Navigating Challenging Environment With
Focus On Execution
Rogers Corporation (NYSE:ROG) today announced financial results
for the full year and fourth quarter of 2023.
"We made significant progress this past year as we drove
structural cost improvements, secured new design wins, generated
solid free cash flow, and invested in targeted capacity expansions
to drive future growth,” stated Colin Gouveia, Rogers' President
and CEO. "In the fourth quarter, the macroeconomic headwinds we
faced throughout 2023 persisted, resulting in further inventory
destocking by customers and softness in many end markets. The lower
sales volumes, especially in industrial and portable electronics
markets, more than offset our cost improvements in the quarter and
resulted in lower gross margins. Looking ahead, we anticipate the
demand environment will remain challenging in the first quarter,
but that we will begin to see some improvement midyear. We will
continue to navigate the dynamic conditions with a clear focus on
executing our strategy and managing what is within our
control."
Financial
Overview
GAAP Results
Q4 2023
Q3 2023
Q4 2022
2023
2022
Net Sales ($M)
$204.6
$229.1
$223.7
$908.4
$971.2
Gross Margin
32.9%
35.1%
31.8%
33.8%
33.1%
Operating Margin
14.9%
11.8%
37.0%
9.4%
14.9%
Net Income (Loss) ($M)
$23.2
$19.0
$67.3
$56.6
$116.6
Net Income (Loss) Margin
11.3%
8.3%
30.1%
6.2%
12.0%
Diluted Earnings Per Share
$1.24
$1.02
$3.58
$3.03
$6.15
Net Cash Provided by Operating Activities
($M)
$71.9
$42.0
$127.6
$131.4
$129.5
Non-GAAP Results1
Q4 2023
Q3 2023
Q4 2022
2023
2022
Adjusted Operating Margin
6.3%
14.3%
9.3%
11.2%
11.7%
Adjusted Net Income ($M)
$11.3
$23.2
$19.5
$70.7
$93.0
Adjusted Earnings Per Diluted Share
$0.60
$1.24
$1.04
$3.78
$4.91
Adjusted EBITDA ($M)
$23.4
$45.4
$27.8
$147.7
$160.2
Adjusted EBITDA Margin
11.4%
19.8%
12.5%
16.3%
16.5%
Free Cash Flow ($M)
$49.4
$35.3
$97.8
$74.4
$12.7
Net Sales by Operating Segment (dollars in
millions)
Q4 2023
Q3 2023
Q4 2022
2023
2022
Advanced Electronics Solutions (AES)
$117.3
$126.4
$125.3
$509.7
$530.2
Elastomeric Material Solutions (EMS)
$83.4
$98.0
$93.7
$379.0
$420.0
Other
$3.9
$4.8
$4.7
$19.7
$21.0
1 - A reconciliation of GAAP to non-GAAP
measures is provided in the schedules included below
Q4 2023 Summary of
Results
Net sales of $204.6 million decreased 10.7% versus the prior
quarter resulting from lower sales in the AES and EMS business
units. AES net sales decreased by 7.2% primarily related to lower
aerospace and defense (A&D), renewable energy sales, partially
offset by higher EV/HEV sales. EMS net sales decreased by 14.9%
primarily from lower portable electronics and general industrial
sales, partially offset by higher EV/HEV sales. Currency exchange
rates unfavorably impacted total company net sales in the fourth
quarter of 2023 by $1.9 million compared to the prior quarter.
Gross margin decreased to 32.9% from 35.1% in the prior quarter
due to lower sales volume and factory throughput, partially offset
by procurement cost savings.
Selling, general and administrative (SG&A) expenses
increased by $7.6 million from the prior quarter to $51.8 million.
The higher SG&A expense was due primarily to an increase in
professional service fees and compensation costs.
GAAP operating margin of 14.9% increased from 11.8% in the prior
quarter. The higher operating margin was primarily due to an
increase in other operating income, partially offset by a decline
in gross margin and higher SG&A expenses. The increase in other
operating income was mainly related to a $24.0 million insurance
recovery received in the fourth quarter, in connection with the
fire that occurred at the UTIS facility in 2021. Adjusted operating
margin of 6.3% decreased by 800 basis points versus the prior
quarter due to a decline in gross margin and higher SG&A
expenses.
