Rogers Corporation (ROG) on Tuesday reported fourth-quarter net income of $4.6 million or $0.26 per share, compared to a net loss of $0.5 million or $0.03 per share.
On an adjusted basis, earnings were $0.89 per share, compared to $0.46 per share last year.
Net sales for the quarter were $201.5 million, compared to $192.2 million last year. Sales increased 4.8% primarily from higher industrial, ADAS and renewable energy sales.
"Solid execution led to sales, gross margin and adjusted earnings per share that approached or exceeded the high-end of guidance for the fourth quarter," stated Ali El-Haj, Rogers' Interim President and CEO. "We are encouraged that the benefits of cost improvement initiatives implemented in recent quarters are contributing to significantly higher adjusted earnings per share compared with the same period last year."
Looking forward to the first quarter, the company expects sales of $193 million to $208 million, and adjusted earnings per share of $0.45 to $0.85.
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