Rogers Eyes Acquisitions
Jul 30 15
Rogers Corporation (NYSE:ROG) plans to make acquisitions. Bruce Hoechner, President and Chief Executive Officer of the company said: “We continue to pursue synergistic M&A opportunities focused on targeted bolt-on businesses that leverage our global strengths and broaden the portfolio of solutions we provide to our customers. We are now six months into the Arlon integration and we are very pleased with its fit within our legacy businesses. The team is now focused on joint sales opportunities to drive top-line growth. Overall, the integration has gone smoothly and we are on track to meet our initial integration goals by year's end. I'll speak more about Arlon's contributions later in the call.” He added: “So, in terms of acquisitions, we have a robust process in place. Bob Daigle is leading that. And we continue to be out there seeking synergistic acquisitions that we think will add value, much like Arlon. And that's number one. Number two, there's always the question of what else can we do with our cash in addition to the acquisition approach. So, we continue to review the option of share buyback. That's something that's in front of the board at every meeting and we continue to discuss that as another approach for the use of cash over the shorter term. But, I would re-focus us on the acquisition side, which is really core to our strategy, and where we are, as I said, working hard to find other good opportunities.”
Rogers Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Third Quarter and Full Year 2015
Jul 29 15
Rogers Corporation announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported net sales of $163,098,000 compared to $153,495,000 a year ago. Operating income was $20,510,000 compared to $16,219,000 a year ago. Income before income tax expense was $19,081,000 compared to $16,485,000 a year ago. Net income was $13,540,000 or $0.71 per diluted share compared to $10,902,000 or $0.58 per diluted share a year ago. Capital expenditures were approximately $5.8 million.
For the six months, the company reported net sales of $328,149,000 compared to $300,135,000 a year ago. Operating income was $40,610,000 compared to $37,677,000 a year ago. Income before income tax expense was $38,965,000 compared to $36,980,000 a year ago. Net income was $27,167,000 or $1.43 per diluted share compared to $25,482,000 or $1.37 per diluted share a year ago. Net cash provided by operating activities was $22.4 million compared to $29.7 million for the first half of 2014. Capital expenditures were approximately $14.3 million.
The company provided earnings guidance for the third quarter full year 2015. The company projects its third quarter of 2015 net sales will be between $162 to $172 million and non-GAAP net earnings of between $0.67 and $0.77 per diluted share, which excludes estimated integration costs and other discrete charges totaling approximately $0.05 per diluted share. Included in the third quarter of 2015 net sales guidance is the unfavorable impact of approximately $6.6 million due to currency exchange rates. The company expects GAAP earnings per diluted share will be between $0.62 to $0.72.
For the full year of 2015, the company expects capital expenditures to be in the range of $33 to $38 million and its effective tax rate to be approximately 30%.
Rogers Corporation to Report Q2, 2015 Results on Jul 29, 2015
Jul 26 15
Rogers Corporation announced that they will report Q2, 2015 results After-Market on Jul 29, 2015
Rogers Corporation Announces Auditor Changes
Jul 23 15
On July 17, 2015, the audit committee of the board of directors of Rogers Corporation approved the engagement of PricewaterhouseCoopers LLP as the company's new independent registered public accounting firm and the dismissal of Ernst & Young LLP, effective on July 31, 2015. This change was a result of a competitive bidding process involving several accounting firms.