Rogers (ROG)2025-02-19 21:08Financial Performance - Q4 2024 net sales were $192.2 million, an 8.6% decrease from Q3 2024 and a 6.1% decrease from Q4 2023[5]. - GAAP net income for Q4 2024 was a loss of $0.5 million, compared to a profit of $10.7 million in Q3 2024 and $23.2 million in Q4 2023[4]. - Adjusted net income for Q4 2024 was $8.6 million, down from $18.2 million in Q3 2024 and $11.3 million in Q4 2023[7]. - Adjusted earnings per diluted share for YTD 2024 was $2.72, compared to $3.78 in YTD 2023, a decrease of approximately 28.0%[21]. - Free Cash Flow for Q4 2024 was $18.3 million, a decrease from $49.4 million in Q4 2023[25]. - Total Net Sales for Q4 2024 were $192.2 million, leading to an Adjusted EBITDA of $23.3 million[24]. Margins and Profitability - Gross margin for Q4 2024 decreased to 32.1% from 35.2% in Q3 2024, primarily due to lower volume and unfavorable product mix[6]. - Adjusted operating margin for Q4 2024 was 4.7%, compared to 6.3% in Q4 2023, indicating a decrease of 25.4%[19]. - The company reported an adjusted EBITDA margin of 8.1% for YTD 2024, down from 11.2% in YTD 2023, indicating a decrease of approximately 27.7%[19]. - Adjusted EBITDA for Q4 2024 was $23.3 million, with an Adjusted EBITDA margin of 12.1%, down from 11.4% in Q4 2023[24]. Segment Performance - Advanced Electronics Solutions (AES) segment net sales in Q4 2024 were $102.4 million, an 8.7% decrease from Q3 2024[5]. - Elastomeric Material Solutions (EMS) segment net sales in Q4 2024 were $86.3 million, an 8.4% decrease from Q3 2024[5]. Cash and Assets - Ending cash and cash equivalents increased to $159.8 million, up $13.4 million from the prior quarter[8]. - Cash and cash equivalents increased from $131.7 million in December 31, 2023 to $159.8 million in December 31, 2024, an increase of approximately 21.3%[16]. - Total current assets decreased from $526.9 million in December 31, 2023 to $493.9 million in December 31, 2024, a decline of approximately 6.4%[16]. - Total assets decreased from $1,517.2 million in December 31, 2023 to $1,481.1 million in December 31, 2024, a decline of approximately 2.4%[16]. - Total liabilities increased from $265.6 million in December 31, 2023 to $229.5 million in December 31, 2024, a decrease of approximately 13.6%[16]. - The company’s retained earnings increased from $1,155.0 million in December 31, 2023 to $1,181.1 million in December 31, 2024, an increase of approximately 2.3%[16]. Future Outlook - The company expects Q1 2025 net sales to be between $180 million and $195 million, with a gross margin of 29.0% to 30.5%[9]. - The company expects GAAP Earnings per Diluted Share for Q1 2025 to range from $(0.26) to $0.04, with Adjusted Earnings per Diluted Share projected between $0.10 and $0.40[27]. - Capital expenditures for 2025 are projected to be between $40 million and $50 million[9]. - The company is focusing on securing new design wins and improving its cost structure in 2025[4]. Costs and Adjustments - Acquisition and related integration costs in Q4 2024 amounted to $(7.5) million, impacting overall profitability[23]. - Non-Acquisition Capital Expenditures for YTD 2024 were $(56.1) million, compared to $(57.0) million in YTD 2023[25]. - Intangible Amortization for Q4 2024 was $3.1 million, slightly down from $3.3 million in Q4 2023[23]. - Restructuring and related costs in Q4 2024 totaled $16.9 million, significantly higher than $1.4 million in Q4 2023[23]. - The company reported a total of $92.5 million in adjustments for YTD 2024, compared to $91.0 million in YTD 2023[23].