Rogers Corporation (NYSE:ROG) Q2 2023 Earnings Conference Call August 3, 2023 5:00 PM ET

Company Participants

Steve Haymore – Director-Investor Relations

Colin Gouveia – President and Chief Executive Officer

Ram Mayampurath – Senior Vice President and Chief Financial Officer

Conference Call Participants

Daniel Moore – CJS Securities

Ethan Widell – B. Riley Securities

Operator

Good afternoon. My name is Dina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Rogers Corporation Q2 2023 Earnings Conference Call.

I will now turn the call over to your host, Mr. Steve Haymore, Director of Investor Relations. Mr. Haymore, you may begin.

Steve Haymore

Good afternoon, everyone, and welcome to the Rogers Corporation second quarter 2023 earnings conference call. The slides for today’s call can be found on the Investors section of our website, along with the news release that was issued earlier today.

Please turn to Slide 2. Before we begin, I’d like to note that statements in this conference call that are not strictly historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and should be considered as subject to the many uncertainties that exist in Rogers’ operations and environment. These uncertainties include economic conditions, market demands and competitive factors. Such factors could cause actual results to differ materially from those in any forward-looking statements made today.

Please turn to Slide 3. The discussions during this conference call will also reference certain financial measures that were not prepared in accordance with generally accepted accounting principles. Reconciliations of those non-GAAP financial measures, the most directly comparable GAAP financial measures can be found in the slide deck for today’s call.

Turning to Slide 4. With me today is Colin Gouveia, President and CEO; and Ram Mayampurath, Senior Vice President and CFO.

I will now turn the call over to Colin.

Colin Gouveia

Thanks, Steve. Good afternoon to everyone, and thank you for joining us today. In Q2, we continued to make good progress towards the cost and profitability improvement targets that we outlined for this year. We achieved a 34.5% gross margin in Q2, which was at the high end of our guidance range for the quarter and exceeded the 34% goal we set in Q4 of last year.

Rogers delivered non-GAAP earnings that exceeded the midpoint of our Q2 guidance due to our operating performance and expense management despite greater-than-expected market challenges. Overall, we are pleased with our solid performance and execution in Q2.