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Rogers Corporation announced financial results for the first quarter of 2025.
"Our first quarter unfolded largely as we expected with financial results that were in line with our guidance expectations,” stated Colin Gouveia, Rogers' President and CEO. "Sales decreased slightly versus the prior quarter as a result of unfavorable foreign currency changes and seasonally lower sales in the portable electronics market, but we were pleased to see improved demand in the ADAS and industrial end markets. We also further strengthened our balance sheet, ending the quarter with a $176 million cash position. Furthermore, we implemented additional measures to reduce operating expenses and manufacturing costs to enhance Rogers' competitiveness in this current environment.
"Visibility into the remainder of the year is limited due to broad uncertainty related to tariffs and global trade," said Gouveia. "However, despite these challenges, we remain focused on executing our commercial, innovation, and operational priorities. Combined with our strong financial position, these priorities are positioning Rogers for success as market conditions improve."
Q1 2025 Summary of Results
Net sales of $190.5 million decreased 0.9% versus the prior quarter. Advanced Electronics Solutions (AES) net sales increased by 1.8% primarily related to higher ADAS and aerospace and defense sales, partially offset by lower EV/HEV and industrial sales. Elastomeric Material Solutions (EMS) net sales decreased by 4.3% primarily from a seasonal decline in portable electronics sales and lower EV/HEV sales, partially offset by higher general industrial sales. Currency exchange rates unfavorably impacted total company net sales in the first quarter of 2025 by $3.0 million compared to the prior quarter.
GAAP losses per diluted share were $(0.08) compared to losses per diluted share of $(0.03) in the previous quarter. On an adjusted basis, earnings were $0.27 per diluted share compared to earnings of $0.46 per diluted share in the prior quarter.
Ending cash and cash equivalents were $175.6 million, an increase of $15.8 million versus the prior quarter. Net cash provided by operating activities in the first quarter was $11.7 million and capital expenditures were $9.6 million. Proceeds from the sale of a manufacturing facility in Arizona were $13.4 million.
