Excellent Q4 Results Driven By Advanced
Mobility Growth and Strong Operational Execution
Rogers Corporation (NYSE:ROG) today announced financial results
for the full year and fourth quarter of 2020.
“Accelerating growth in Advanced Mobility markets, combined with
continued improvements in operational execution, drove fourth
quarter results above the top end of our guidance,” stated Bruce D.
Hoechner, Rogers' President and CEO. “Despite the challenges of the
past year, 2020 was a year of substantial progress for Rogers. We
advanced our positions in strategic growth markets, achieved
sustainable improvements to gross margins, and significantly
strengthened our balance sheet. Looking ahead, we remain
enthusiastic about the growth outlook in Advanced Mobility, and
particularly the EV/HEV market where momentum is accelerating. We
are confident that our innovative solutions and deep materials
expertise will enable Rogers to continue to play a leading role in
the global transition to clean technologies and in other markets
across our diversified portfolio.”
Financial
Overview
GAAP Results
Q4 2020
Q3 2020
Q4 2019
2020
2019
Net Sales ($M)
$210.7
$201.9
$193.8
$802.6
$898.3
Gross Margin
38.3%
37.4%
33.1%
36.4%
35.0%
Operating Margin
9.5%
4.4%
7.5%
8.4%
12.3%
Net Income ($M)
$15.2
$7.0
$(28.8)
$50.0
$47.3
Diluted Earnings Per Share
$0.81
$0.37
$(1.55)
$2.67
$2.53
Non-GAAP Results1
Q4 2020
Q3 2020
Q4 2019
2020
2019
Adjusted Operating Margin
18.4%
17.3%
11.6%
15.7%
15.7%
Adjusted Net Income ($M)
$29.7
$27.1
$21.3
$95.0
$114.8
Adjusted Earnings Per Diluted Share
$1.58
$1.45
$1.14
$5.08
$6.14
Adjusted EBITDA ($M)
$53.2
$47.9
$34.5
$177.0
$188.2
Adjusted EBITDA Margin
25.3%
23.7%
17.8%
22.1%
21.0%
Free Cash Flow ($M)
$39.9
$47.9
$32.9
$124.7
$109.7
Net Sales by Operating Segment (dollars in
millions)
Q4 2020
Q3 2020
Q4 2019
2020
2019
Advanced Connectivity Solutions (ACS)
$69.5
$63.7
$64.6
$268.7
$316.6
Elastomeric Material Solutions (EMS)
$86.6
$86.4
$80.0
$328.2
$361.6
Power Electronic Solutions (PES)
$50.1
$47.9
$43.9
$190.0
$198.5
Other
$4.5
$3.9
$5.2
$15.7
$21.5
1 - A reconciliation of GAAP to non-GAAP
measures is provided in the schedules included below
Q4 2020 Summary of
Results
Net sales of $210.7 million increased 4% versus the prior
quarter primarily due to higher sales in the ACS and PES business
units. ACS net sales increased due to strong automotive demand for
ADAS applications, partially offset by a decline in defense market
demand. PES net sales increased in the EV/HEV market, partially
offset by a decrease in the industrial power and mass transit
markets. EMS net sales increased slightly from continued growth in
the EV/HEV market and improved demand in the general industrial and
traditional automotive markets, partially offset by a decline in
portable electronics market sales. Currency exchange rates
favorably impacted total company net sales in the fourth quarter of
2020 by $3.1 million compared to prior quarter net sales.
Gross margin was 38.3%, compared to 37.4% in the prior quarter.
The increase in gross margin was due to higher volumes, improved
productivity and yields and operational cost savings, partially
offset by higher freight costs, commodity price increases and
unfavorable product mix.
Selling, general and administrative (SG&A) expenses
decreased slightly from the prior quarter to $50.0 million. In line
with the Company's expectations, $11.8 million of accelerated
intangible amortization expense was incurred related to the DSP
business in the fourth quarter, compared to $11.7 million of
accelerated expense in the prior quarter.