GAAP earnings per diluted share were $1.24 compared to earnings
per diluted share of $1.02 in the previous quarter. The increase in
GAAP earnings per diluted share was due to the increase in
operating income and lower tax expense. On an adjusted basis,
earnings were $0.60 per diluted share compared to adjusted earnings
of $1.24 per diluted share in the prior quarter.
Ending cash and cash equivalents were $131.7 million, an
increase of $5.2 million versus the prior quarter. Net cash
provided by operating activities in the third quarter was $71.9
million, capital expenditures were $22.5 million and a principal
payment of $50 million was made on the outstanding borrowings under
the Company’s revolving credit facility.
Full Year 2023 Summary of
Results
Net sales of $908.4 million decreased by 6.5% compared to 2022,
from lower sales in the AES and EMS business units. AES net sales
declined in the A&D, wireless infrastructure and EV/HEV
markets, partially offset by higher renewable energy and ADAS
sales. EMS net sales decreased from lower general industrial,
consumer and portable electronics market sales, partially offset by
higher A&D sales. Currency exchange rates unfavorably impacted
total company net sales in 2023 by $3.3 million compared to the
prior year.
Gross margin increased to 33.8% from 33.1% in 2022. The
improvement in gross margin mainly resulted from lower logistics
costs, procurement cost savings and factory optimization
initiatives, which were partially offset by lower volumes and
unfavorable mix.
SG&A expenses decreased by $16.5 million from the prior year
to $202.3 million, primarily due to lower compensation costs and
professional services.
GAAP operating margin decreased to 9.4% from 14.9% in the prior
year, primarily due to an decrease in other operating income,
partially offset by lower impairment and restructuring charges and
SG&A expense. Other operating income decreased from the receipt
in 2022 of a $142.1 million regulatory termination fee, net of
transaction expenses, which was partially offset by $31.4 million
of insurance recoveries received in 2023. The insurance recoveries
were in connection with the fire that occurred at the UTIS facility
in 2021. Adjusted operating margin was 11.2%, compared to 11.7% in
2022.
GAAP earnings per diluted share were $3.03, compared to $6.15
per diluted share, for full year 2022. The decrease resulted
primarily from lower operating income, partially offset by lower
tax expense. On an adjusted basis, earnings were $3.78 per diluted
share for full year 2023, compared to $4.91 per diluted share for
full year 2022.
Ending cash and cash equivalents of $131.7 million decreased by
$104.2 million versus the prior year. The Company generated
operating cash flow of $131.4 million, had capital expenditures of
$57.0 million, and principal payments of $185 million were made on
the outstanding borrowings under the Company’s revolving credit
facility.
Financial
Outlook
Q1 2024
Net Sales ($M)
$205 to $215
Gross Margin
32.0% to 33.0%
Earnings Per Diluted Share
$0.30 to $0.50
Adjusted Earnings Per Diluted Share1
$0.45 to $0.65
2024
Capital Expenditures ($M)
$70 to $80
1 - A reconciliation of GAAP to non-GAAP
measures is provided in the schedules included below
Extending Financial Targets Beyond
2025
As a result of persistent challenges in the global manufacturing
economy and a lack of near-term visibility to the rate of growth in
the electric vehicle market, the timeline to achieve the previously
issued targets of $1.2 to $1.3 billion in sales, 38% to 40% gross
margin, and adjusted earnings per share of $8.50 to $9.50 is being
extended beyond 2025. Rogers expects to provide an update on the
timing of achieving these targets once demand visibility has
improved.
"Our view of Rogers' potential, and the compelling growth
opportunities projected in our key markets, such as EV/HEV, has not
changed,” stated Colin Gouveia, Rogers' President and CEO. "As a
result of current market challenges and the uncertain timing of EV
growth, we are extending these targets beyond 2025. We continue to
have great confidence in our strategy and capabilities, which will
enable us to reach these objectives."
Conference call and additional
Information
A conference call to discuss the results for the third quarter
will take place today, Wednesday, February 21, 2024 at 5:00 pm ET.
