-32) — 5KB
• rog_headera.jpg (GRAPHIC) — 16KB
• rog_headerb.jpg (GRAPHIC) — 16KB
• rog_headerc.jpg (GRAPHIC) — 16KB
• 0000084748-24-000028.txt (&nbsp;) — 7851KB
• rog-20240331.xsd (EX-101.SCH) — 66KB
• rog-20240331_cal.xml (EX-101.CAL) — 130KB
• rog-20240331_def.xml (EX-101.DEF) — 204KB
• rog-20240331_lab.xml (EX-101.LAB) — 681KB
• rog-20240331_pre.xml (EX-101.PRE) — 475KB
• rog-20240331_htm.xml (XML) — 1288KB

– Financial Information

Part I – Financial Information Item 1. Condensed Consolidated Financial Statements (Unaudited): Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Comprehensive Income (Loss) 5 Condensed Consolidated Statements of Financial Position 6 Condensed Consolidated Statements of Cash Flows 8 Condensed Consolidated Statements of Shareholders' Equity 7 Notes to Condensed Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Results of Operations and Financial Position

Management's Discussion and Analysis of Results of Operations and Financial Position 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 30

– Other Information

Part II – Other Information Item 1.

Legal Proceedings

Legal Proceedings 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 5. Other 31 Item 6. Exhibits 32

Forward-Looking Statements

Forward-Looking Statements This Quarterly Report on Form 10-Q contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Refer to "Forward-Looking Statements" in Item 2, Management's Discussion and Analysis of Results of Operations and Financial Position for additional information. 2 ROGERS CORPORATION Defined Terms (1) Term Definition 4th Amended Credit Agreement 4th Amended and Restated Credit Agreement, dated as of October 16, 2020, among Rogers Corporation, the lenders from time to time party hereto, JPMorgan Chase Bank, N.A., as Administrative Agent and HSBC Bank USA, National Association, Citibank, N.A., Citizens Bank, N.A., PNC Bank, National Association, Wells Fargo Bank, as Co-Syndication Agents 5th Amended Credit Agreement 5th Amended and Restated Credit Agreement, dated as of March 24, 2023, among Rogers Corporation, the lenders from time to time party hereto, JPMorgan Chase Bank, N.A., as Administrative Agent and HSBC Bank USA, National Association, Wells Fargo Bank, National Association, Citibank, N.A. and Citizens Bank, N.A., as Co-Syndication Agents ADAS Advanced driver assistance systems AES Advanced Electronics Solutions APAC Asia - Pacific ASC Accounting Standards Codification ASU Accounting Standards Update EMEA Europe, the Middle East and Africa EMS Elastomeric Material Solutions ESPP Employee Stock Purchase Plan EURIBOR Euro Interbank Offered Rate EV Electric vehicles Exchange Act Securities Exchange Act of 1934, as amended FASB Financial Accounting Standards Board GAAP Accounting principles generally accepted in the United States HEV Hybrid electric vehicles LIBOR London Interbank Offered Rate NYFRB Federal Reserve Bank of New York OECD Organization for Economic Co-operation and Development R&D Research and development RIC Rogers Inoac Corporation RIS Rogers Inoac Suzhou Corporation SEC U.S. S

– Financial Information

Part I – Financial Information

Financial Statements

Item 1. Financial Statements ROGERS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars and shares in millions, except per share amounts) Three Months Ended March 31, 2024 March 31, 2023 Net sales $ 213.4 $ 243.8 Cost of sales 145.2 164.1 Gross margin 68.2 79.7 Selling, general and administrative expenses 47.5 60.1 Research and development expenses 8.9 9.6 Restructuring and impairment charges 0.1 10.5 Other operating (income) expense, net — ( 0.2 ) Operating income (loss) 11.7 ( 0.3 ) Equity income in unconsolidated joint ventures 0.3 0.1 Other income (expense), net 0.4 0.1 Interest expense, net ( 0.8 ) ( 3.5 ) Income (loss) before income taxes 11.6 ( 3.6 ) Income tax expense (benefit) 3.8 ( 0.1 ) Net income (loss) $ 7.8 $ ( 3.5 ) Basic earnings (loss) per share $ 0.42 $ ( 0.19 ) Diluted earnings (loss) per share $ 0.42 $ ( 0.19 ) Shares used in computing: Basic earnings (loss) per share 18.6 18.6 Diluted earnings (loss) per share 18.7 18.6 The accompanying notes are an integral part of the condensed consolidated financial statements. 4 ROGERS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Dollars in millions) Three Months Ended March 31, 2024 March 31, 2023 Net income (loss) $ 7.8 $ ( 3.5 ) Foreign currency translation adjustment ( 9.2 ) 9.7 Pension and other postretirement benefits: Amortization of loss, net of tax (Note 2) 0.1 — Other comprehensive income (loss) ( 9.1 ) 9.7 Comprehensive income (loss) $ ( 1.3 ) $ 6.2 The accompanying notes are an integral part of the condensed consolidated financial statements. 5 ROGERS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited) (Dollars and shares in millions, except par value ) March 31, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 116.9 $ 131.7 Accounts receivable, less allowance for credit losses of $ 1.0 and $ 1.1 159.2 161.9

View Full Filing

View this 10-Q filing on SEC EDGAR