Rogers Corporation announced its third-quarter 2024 financial results, reporting net sales of $210.3 million. This figure represented an 8.2% decrease compared to the third quarter of 2023 and a 1.8% sequential decline from the prior quarter, falling below the company's outlook.
Despite the revenue shortfall, the company's GAAP diluted earnings per share (EPS) reached $0.58, and adjusted diluted EPS was $0.98, exceeding guidance expectations. This outperformance was attributed to ongoing operational improvements, a favorable product mix, and diligent expense management, with selling, general, and administrative (SG&A) expenses decreasing by $5.8 million quarter-over-quarter.
Gross margin improved to 35.2% from 34.1% in the previous quarter, primarily due to product mix benefits. Looking ahead, Rogers provided fourth-quarter 2024 guidance, projecting net sales between $185 million and $200 million and adjusted EPS in the range of $0.30 to $0.60, reflecting anticipated seasonal declines and deferred customer ordering.
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