A live webcast of the event and the accompanying presentation can
be accessed on the Rogers Corporation website at
https://www.rogerscorp.com/investors.
About Rogers Corporation
Rogers Corporation (NYSE:ROG) is a global leader in engineered
materials to power, protect and connect our world. Rogers delivers
innovative solutions to help our customers solve their toughest
material challenges. Rogers’ advanced electronic and elastomeric
materials are used in applications for EV/HEV, automotive safety
and radar systems, mobile devices, renewable energy, wireless
infrastructure, energy-efficient motor drives, industrial equipment
and more. Headquartered in Chandler, Arizona, Rogers operates
manufacturing facilities in the United States, Asia and Europe,
with sales offices worldwide.
Safe Harbor Statement
Statements included in this release that are not a description
of historical facts are forward-looking statements. Words or
phrases such as “believe,” “may,” “could,” “will,” “estimate,”
“continue,” “anticipate,” “intend,” “seek,” “plan,” “expect,”
“should,” “would” or similar expressions are intended to identify
forward-looking statements, and are based on Rogers’ current
beliefs and expectations. This release contains forward-looking
statements regarding 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 those indicated by the forward-looking
statements. Other risks and uncertainties that could cause such
results to differ include the following, without limitation:
failure to capitalize on, volatility within, or other adverse
changes with respect to the Company's growth drivers, such as
delays in adoption or implementation of new technologies; failure
to successfully execute on our long-term growth strategy as a
standalone company; uncertain business, economic and political
conditions in the United States (U.S.) and abroad, particularly in
China, South Korea, Germany, Belgium, England and Hungary, 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, as well as the potential for
U.S.-China supply chain decoupling; fluctuations in foreign
currency exchange rates; our ability to develop innovative products
and the extent to which our products are incorporated into end-user
products and systems and the extent to which end-user products and
systems incorporating our products achieve commercial success; the
ability and willingness of our sole or limited source suppliers to
deliver certain key raw materials, including commodities, to us in
a timely and cost-effective manner; intense global competition
affecting both our existing products and products currently under
development; business interruptions due to catastrophes or other
similar events, such as natural disasters, war, including the
ongoing conflict between Russia and Ukraine, terrorism or public
health crises; the impact of sanctions, export controls and other
foreign asset or investment restrictions; 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; failure to comply with financial and restrictive covenants
in our credit agreement or restrictions on our operational and
financial flexibility due to such covenants; the outcome of ongoing
and future litigation, including our asbestos-related product
liability litigation or risks arising from the terminated DuPont
Merger; changes in environmental laws and regulations applicable to
our business; and disruptions in, or breaches of, our information
technology systems. Should any risks and uncertainties develop into
actual events, these developments could have a material adverse
effect on the Company. 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.
(Financial statements follow)
Condensed Consolidated
Statements of Operations (Unaudited)
Three Months Ended
Twelve Months Ended
(DOLLARS AND SHARES IN MILLIONS, EXCEPT
PER SHARE AMOUNTS)
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
Net sales
$
204.6
$
223.7
$
908.4
$
971.2
Cost of sales
137.2
152.7
601.3
650.2
Gross margin
67.4
71.0
307.1
321.0
Selling, general and administrative
expenses
51.8
54.3
202.3
218.8
Research and development expenses
10.2
9.8
35.7
35.2
Restructuring and impairment charges
0.5
65.4
16.9
66.6
Other operating (income) expense, net
(25.6
)
(141.2
)
(33.1
)
(144.0
)
Operating income
30.5
82.7
85.3
144.4
Equity income in unconsolidated joint
ventures
0.3
0.2
1.8
4.4
Other income (expense), net
(0.7