Restructuring and impairment charges of $3.6 million were
recognized in the fourth quarter, compared to $9.4 million in the
prior quarter. The charges in both the third and fourth quarters
were primarily related to manufacturing footprint optimization
plans to better align capacity with end market demand, improve
factory utilization and increase cost competitiveness.
GAAP operating margin of 9.5% increased by 510 basis points
sequentially primarily due to the improved gross margin and lower
restructuring related charges. Adjusted operating margin of 18.4%
increased by 110 basis points versus the prior quarter, primarily
as a result of improved gross margin.
GAAP earnings per diluted share were $0.81, compared to $0.37
per diluted share in the previous quarter. The increase in GAAP
earnings resulted from higher net sales, improved gross margin and
lower restructuring related expenses, partially offset by higher
tax expense. On an adjusted basis, earnings were $1.58 per diluted
share compared to adjusted earnings of $1.45 per diluted share in
the prior quarter. The increase in adjusted earnings per diluted
share resulted from higher net sales and improved gross margin,
partially offset by higher tax expense.
Ending cash and cash equivalents were $191.8 million, an
increase of $5.7 million versus the prior quarter. The Company
generated strong free cash flow of approximately $40 million in the
fourth quarter of 2020. Net cash provided by operating activities
of $51.4 million was offset by $35.0 million of principal payments
made on the outstanding borrowings under the Company’s revolving
credit facility and capital expenditures of $11.4 million. At the
end of the fourth quarter of 2020, cash exceeded borrowings by
$166.8 million.
Full Year 2020 Summary of
Results
Net sales of $802.6 million decreased 11% compared to 2019 due
to lower sales in all business units. The decline in net sales were
mainly due to impacts on market demand from the COVID-19 pandemic
and the effects of trade restrictions on the wireless
infrastructure market. Currency exchange rates had an immaterial
impact on total company net sales during 2020. ACS net sales
decreased in the wireless infrastructure and automotive markets,
partially offset by strong growth in the defense market. EMS net
sales decreased due to lower demand in the general industrial, mass
transit, consumer and automotive markets, partially offset by
robust growth in the EV/HEV market and slight growth in the
portable electronics market. PES net sales decreased due to lower
demand in the industrial power, mass transit and vehicle
electrification markets, offset by strong growth in the EV/HEV and
renewable energy markets.
Gross margin was 36.4% compared to 35.0% in 2019. The increase
in gross margin resulted from operational cost savings, lower
freight, duties and tariffs costs, productivity and yield
improvements and favorable product mix, partially offset by lower
volume, increased inventory reserves and higher COVID-19 related
costs.
SG&A expenses increased by $13.6 million to $182.3 million
from the prior year, primarily from $27.4 million of accelerated
intangible amortization expense associated with the DSP business,
partially offset by lower travel and other expense reduction
actions.
Restructuring and impairment charges were $13.0 million,
compared to $2.5 million in 2019. The charges in 2020 were related
to manufacturing footprint optimization plans to better align
capacity with end market demand, improve factory utilization and
increase cost competitiveness.
GAAP operating margin decreased to 8.4%, from 12.3% in the prior
year, primarily due to higher SG&A and restructuring related
charges, partially offset by gross margin improvement. Adjusted
operating margin was 15.7% and unchanged from 2019.
GAAP earnings per diluted share were $2.67, compared to $2.53
per diluted share, for full year 2019. The increase resulted from
lower pension settlement charges in 2020, which was partially
offset by higher SG&A, restructuring charges and tax expense.
On an adjusted basis, earnings were $5.08 per diluted share for
full year 2020, compared to $6.14 per diluted share for full year
2019. The decrease in adjusted earnings was from lower revenue and
higher tax expense, partially offset by the improvement in gross
margin.
Ending cash and cash equivalents of $191.8 million increased by
$24.9 million versus the prior year. The Company generated strong
operating cash flow of $165.1 million and free cash flow of $124.7
million in 2020.
