Rogers Corp Files Q3 2024 10-Q

TL;DR

**ROGERS CORP Q3 2024 10-Q FILED: FINANCIALS & OPERATIONS UPDATE.**

AI Summary

Rogers Corp filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial data and business segments are presented, reflecting the company's ongoing activities and market position.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of Rogers Corp, crucial for understanding its current market standing and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the inherent risks of the materials and manufacturing sector can impact the company's performance.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-10-25 — Filing Date (Shows when the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• ROGERS CORP (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-10-25 (date) — Date of filing
• CHANDLER, AZ (location) — Company's business and mailing address

FAQ

Key Financial Figures

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

Filing Documents

• rog-20240930.htm (10-Q) — 1452KB
• rog-20240930x10ex311.htm (EX-31.1) — 9KB
• rog-20240930x10ex312.htm (EX-31.2) — 9KB
• rog-20240930x10ex32.htm (EX-32) — 5KB
• 0000084748-24-000061.txt ( ) — 9340KB
• rog-20240930.xsd (EX-101.SCH) — 62KB
• rog-20240930_cal.xml (EX-101.CAL) — 103KB
• rog-20240930_def.xml (EX-101.DEF) — 254KB
• rog-20240930_lab.xml (EX-101.LAB) — 715KB
• rog-20240930_pre.xml (EX-101.PRE) — 504KB
• rog-20240930_htm.xml (XML) — 1807KB

– 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 5 Condensed Consolidated Statements of Financial Position 6 Condensed Consolidated Statements of Shareholders' Equity 7 Condensed Consolidated Statements of Cash Flows 8 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 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 34

– Other Information

Part II – Other Information Item 1.

Legal Proceedings

Legal Proceedings 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 5. Other 35 Item 6. Exhibits 36

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 Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Net sales $ 210.3 $ 229.1 $ 637.9 $ 703.8 Cost of sales 136.2 148.7 422.5 464.1 Gross margin 74.1 80.4 215.4 239.7 Selling, general and administrative expenses 45.1 44.2 143.5 150.5 Research and development expenses 8.1 7.8 26.5 25.5 Restructuring and impairment charges 6.3 2.0 7.8 16.4 Other operating (income) expense, net — ( 0.8 ) — ( 7.5 ) Operating income 14.6 27.2 37.6 54.8 Equity income in unconsolidated joint ventures 0.4 0.6 1.2 1.5 Other income (expense), net ( 1.5 ) 0.7 ( 0.8 ) — Interest expense, net — ( 2.3 ) ( 1.0 ) ( 8.6 ) Income before income taxes 13.5 26.2 37.0 47.7 Income tax expense 2.8 7.2 10.4 14.3 Net income $ 10.7 $ 19.0 $ 26.6 $ 33.4 Basic earnings per share $ 0.58 $ 1.02 $ 1.43 $ 1.79 Diluted earnings per share $ 0.58 $ 1.02 $ 1.43 $ 1.79 Shares used in computing: Basic earnings per share 18.6 18.6 18.6 18.6 Diluted earnings per share 18.6 18.7 18.6 18.7 The accompanying notes are an integral part of the condensed consolidated financial statements. 4 ROGERS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Dollars in millions) Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Net income $ 10.7 $ 19.0 $ 26.6 $ 33.4 Foreign currency translation adjustment 25.8 ( 17.9 ) 10.9 ( 3.9 ) Pension and other postretirement benefits: Amortization of loss, net of tax (Note 2) 0.1 0.1 0.3 0.3 Other comprehensive income (loss) 25.9 ( 17.8 ) 11.2 ( 3.6 ) Comprehensive income $ 36.6 $ 1.2 $ 37.8 $ 29.8 The accompanying notes are an integral part of the condensed consolidated financial statements. 5 ROGERS CORPORATION CONDENSED CONSO

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View this 10-Q filing on SEC EDGAR