)
(0.5
)
(0.7
)
1.1
Interest expense, net
(1.5
)
(4.0
)
(10.1
)
(9.5
)
Income before income tax expense
28.6
78.4
76.3
140.4
Income tax expense
5.4
11.1
19.7
23.8
Net income
$
23.2
$
67.3
$
56.6
$
116.6
Basic earnings per share
$
1.25
$
3.59
$
3.04
$
6.21
Diluted earnings per share
$
1.24
$
3.58
$
3.03
$
6.15
Shares used in computing:
Basic earnings per share
18.6
18.7
18.6
18.8
Diluted earnings per share
18.7
18.8
18.7
19.0
Condensed Consolidated
Statements of Financial Position (Unaudited)
(DOLLARS AND SHARES IN MILLIONS, EXCEPT
PAR VALUE)
December 31, 2023
December 31, 2022
Assets
Current assets
Cash, cash equivalents and restricted
cash
$
131.7
$
235.9
Accounts receivable, less allowance for
doubtful accounts of $1.1 and $1.0
161.9
177.4
Contract assets
45.2
38.9
Inventories, net
153.5
182.4
Asbestos-related insurance receivables,
current portion
4.3
3.9
Other current assets
30.3
21.4
Total current assets
526.9
659.9
Property, plant and equipment, net of
accumulated depreciation of $385.7 and $381.6
366.3
358.4
Operating lease right-of-use assets
18.9
13.0
Goodwill
359.8
352.4
Other intangible assets, net of
amortization
123.9
133.7
Asbestos-related insurance receivables,
non-current portion
52.2
55.9
Investments in unconsolidated joint
ventures
11.1
14.1
Deferred income taxes
49.7
50.6
Other long-term assets
8.4
8.2
Total assets
$
1,517.2
$
1,646.2
Liabilities and Shareholders’
Equity
Current liabilities
Accounts payable
$
50.3
$
57.3
Accrued employee benefits and
compensation
31.1
34.2
Accrued income taxes payable
1.4
5.5
Operating lease obligations, current
portion
3.5
2.8
Asbestos-related liabilities, current
portion
5.5
5.0
Other accrued liabilities
24.0
37.7
Total current liabilities
115.8
142.5
Borrowings under revolving credit
facility
30.0
215.0
Operating lease obligations, non-current
portion
15.4
10.7
Asbestos-related liabilities, non-current
portion
56.0
60.1
Non-current income tax
7.2
10.0
Deferred income taxes
22.9
23.6
Other long-term liabilities
10.3
11.8
Shareholders’ equity
Capital stock - $1 par value; 50.0
authorized shares; 18.6 and 18.6 shares issued and outstanding
18.6
18.6
Additional paid-in capital
151.8
140.7
Retained earnings
1,155.0
1,098.4
Accumulated other comprehensive loss
(65.8
)
(85.2
)
Total shareholders' equity
1,259.6
1,172.5
Total liabilities and shareholders'
equity
$
1,517.2
$
1,646.2
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 operating margin, which the Company defines as
operating margin excluding acquisition-related amortization of
intangible assets and discrete items, which are acquisition and
related integration costs, dispositions, gains or losses on the
sale or disposal of property, plant and equipment, restructuring,
severance, impairment and other related costs, non-routine
shareholder advisory costs, (income) costs associated with
terminated merger, UTIS fire (recovery) charges and the related
income tax effect on these items (collectively, “discrete
items”);
(2) Adjusted net income, which the Company defines as net income
(loss) excluding amortization of acquisition intangible assets,
pension settlement charges and discrete items;
(3) Adjusted earnings per diluted share, which the Company
defines as earnings per diluted share excluding amortization of
acquisition intangible assets, pension settlement charges and
discrete items, divided by adjusted weighted average shares
outstanding - diluted;
(4) Adjusted EBITDA, which the Company defines as net income
(loss) excluding interest expense, net, income tax expense
(benefit), depreciation and amortization, stock-based compensation
expense, pension settlement charges and discrete items;
(5) Adjusted EBITDA Margin, which the Company defines as the
percentage that results from dividing Adjusted EBITDA by total net
sales;
(6) Free cash flow, which the Company defines as net cash
provided by (used in) operating activities less non-acquisition
capital expenditures.
Management believes adjusted operating margin, adjusted net
income, adjusted earnings per diluted share, adjusted EBITDA and
adjusted EBITDA 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 as alternatives to, financial
measures prepared in accordance with GAAP. In addition, these
non-GAAP financial measures may differ from, and should not be
compared to, 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.