Financial Outlook
As recently announced, a fire caused extensive damage to Rogers'
Utis manufacturing facility in S. Korea on February 9th and
operations were disrupted. The Company is considering various
recovery options and expects to resume production in S. Korea
during the fourth quarter of this year. An estimate of the impact
of this event is included in the first quarter financial
outlook.
Q1 2021
Net Sales ($M)
$215 to $225
Gross Margin
38.5% to 39.5%
Earnings Per Share
$1.48 to $1.63
Non-GAAP Earnings Per Share1
$1.72 to $1.87
2021
Effective Tax Rate
22% - 23%
Capital Expenditures ($M)
$70 to $80
1 - A reconciliation of GAAP to non-GAAP
measures is provided in the schedules included below
About Rogers Corporation
Rogers Corporation (NYSE:ROG) is a global leader in engineered
materials to power, protect, and connect our world. With more than
180 years of materials science experience, Rogers delivers
high-performance solutions that enable the company’s growth drivers
-- advanced connectivity and advanced mobility applications, as
well as other technologies where reliability is critical. Rogers
delivers Power Electronics Solutions for energy-efficient motor
drives, e-Mobility and renewable energy; Elastomeric Material
Solutions for sealing, vibration management and impact protection
in mobile devices, transportation interiors, industrial equipment
and performance apparel; and Advanced Connectivity Solutions for
wireless infrastructure, automotive safety and radar systems.
Headquartered in Arizona (USA), Rogers operates manufacturing
facilities in the United States, China, Germany, Belgium, Hungary,
and South Korea, with joint ventures and sales offices
worldwide.
Safe Harbor Statement
This release contains forward-looking statements, which concern
our plans, objectives, outlook, goals, strategies, future events,
future net sales or performance, capital expenditures, future
restructuring, plans or intentions relating to expansions, business
trends and other information that is not historical information.
All forward-looking statements are based upon information available
to us on the date of this release and are subject to risks,
uncertainties and other factors, many of which are outside of our
control, which could cause actual results to differ materially from
the results discussed in the forward-looking statements. Risks and
uncertainties that could cause such results to differ include: the
duration and impacts of the novel coronavirus global pandemic and
efforts to contain its transmission and distribute vaccines,
including the effect of these factors on our business, suppliers,
customers, end users and economic conditions generally; failure to
capitalize on, volatility within, or other adverse changes with
respect to the Company's growth drivers, including advanced
mobility and advanced connectivity, such as delays in adoption or
implementation of new technologies; uncertain business, economic
and political conditions in the United States (U.S.) and abroad,
particularly in China, South Korea, Germany, Hungary and Belgium,
where we maintain significant manufacturing, sales or
administrative operations; the trade policy dynamics between the
U.S. and China reflected in trade agreement negotiations and the
imposition of tariffs and other trade restrictions, including trade
restrictions on Huawei Technologies Co., Ltd.; fluctuations in
foreign currency exchange rates; our ability to develop innovative
products and the extent to which our products are incorporated into
end-user products and systems and the extent to which end-user
products and systems incorporating our products achieve commercial
success; the ability of our sole or limited source suppliers to
deliver certain key raw materials, including commodities, to us in
a timely and cost-effective manner; intense global competition
affecting both our existing products and products currently under
development; business interruptions due to catastrophes or other
similar events, such as natural disasters, war, terrorism or public
health crises; failure to realize, or delays in the realization of
anticipated benefits of acquisitions and divestitures due to, among
other things, the existence of unknown liabilities or difficulty
integrating acquired businesses; our ability to attract and retain
management and skilled technical personnel; our ability to protect
our proprietary technology from infringement by third parties
and/or allegations that our technology infringes third party
rights; changes in effective tax rates or tax laws and regulations
in the jurisdictions in which we operate; failure to comply with
financial and restrictive covenants in our credit agreement or
restrictions on our operational and financial flexibility due to
such covenants; the outcome of ongoing and future litigation,
including our asbestos-related product liability litigation;
changes in environmental laws and regulations applicable to our
business; and disruptions in, or breaches of, our information
technology systems. For additional information about the risks,
uncertainties and other factors that may affect our business,
please see our most recent annual report on Form 10-K and any
subsequent reports filed with the Securities and Exchange
Commission, including quarterly reports on Form 10-Q. Rogers
Corporation assumes no responsibility to update any forward-looking
statements contained herein except as required by law.
