Release Date: 03/30/2023
Company outlines path to revenue CAGR of 7% to 10% and Adjusted EBITDA margin of 24% to 26% by 2025
Chandler, Arizona, March 30, 2023: Rogers Corporation (NYSE:ROG) (“Rogers”) will outline its strategy for delivering significant revenue growth and profitability improvements at the Company’s 2023 Investor Day event which is being held today at the New York Stock Exchange. The presentations will provide the Company’s three-year strategic and financial goals including an in-depth explanation of the actions Rogers is taking to achieve its targets.
The event will be led by Colin Gouveia, Rogers’ President and CEO, and feature presentations from other members of the senior executive leadership team. Details about the event, including instructions for the webcast, are provided below.
Mr. Gouveia stated, “We are excited to share Rogers’ strategy to achieve breakthrough growth and profitability over the next several years. We are well positioned in growing, diversified markets which are driven by key secular trends. Also, we have a proven track record of developing innovative materials technology solutions and applying our applications expertise to meet our customers’ complex challenges. As we continue to leverage these capabilities, together with our dedicated focus on improving operations, will expect this to lead to significant top-line growth and bottom-line expansion.”
The event will begin at 9:00 am (ET) and is expected to conclude at 12:00 pm (ET). Due to limited capacity, in-person attendance is by invitation only. A live broadcast and on-demand replay of the event and a presentation will be made available at www.rogerscorp.com/investors.
A webcast replay will be available following the conclusion of the event.
Rogers Corporation (NYSE:ROG) is a global leader in engineered materials to power, protect and connect our world. Rogers delivers innovative solutions to help our customers solve their toughest material challenges. Rogers’ advanced electronic and elastomeric materials are used in applications for EV/HEV, automotive safety and radar systems, mobile devices, renewable energy, wireless infrastructure, energy-efficient motor drives, industrial equipment and more. Headquartered in Chandler, Arizona, Rogers operates manufacturing facilities in the United States, Asia and Europe, with sales offices worldwide.
Statements included in this release that are not a description of historical facts are forward-looking statements. Words or phrases such as “believe,” “may,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “seek,” “plan,” “expect,” “should,” “would” or similar expressions are intended to identify forward-looking statements, and are based on Rogers’ current beliefs and expectations. This release contains forward-looking statements regarding our plans, objectives, outlook, goals, strategies, future events, future net sales or performance, capital expenditures, future restructuring, plans or intentions relating to expansions, business trends and other information that is not historical information. All forward-looking statements are based upon information available to us on the date of this release and are subject to risks, uncertainties and other factors, many of which are outside of our control, which could cause actual results to differ materially from those indicated by the forward-looking statements. Other risks and uncertainties that could cause such results to differ include: the duration and impacts of the novel coronavirus global pandemic and efforts to contain its transmission and distribute vaccines, including the effect of these factors on our business, suppliers, customers, end users and economic conditions generally; continuing disruptions to global supply chains and our ability, or the ability of our suppliers, to obtain necessary product components; failure to capitalize on, volatility within, or other adverse changes with respect to the Company's growth drivers, including advanced mobility and advanced connectivity, such as delays in adoption or implementation of new technologies; uncertain business, economic and political conditions in the United States (U.S.) and abroad, particularly in China, South Korea, Germany, the United Kingdom, Hungary and Belgium, where we maintain significant manufacturing, sales or administrative operations; the trade policy dynamics between the U.S. and China reflected in trade agreement negotiations and the imposition of tariffs and other trade restrictions, including trade restrictions on Huawei Technologies Co., Ltd. (Huawei); fluctuations in foreign currency exchange rates; our ability to develop innovative products and the extent to which our products are incorporated into end-user products and systems and the extent to which end-user products and systems incorporating our products achieve commercial success; the ability and willingness of our sole or limited source suppliers to deliver certain key raw materials, including commodities, to us in a timely and cost-effective manner; intense global competition affecting both our existing products and products currently under development; business interruptions due to catastrophes or other similar events, such as natural disasters, war, including the ongoing conflict between Russia and Ukraine, terrorism or public health crises; the impact of sanctions, export controls and other foreign asset or investment restrictions; failure to realize, or delays in the realization of anticipated benefits of acquisitions and divestitures due to, among other things, the existence of unknown liabilities or difficulty integrating acquired businesses; our ability to attract and retain management and skilled technical personnel; our ability to protect our proprietary technology from infringement by third parties and/or allegations that our technology infringes third party rights; changes in effective tax rates or tax laws and regulations in the jurisdictions in which we operate; failure to comply with financial and restrictive covenants in our credit agreement or restrictions on our operational and financial flexibility due to such covenants; the outcome of ongoing and future litigation, including our asbestos-related product liability litigation or risks arising from the terminated DuPont Merger; changes in environmental laws and regulations applicable to our business; and disruptions in, or breaches of, our information technology systems. Should any risks and uncertainties develop into actual events, these developments could have a material adverse effect on the Company. For additional information about the risks, uncertainties and other factors that may affect our business, please see our most recent annual report on Form 10-K and any subsequent reports filed with the Securities and Exchange Commission, including quarterly reports on Form 10-Q. Rogers Corporation assumes no responsibility to update any forward-looking statements contained herein except as required by law.
The Company defines Adjusted EBITDA as net income excluding interest expense, net, income tax expense, depreciation and amortization, and stock-based compensation expense. Adjusted EBITDA Margin, is defined as the percentage that results from dividing Adjusted EBITDA by total net sales.
Adjusted earnings per diluted share is defined as earnings per diluted share excluding amortization of acquisition intangible assets, divided by adjusted weighted average shares outstanding – diluted.
We are not able to reconcile forward-looking non-GAAP Adjusted EBITDA Margin and Adjusted EPS to the closest corresponding GAAP measures without unreasonable efforts, because we are unable to forecast certain items required to develop meaningful comparable GAAP financial measures.
Rogers Investor Contact:
Director, Investor Relations