ROGERS, Conn. (Dec. 30)—Rogers Corp. has downgraded its expected net income for the fourth quarter to 24-27 cents per share, compared with prior projections of 40-45 cents a share. Sales are projected to be between $84 million and $86 million, vs. earlier guidance of $82 million to $87 million.
Sales of high frequency printed circuit materials into the wireless infrastructure market will be much lower as customers are reducing inventory throughout the supply chain, according to President and CEO Robert Wachob. Flexible printed circuit material sales continue to grow in the wireless handset market, partially offsetting the lower high frequency material sales.
The firm said its High Performance Foams business accelerated product qualification trials during the quarter at its joint venture's new facility in China. That activity, however, is negatively impacting earnings per share by causing much higher than projected expenses, but should allow for continued growth in 2005. Rogers expects the new facility to break even by the end of 2005's first quarter.
Rogers will announce fourth-quarter and full-year results in February.