Conference call and additional
information
A conference call to discuss the results for the fourth quarter
and full year 2020 will take place today, Thursday, February 18,
2021 at 5pm ET.
A live webcast of the event and the accompanying presentation
can be accessed on the Rogers Corporation website at
https://www.rogerscorp.com/investors.
To participate, please dial:
1-800-574-8929
Toll-free in the United States
1-973-935-8524
Internationally
The passcode for the live teleconference
is 2598602.
If you are unable to attend, a conference call playback will be
available from February 18, 2021 at approximately 8 pm ET through
March 5, 2021 at 11:59 pm ET, by dialing 1-855-859-2056 from the
United States, and 1-404-537-3406 from outside of the US, each with
passcode 2598602.
Additionally, the archived webcast will be available on the
Rogers website at approximately 8 pm ET February 19, 2021.
Additional information
Please contact the Company directly via email or visit the
Rogers website.
(Financial statements follow)
Condensed Consolidated
Statements of Operations (Unaudited)
Three Months Ended
Twelve Months Ended
(DOLLARS AND SHARES IN THOUSANDS, EXCEPT
PER SHARE AMOUNTS)
December 31, 2020
December 31, 2019
December 31, 2020
December 31, 2019
Net sales
$
210,672
$
193,768
$
802,583
$
898,260
Cost of sales
129,969
129,565
510,763
583,968
Gross margin
80,703
64,203
291,820
314,292
Selling, general and administrative
expenses
50,029
41,333
182,283
168,682
Research and development expenses
7,135
8,403
29,320
31,685
Restructuring and impairment charges
3,574
—
12,987
2,485
Other operating (income) expense, net
(8
)
(116
)
(104
)
959
Operating income
19,973
14,583
67,334
110,481
Equity income in unconsolidated joint
ventures
1,700
1,242
4,877
5,319
Pension settlement charges
—
(53,213
)
(55
)
(53,213
)
Other income (expense), net
2,219
323
3,513
(592
)
Interest expense, net
(596
)
(1,146
)
(7,135
)
(6,869
)
Income before income tax expense
23,296
(38,211
)
68,534
55,126
Income tax expense
8,091
(9,451
)
18,544
7,807
Net income
$
15,205
$
(28,760
)
$
49,990
$
47,319
Basic earnings per share
$
0.82
$
(1.55
)
$
2.68
$
2.55
Diluted earnings per share
$
0.81
$
(1.55
)
$
2.67
$
2.53
Shares used in computing:
Basic earnings per share
18,692
18,587
18,681
18,573
Diluted earnings per share
18,741
18,587
18,706
18,713
Condensed Consolidated
Statements of Financial Position (Unaudited)
(DOLLARS AND SHARES IN THOUSANDS, EXCEPT
PAR VALUE)
December 31, 2020
December 31, 2019
Assets
Current assets
Cash and cash equivalents
$
191,785
$
166,849
Accounts receivable, less allowance for
doubtful accounts of $1,366 and $1,691
134,421
122,285
Contract assets
26,575
22,455
Inventories
102,360
132,859
Prepaid income taxes
2,960
4,524
Asbestos-related insurance receivables,
current portion
2,986
4,292
Other current assets
13,088
10,838
Total current assets
474,175
464,102
Property, plant and equipment, net of
accumulated depreciation of $365,844 and $341,119
272,378
260,246
Investments in unconsolidated joint
ventures
15,248
16,461
Deferred income taxes
28,667
17,117
Goodwill
270,172
262,930
Other intangible assets, net of
amortization
118,026
158,947
Pension assets
5,278
12,790
Asbestos-related insurance receivables,
non-current portion
63,807
74,024
Other long-term assets
16,254
6,564
Total assets
$
1,264,005
$
1,273,181
Liabilities and Shareholders’
Equity
Current liabilities
Accounts payable
$
35,987
$
33,019
Accrued employee benefits and
compensation
41,708
29,678
Accrued income taxes payable
8,558
10,649
Asbestos-related liabilities, current
portion
3,615
5,007
Other accrued liabilities
21,641
21,872
Total current liabilities
111,509
100,225
Borrowings under revolving credit
facility
25,000
123,000
Pension and other postretirement benefits
liabilities
1,612
1,567
Asbestos-related liabilities, non-current
portion
69,620
80,873
