CHANDLER, AZ – Rogers Corp. reported first quarter net sales of $229.3 million, an increase of 15.3% year-over-year and 8.8% sequentially.

Net income was $31.2 million, up 134.6% year-over-year and 105.3% sequentially.

The Advanced Electronics Solutions segment posted net sales of $131.9 million, up 18.5% year-over-year and 10.3% sequentially. The Elastomeric Material Solutions segment reported net sales of $91.8 million, up 9.9% year-over-year and 6% sequentially.

AES net sales increased due to strong demand for ADAS applications and higher sales in the EV/HEV, clean energy, defense and wireless infrastructure markets. EMS net sales increased from strong demand in the EV/HEV, traditional automotive and general industrial markets, partially offset by a seasonal decline in portable electronics market sales. Currency exchange rates favorably impacted total company net sales in the first quarter by $3.1 million compared to prior quarter net sales.

"Rogers delivered strong first quarter sales and earnings, driven by the continued execution of our growth strategy and operational excellence initiatives," said Bruce D. Hoechner, Rogers' president and CEO. "Accelerating demand for our innovative solutions in Advanced Mobility markets and a broad recovery in industrial demand were the primary catalysts for the sales increase. We continue to see robust market demand looking forward, but anticipate global supply chain disruptions and the ongoing recovery of UTIS manufacturing will temper sales growth for the second quarter. We remain enthusiastic about the significant growth opportunities in Advanced Mobility, and we are aggressively expanding capacity to capitalize on this opportunity, in addition to focusing on growth opportunities in our other core markets."

Ending cash and cash equivalents were $199.1 million, an increase of $7.3 million versus the prior quarter. The company generated free cash flow of approximately $32.9 million in the first quarter. Net cash provided by operating activities of $36.5 million was offset by $21 million of principal payments made on the outstanding borrowings under the company’s revolving credit facility and capital expenditures of $3.6 million. At the end of the first quarter, cash exceeded borrowings by $195.1 million.

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