Rogers Corp. lowers 4Q forecast on weak demand
ROGERS, Conn. (AP) — Rogers Corp. lowered its fiscal fourth-quarter earnings and revenue guidance Tuesday to reflect lower demand and a recently closed site.
The company, based in Rogers, Conn., makes materials and parts for consumer electronics and other technological products.
Rogers expects to earn 24 to 30 cents per share for the quarter that ended Dec. 31. It forecast earnings of 52 to 58 cents per share for the quarter on an adjusted basis, compared to its previous guidance of 69 to 79 cents per share. Analysts polled by FactSet expected earnings of 69 cents per share for the period.
The company said its earnings were hurt by lower demand, but it believes recent efforts to cut costs are paying off.
Rogers also now expects revenue of $124 million from continuing operations for the quarter. Prior guidance was revenue of $129 million to $135 million. That included $1.6 million in revenue from its non-woven products operating segment, which the company said it would shut down at the end of 2012. It will be treated as a discontinued operation as of the fourth quarter and is not included in the revised guidance.
Analysts expected revenue of $127.8 million for the quarter.
Rogers CEO Bruce Hoechner said sales were strong in October and November, but orders fell across all of its business lines in December on concerns about the economy, including the fiscal cliff issue. He believes the company will see improved growth in 2013, including the opportunity for gains in its telecommunications business and business in China.
Rogers expects to report complete earnings results in February.
Shares fell $3.98, nearly 8 percent, to close at $47.69. The stock has traded in a 52-week range of $34.61 and $51.96.