Non-current income tax
16,346
10,423
Deferred income taxes
8,375
9,220
Other long-term liabilities
10,788
13,973
Shareholders’ equity
Capital stock - $1 par value; 50,000
authorized shares; 18,677 and 18,577 shares issued and
outstanding
18,677
18,577
Additional paid-in capital
147,961
138,526
Retained earnings
873,692
823,702
Accumulated other comprehensive loss
(19,575
)
(46,905
)
Total shareholders' equity
1,020,755
933,900
Total liabilities and shareholders'
equity
$
1,264,005
$
1,273,181
Reconciliation of non-GAAP financial
measures to the comparable GAAP measures
Non-GAAP financial measures:
This earnings release includes the following financial measures
that are not presented in accordance with generally accepted
accounting principles in the United States of America (“GAAP”):
(1) Adjusted net income, which the Company defines as net income
excluding amortization of acquisition intangible assets and
discrete items, such as acquisition and related integration costs,
changes in foreign jurisdiction tax regulation on equity awards
attributable to a prior period, asbestos-related charges,
environmental accrual adjustment, gains from indemnity claims,
gains or losses on the sale or disposal of property, plant and
equipment, pension settlement charges, restructuring, severance,
impairment and other related costs, and the related income tax
effect on these items (collectively, “discrete items”), and
transition services, net;
(2) Adjusted earnings per diluted share, which the Company
defines as earnings per diluted share excluding amortization of
acquisition intangible assets, discrete items, transition services,
net and the impact of including dilutive securities divided by
adjusted weighted average shares outstanding - diluted;
(3) Adjusted operating margin, which the Company defines as
operating margin excluding acquisition-related amortization of
intangible assets, discrete items excluding pension settlement
charges, and transition services, net;
(4) Adjusted EBITDA, which the Company defines as net income
excluding interest expense, net, income tax expense, depreciation
and amortization, stock-based compensation expense, transition
services lease income and discrete items;
(5) Adjusted EBITDA Margin, which the Company defines as the
percentage that results from dividing Adjusted EBITDA by total net
sales;
(6) Free cash flow, which the Company defines as net cash
provided by operating activities less non-acquisition capital
expenditures.
Management believes adjusted net income, adjusted earnings per
diluted share, adjusted operating margin, adjusted EBITDA and
adjusted EBITDA margin are useful to investors because they allow
for comparison to the Company’s performance in prior periods
without the effect of items that, by their nature, tend to obscure
the Company’s core operating results due to potential variability
across periods based on the timing, frequency and magnitude of such
items. As a result, management believes that these measures enhance
the ability of investors to analyze trends in the Company’s
business and evaluate the Company’s performance relative to peer
companies. Management also believes free cash flow is useful to
investors as an additional way of viewing the Company's liquidity
and provides a more complete understanding of factors and trends
affecting the Company's cash flows. However, non-GAAP financial
measures have limitations as analytical tools and should not be
considered in isolation from, or solely as alternatives to,
financial measures prepared in accordance with GAAP. In addition,
these non-GAAP financial measures may differ from similarly named
measures used by other companies. Reconciliations of the
differences between these non-GAAP financial measures and their
most directly comparable financial measures calculated in
accordance with GAAP are set forth below.
