Release Date: 05/12/2020
We recently hosted Rogers’ first quarter 2020 investor call, closely followed by our CEO Town Hall for employees. Many of the questions we received from both our investors and our engaged employees centered around “what happens next.” At Rogers, we will continue to balance our priority of employee safety with our commitment to business continuity and Rogers’ long-term health.
Rogers entered the coronavirus pandemic in a net cash position with a strong balance sheet and the benefit of strong capital management. We participate in diversified growth markets including EV/HEV, wireless telecommunications infrastructure, defense, aerospace, industrial and more. And our materials are unique – they are often critical to our customers’ success. Because of the industries we are in and the markets we serve, we are in an enviable position. We expect our Q2 financial results to be similar to our solid Q1 performance, but beyond Q2 our visibility is hazy.
Rogers has been able to continue producing materials for our global customers in critical industries thanks to the dedication of our manufacturing employees. These teams are doing an outstanding job to ensure operational continuity and employee health and well-being by taking extra precautions such as wearing additional PPE, social distancing and other measures. Many of the staff we sent home to work remotely in mid-March are looking forward to returning to our offices. Our internal teams, including Environmental Health and Safety, Human Resources, Operations and others are developing conservative plans for this process, aligning with recommendations from governmental agencies, as well as global and regional medical experts.
We are proud of what Rogers brings to the coronavirus fight, as we engineer and manufacture products that help maintain connections among our global communities. Our materials for wireless telecommunications applications are not only essential to supporting the massive data demand necessitated by a newly remote workforce, but also in helping us keep in touch with our loved ones, which is critical to our well-being right now.
I want to thank our resilient and dedicated Rogers teams across the globe. Their commitment to health and safety, as well as to our customers, has contributed immensely to Rogers’ results.
As we manage the company through this crisis, we will continue to prioritize employee health while maintaining business continuity. Our focus is on the long-term health of Rogers and ensuring we emerge from this crisis prepared to capture the opportunities we believe lie ahead.
Please, stay safe and stay healthy.
President and CEO, Rogers Corporation