Reconciliation of GAAP operating margin
to adjusted operating margin*:
2023
2022
Operating margin
Q4
Q3
YTD
Q4
YTD
GAAP operating margin (%)
14.9
%
11.8
%
9.4
%
37.0
%
14.9
%
Acquisition and divestiture related
costs:
Acquisition and related integration
costs
—
%
—
%
—
%
0.1
%
0.1
%
Dispositions
0.5
%
(0.3
)%
0.2
%
1.4
%
0.3
%
Loss/(gain) on sale or disposal of
assets
(0.9
)%
(0.1
)%
(0.3
)%
0.2
%
—
%
Restructuring, business realignment and
other cost saving initiatives:
Restructuring, severance, impairment and
other related costs
0.7
%
1.0
%
2.2
%
30.7
%
7.4
%
Non-routine shareholder advisory costs
0.3
%
—
%
0.9
%
—
%
—
%
(Income) costs associated with terminated
merger
0.5
%
0.6
%
0.7
%
(62.0
)%
(12.4
)%
UTIS fire (recovery)/charges
(11.5
)%
(0.3
)%
(3.4
)%
0.2
%
(0.2
)%
Asbestos-related charges
0.1
%
—
%
—
%
—
%
—
%
Total discrete items
(10.3
)%
1.0
%
0.4
%
(29.4
)%
(4.9
)%
Operating margin adjusted for discrete
items
4.6
%
12.8
%
9.8
%
7.6
%
10.0
%
Acquisition intangible amortization
1.6
%
1.5
%
1.5
%
1.7
%
1.7
%
Adjusted operating margin
6.3
%
14.3
%
11.2
%
9.3
%
11.7
%
*Percentages in table may not add due to
rounding.
Reconciliation of GAAP net income to
adjusted net income*:
(amounts in millions)
2023
2022
Net income
Q4
Q3
YTD
Q4
YTD
GAAP net income (loss)
$
23.2
$
19.0
$
56.6
$
67.3
$
116.6
Acquisition and divestiture related
costs:
Acquisition and related integration
costs
—
—
0.1
0.1
0.8
Acquisition intangible amortization
3.3
3.4
13.4
3.8
16.4
Dispositions
1.1
(0.7
)
1.6
3.2
3.2
Loss/(gain) on sale or disposal of
assets
(1.9
)
(0.2
)
(2.6
)
0.5
0.5
Restructuring, business realignment and
other cost saving initiatives:
Restructuring, severance, impairment and
other related costs
1.4
2.3
20.2
68.6
71.4
Non-routine shareholder advisory costs
0.6
—
8.3
—
—
(Income) costs associated with terminated
merger
1.1
1.4
6.0
(138.6
)
(120.3
)
UTIS fire (recovery)/charges
(23.6
)
(0.7
)
(30.5
)
0.4
(2.4
)
Asbestos-related charges
0.2
—
0.2
0.1
0.1
Pension settlement charges
0.1
—
0.1
—
—
Income tax effect of non-GAAP adjustments
and intangible amortization
5.6
(1.4
)
(2.8
)
14.1
6.8
Adjusted net income
$
11.3
$
23.2
$
70.7
$
19.5
$
93.0
*Values in table may not add due to
rounding.
Reconciliation of GAAP earnings per
diluted share to adjusted earnings per diluted share*:
2023
2022
Earnings per diluted share
Q4
Q3
YTD
Q4
YTD
GAAP earnings per diluted share
$
1.24
$
1.02
$
3.03
$
3.58
$
6.15
Acquisition and divestiture related
costs:
Acquisition and related integration
costs
—
—
0.01
—
0.03
Dispositions
0.13
(0.03
)
0.15
0.13
0.13
Loss/(gain) on sale or disposal of
assets
(0.07
)
(0.01
)
(0.11
)
0.02
0.02
Restructuring, business realignment and
other cost saving initiatives:
Restructuring, severance, impairment and
other related costs
0.06
0.09
0.82
2.81
2.90
Non-routine shareholder advisory costs
0.03
—
0.34
—
—
(Income) costs associated with terminated
merger
0.05
0.06
0.25
(5.67
)
(4.88
)
UTIS fire (recovery)/charges
(0.97
)
(0.03
)
(1.25
)
0.02
(0.10
)
Asbestos-related charges
0.01
—
0.01
—
—
Pension settlement charges
0.01
—
0.01
—
—
Total discrete items
$
(0.77
)
$
0.09
$
0.22
$
(2.69
)
$
(1.91
)
Earnings per diluted share adjusted for
discrete items
0.47
1.11
3.25
0.89
4.25
Acquisition intangible amortization
$
0.14
$
0.13
$
0.54
$
0.15
$
0.66
Adjusted earnings per diluted share
$
0.60
$
1.24
$
3.78
$
1.04
$
4.91
*Values in table may not add due to
rounding.
