Rogers Corporation (ROG) has reported an 81.10 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $11.91 million, or $0.65 a share in the quarter, compared with $6.58 million, or $0.37 a share for the same period last year. On an adjusted basis, earnings per share were at $0.94 for the quarter compared with $0.80 in the same period last year. Revenue during the quarter grew 13.13 percent to $173 million from $152.93 million in the previous year period. Gross margin for the quarter expanded 424 basis points over the previous year period to 38.64 percent. Total expenses were 89.68 percent of quarterly revenues, down from 91.95 percent for the same period last year. This has led to an improvement of 227 basis points in operating margin to 10.32 percent.
Operating income for the quarter was $17.85 million, compared with $12.31 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $32.70 million compared with $26.30 million in the prior year period. At the same time, adjusted EBITDA margin improved 170 basis points in the quarter to 18.90 percent from 17.20 percent in the last year period.
Bruce D. Hoechner, president and chief executive officer commented, "2016 was a successful year for Rogers, delivering improving financial results and advancing our strategic growth plans. We achieved solid net sales performance, margin expansion, earnings growth and record cash flow. In addition, we completed two acquisitions since November 2016 and launched a number of innovative, new technologies for rapidly evolving markets. We look forward to building upon this momentum in 2017, and we expect to deliver another year of strong results and strategic execution."
For the first-quarter 2017, Rogers Corporation expects revenue to be in the range of $185 million to $195 million. The company projects diluted earnings per share to be in the range of $0.81 to $0.91. On an adjusted basis, the company projects diluted earnings per share to be in the range of $1.09 to $1.19.
Working capital increases marginally
Rogers Corporation has recorded an increase in the working capital over the last year. It stood at $357.22 million as at Dec. 31, 2016, up 2.06 percent or $7.20 million from $350.02 million on Dec. 31, 2015. Current ratio was at 4.53 as on Dec. 31, 2016, down from 5.42 on Dec. 31, 2015.
Debt increases substantially
Rogers Corporation has witnessed an increase in total debt over the last one year. It stood at $244.87 million as on Dec. 31, 2016, up 34.28 percent or $62.52 million from $182.36 million on Dec. 31, 2015. Total debt was 23.18 percent of total assets as on Dec. 31, 2016, compared with 19.56 percent on Dec. 31, 2015. Debt to equity ratio was at 0.39 as on Dec. 31, 2016, up from 0.31 as on Dec. 31, 2015. Interest coverage ratio improved to 20.22 for the quarter from 11.78 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