Reconciliation of GAAP net income to
adjusted net income:
(amounts in millions)
2020
2019
Net income
Q4
Q3
YTD
Q4
YTD
GAAP net income
$
15.2
$
7.0
$
50.0
$
(28.8
)
$
47.3
Acquisition and related integration
costs
$
—
$
0.1
$
1.0
$
0.5
$
1.9
Change in foreign jurisdiction tax
regulation on equity awards attributable to a prior period
$
—
$
—
$
—
$
—
$
0.5
Asbestos-related charges
$
(0.7
)
$
—
$
(0.7
)
$
1.7
$
1.7
Environmental accrual adjustment
$
—
$
—
$
(0.2
)
$
0.8
$
0.8
Gain from indemnity claim
$
—
$
—
$
—
$
(0.7
)
$
(0.7
)
Loss on sale or disposal of property,
plant and equipment
$
—
$
—
$
—
$
0.4
$
0.6
Pension settlement charges
$
—
$
—
$
0.1
$
53.2
$
53.2
Restructuring, severance, impairment and
other related costs
$
4.0
$
10.7
$
16.4
$
0.8
$
7.7
Transition services, net
$
—
$
—
$
—
$
0.1
$
0.9
Acquisition intangible amortization
$
15.4
$
15.4
$
42.0
$
4.4
$
17.6
Income tax effect of non-GAAP adjustments
and intangible amortization
$
(4.3
)
$
(6.1
)
$
(13.5
)
$
(11.1
)
$
(16.7
)
Adjusted net income
$
29.7
$
27.1
$
95.0
$
21.3
$
114.8
*Values in table may not add due to
rounding.
Reconciliation of GAAP earnings per
diluted share to adjusted earnings per diluted share*:
2020
2019
Earnings per diluted share
Q4
Q3
YTD
Q4
YTD
GAAP earnings per diluted share
$
0.81
$
0.37
$
2.67
$
(1.55
)
$
2.53
Acquisition and related integration
costs
—
0.01
0.04
0.02
0.08
Change in foreign jurisdiction tax
regulation on equity awards attributable to a prior period
—
—
—
—
0.02
Asbestos-related charges
(0.03
)
—
(0.03
)
0.07
0.07
Environmental accrual adjustment
—
—
(0.01
)
0.03
0.03
Gain from indemnity claim
—
—
—
(0.03
)
(0.03
)
Loss on sale or disposal of property,
plant and equipment
—
—
—
0.02
0.03
Pension settlement charges
—
—
—
2.35
2.35
Restructuring, severance, impairment and
other related costs
0.16
0.43
0.67
0.03
0.31
Transition services, net
—
—
—
0.01
0.04
Impact of including dilutive
securities(a)
—
—
—
0.01
—
Total discrete items
$
0.14
$
0.44
$
0.67
$
2.51
$
2.90
Earnings per diluted share adjusted for
discrete items
$
0.95
$
0.81
$
3.35
$
0.96
$
5.42
Acquisition intangible amortization
$
0.64
$
0.64
$
1.73
$
0.18
$
0.72
Adjusted earnings per diluted share
$
1.58
$
1.45
$
5.08
$
1.14
$
6.14
*Values in table may not add due to
rounding.
Reconciliation of GAAP operating margin
to adjusted operating margin*:
2020
2019
Operating margin
Q4
Q3
YTD
Q4
YTD
GAAP operating margin
9.5
%
4.4
%
8.4
%
7.5
%
12.3
%
Acquisition and related integration
costs
—
%
0.1
%
0.1
%
0.3
%
0.2
%
Change in foreign jurisdiction tax
regulation on equity awards attributable to a prior period
—
%
—
%
0.0
%
—
%
0.1
%
Asbestos-related charges
(0.3
)%
—
%
(0.1
%)
0.9
%
0.2
%
Environmental accrual adjustment
—
%
—
%
0.0
%
0.4
%
0.1
%
Gain from indemnity claim
—
%
—
%
0.0
%
(0.4
)%
(0.1
)
%
Loss on sale or disposal of property,
plant and equipment
—
%
—
%
0.0
%
0.2
%
—
%
Restructuring, severance, impairment and
other related costs
1.9
%
5.3
%
2.0
%
0.4
%
0.9
%
Transition services, net
0.0
%
0.0
%
0.0
%
0.1
%
0.1
%
Total discrete items
1.6
%
5.3
%
2.1
%
1.8
%
1.5
%
Operating margin adjusted for discrete
items
11.1
%
9.7
%
10.4
%
9.4
%
13.8
%
Acquisition intangible amortization
7.3
%
7.6
%
5.2
%
2.3
%
2.0
%
Adjusted operating margin
18.4
%
17.3
%
15.7
%
11.6
%
15.7
%
*Percentages in table may not add due to
rounding.
