Rogers (US:ROG)2024-10-25 17:51Financial Performance - Net income for the three months ended September 30, 2024, was $10.7 million, a decrease of 43.2% compared to $19.0 million for the same period in 2023[9] - The company reported a net income of $26.6 million for the three months ended September 30, 2024, down from $33.4 million for the same period in 2023, representing a decrease of 20.4%[12] - Basic earnings per share for the three months ended September 30, 2024, was $0.58, compared to $1.02 for the same period in 2023[48] - The total net sales for the three months ended September 30, 2024, amounted to $210.3 million, a decrease of 8.2% from $229.1 million in the same period of 2023[63] - The operating income for the three months ended September 30, 2024, was $14.6 million, down from $27.2 million in the same period of 2023, representing a decline of 46.3%[63] - For the nine months ended September 30, 2024, total net sales reached $637.9 million, a decrease of 9.4% compared to $703.8 million for the same period in 2023[63] Comprehensive Income - Comprehensive income for the three months ended September 30, 2024, was $36.6 million, significantly up from $1.2 million in the same period last year[9] - Other comprehensive income for the three months ended September 30, 2024, was $25.9 million, compared to a loss of $17.8 million in the same period last year[11] - The company reported a foreign currency translation adjustment of $25.8 million for the three months ended September 30, 2024, compared to a negative adjustment of $17.9 million in the prior year[9] Assets and Liabilities - Total assets increased to $1,540.0 million as of September 30, 2024, compared to $1,517.2 million at the end of 2023, reflecting a growth of 1.5%[10] - Total current liabilities increased to $122.5 million from $116.4 million, representing a rise of 5.3%[10] - Accounts receivable decreased to $156.3 million as of September 30, 2024, from $161.9 million on December 31, 2023, representing a decline of approximately 3.5%[23] - Total accounts payable decreased to $47.2 million as of September 30, 2024, from $50.3 million on December 31, 2023, a reduction of about 6.2%[24] - The total accumulated other comprehensive loss as of September 30, 2024, was $55.2 million, a decrease from $66.4 million as of December 31, 2023[14] Cash Flow and Capital Expenditures - Cash and cash equivalents rose to $146.4 million from $131.7 million, marking an increase of 11.2%[10] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $93.4 million, an increase of 56.9% compared to $59.5 million for the same period in 2023[12] - Capital expenditures for the nine months ended September 30, 2024, were $40.7 million, compared to $34.5 million for the same period in 2023, reflecting a 17.9% increase[12] Shareholder Equity - Retained earnings reached $1,181.6 million as of September 30, 2024, up from $1,155.0 million, indicating a growth of 2.3%[11] - The company’s additional paid-in capital rose to $155.7 million from $151.8 million, an increase of 2.6%[11] - The company repurchased 72,393 shares for a total value of $7.8 million during the nine months ended September 30, 2024, with $116.2 million remaining available for future repurchases[49] Restructuring and Liabilities - Restructuring charges for the three months ended September 30, 2024, totaled $6.3 million, compared to $2.0 million in the same period of 2023[70] - The company expects to incur approximately $22.0 million to $28.0 million in pre-tax restructuring charges related to the manufacturing footprint consolidation plan, with an anticipated annual operating income improvement of $7.0 million to $9.0 million[74] - The company incurred $8.8 million in pre-tax restructuring charges related to the global workforce reduction plan, primarily in cash-based expenditures[71] Tax and Accounting Policies - The effective tax rate for the third quarter of 2024 was 20.7%, a decrease from 27.3% in the third quarter of 2023[81] - For the first nine months of 2024, the effective tax rate was 28.1%, down from 30.0% in the same period of 2023[81] - There were no material changes in critical accounting policies during the third quarter of 2024[115] - The company reported no material changes in exposure to market risk during the third quarter of 2024[115] Other Financial Metrics - The company recorded a foreign currency contract loss of $0.8 million for the three months ended September 30, 2024, compared to a gain of $0.3 million for the same period in 2023[19] - Interest expense, net for the three months ended September 30, 2024, was $(2.3) million, compared to $(1.0) million for the same period in 2023[80] - The company recognized $1.9 million in compensation expense for time-based restricted stock units for the three months ended September 30, 2024, compared to $2.5 million for the same period in 2023, indicating a decrease of 24%[57]