Reconciliation of GAAP net income to
adjusted EBITDA*:
2023
2022
(amounts in millions)
Q4
Q3
YTD
Q4
YTD
GAAP net income (loss)
$
23.2
$
19.0
$
56.6
$
67.3
$
116.6
Interest expense, net
1.4
2.3
10.1
4.0
9.5
Income tax expense (benefit)
5.4
7.2
19.7
11.1
23.8
Depreciation
7.9
8.1
37.7
7.7
29.5
Amortization
3.3
3.4
13.4
3.8
16.4
Stock-based compensation expense
3.4
3.8
14.3
0.2
11.8
Acquisition and divestiture related
costs:
Acquisition and related integration
costs
—
—
0.1
0.1
0.8
Dispositions
1.1
(0.7
)
1.6
3.2
3.2
Loss/(gain) on sale or disposal of
assets
(1.9
)
(0.2
)
(2.6
)
0.5
0.5
Restructuring, business realignment and
other cost saving initiatives:
Restructuring, severance, impairment and
other related costs
1.4
2.3
14.6
68.1
70.9
Non-routine shareholder advisory costs
0.6
—
8.3
—
—
(Income) costs associated with terminated
merger
0.7
0.9
4.0
(138.6
)
(120.3
)
UTIS fire (recovery)/charges
(23.6
)
(0.7
)
(30.5
)
0.4
(2.4
)
Asbestos-related charges
0.2
—
0.2
0.1
0.1
Pension settlement charges
0.1
—
0.1
—
—
Adjusted EBITDA
$
23.4
$
45.4
$
147.7
$
27.8
$
160.2
*Values in table may not add due to
rounding.
Calculation of adjusted EBITDA
margin*:
2023
2022
Q4
Q3
YTD
Q4
YTD
Adjusted EBITDA (in millions)
$
23.4
$
45.4
$
147.7
$
27.8
$
160.2
Divided by Total Net Sales (in
millions)
204.6
229.1
908.4
223.7
971.2
Adjusted EBITDA Margin
11.4
%
19.8
%
16.3
%
12.5
%
16.5
%
*Values in table may not add due to
rounding.
Reconciliation of net cash provided by
(used in) operating activities to free cash flow*:
2023
2022
(amounts in millions)
Q4
Q3
YTD
Q4
YTD
Net cash provided by (used in) operating
activities
$
71.9
$
42.0
$
131.4
$
127.6
$
129.5
Non-acquisition capital expenditures
(22.5
)
(6.7
)
(57.0
)
(29.8
)
(116.8
)
Free cash flow
$
49.4
$
35.3
$
74.4
$
97.8
$
12.7
*Values in table may not add due to
rounding.
Reconciliation of GAAP earnings per
diluted share to adjusted earnings per diluted share guidance for
the 2024 first quarter:
Guidance Q1
2024
GAAP earnings per diluted share
$0.30 to $0.50
Discrete items
$0.03
Acquisition intangible amortization
$0.12
Adjusted earnings per diluted share
$0.45 - $0.65
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240221317646/en/
Investor contact: Steve Haymore Phone: 480-917-6026
Email: stephen.haymore@rogerscorporation.com Website
address: https://www.rogerscorp.com
Grafico Azioni Rogers (NYSE:ROG)
Storico
Da Ott 2024 a Nov 2024
Grafico Azioni Rogers (NYSE:ROG)
Storico
Da Nov 2023 a Nov 2024