Reconciliation of GAAP net income to
adjusted EBITDA*:
2020
2019
(amounts in millions)
Q4
Q3
YTD
Q4
YTD
GAAP Net income
$
15.2
$
7.0
$
50.0
$
(28.8
)
$
47.3
Interest expense, net
0.6
3.6
7.1
1.1
6.9
Income tax expense
8.1
0.6
18.5
(9.5
)
7.8
Depreciation
7.4
7.3
29.3
7.6
31.4
Amortization
15.5
15.4
42.1
4.4
17.8
Stock-based compensation expense
3.2
3.3
13.5
3.0
12.3
Acquisition and related integration
costs
—
0.1
1.0
0.5
1.9
Change in foreign jurisdiction tax
regulation on equity awards attributable to a prior period
—
—
—
—
0.5
Asbestos-related charges
(0.7
)
—
(0.7
)
1.7
1.7
Environmental accrual adjustment
—
—
(0.2
)
0.8
0.8
Gain from indemnity claim
—
—
—
(0.7
)
(0.7
)
Loss on sale or disposal of property,
plant and equipment
—
—
—
0.4
0.6
Pension settlement charges
—
—
0.1
53.2
53.2
Restructuring, severance, impairment and
other related costs
3.9
10.6
16.2
0.8
7.7
Transition services lease income
—
—
—
(0.1
)
(1.0
)
Adjusted EBITDA
$
53.2
$
47.9
$
177.0
$
34.5
$
188.2
*Values in table may not add due to
rounding.
Calculation of adjusted EBITDA
margin*:
2020
2019
Q4
Q3
YTD
Q4
YTD
Adjusted EBITDA (in millions)
$
53.2
$
47.9
$
177.0
$34.5
$188.2
Divided by Total Net Sales (in
millions)
210.7
201.9
802.6
193.8
898.3
Adjusted EBITDA Margin
25.3
%
23.7
%
22.1
%
17.8
%
21.0
%
*Values in table may not add due to
rounding.
Reconciliation of net cash provided by
operating activities to free cash flow*:
2020
2019
(amounts in millions)
Q4
Q3
YTD
Q4
YTD
Net cash provided by operating
activities
$
51.4
$
58.7
$
165.1
$
45.7
$
161.3
Non-acquisition capital expenditures
(11.4
)
(10.8
)
(40.4
)
(12.8
)
(51.6
)
Free cash flow
$
39.9
$
47.9
$
124.7
$
32.9
$
109.7
*Values in table may not add due to
rounding.
Reconciliation of GAAP earnings per
diluted share to adjusted earnings per diluted share guidance for
the 2020 fourth quarter:
Guidance Q4
2020
GAAP earnings per diluted share
$0.50 - $0.70
Discrete items
$0.17
Acquisition intangible amortization*
$0.63
Adjusted earnings per diluted share
$1.30 - $1.50
*Includes an expected $11.7 million of
accelerated intangible amortization expense associated with the DSP
business
Reconciliation of GAAP earnings per
diluted share to adjusted earnings per diluted share guidance for
the 2021 first quarter:
Guidance Q1
2021
GAAP earnings per diluted share
$1.48 - $1.63
Discrete items
$0.11
Acquisition intangible amortization
$0.13
Adjusted earnings per diluted share
$1.72 - $1.87
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210218005721/en/
Investor contact: Steve Haymore Phone: 480-917-6026
Email: stephen.haymore@rogerscorporation.com
Website address: http://www.rogerscorp.com
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