The following is a summary of the Rogers Corporation (ROG) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Rogers Corporation reported Q1 sales of $213 million, a 4% increase from the prior quarter mainly driven by the aerospace, defense, and industrial markets.

• Q1 gross margin was at 32%, with the projection of significant improvement in coming quarters, potentially moving above 35%.

• Q1 adjusted earnings per share was $0.58, a slight dip due to increased income tax expenses.

• After repaying debt, the company has a strong balance sheet, enabling a focus on organic growth and opportunistic stock buybacks.

• The company managed to reduce the accumulated inventory from previous years and aims to reduce further in 2024 as part of their cash flow strategy.

Business Progress:

• The company is seeing signs of recovery in their industrial markets and expects stronger performance in the latter half of the year.

• Rogers Corporation is innovating with a One Rogers model, aimed at driving consistency and improved execution across R&D and innovation functions.

• The company anticipates an upswing in EMS EV sales in Q2 and continues to secure new design wins across its verticals.

• Rogers Corporation is dealing with challenges related to PFAS content regulations, actively exploring alternative technologies to maintain efficient and safe production.

• They are actively screening for prospective acquisitions to further bolster their market presence and business structure.

More details: Rogers IR

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