ROGERS, Conn.—Rogers Corp. recorded an all-time record in net sales of $153.5 million and nearly doubled its net income from the previous quarter, as it has released its financial report for the second quarter of 2014.
Net income increased to $10.9 million, up from about $5.57 million in 2013. The firm's half-year net income also about doubled to $25.5 million, up from about $12.7 million in 2013.
“We are very please to report that in the second quarter we achieved strong top-line performance and continued to improve our gross margins,” President and CEO Bruce D. Hoechner said. “Growth across each of the business segments led Rogers to record all-time quarterly net sales.”
Net sales increased by about 16 percent, up from $132.5 million in 2013. For the half-year, Rogers reported net sales of about $300.1 million, up from $258.4 million in 2013.
Rogers' High Performance Foams business segment reported net sales of $42.8 million for second quarter of 2014, a 7.2 percent increase compared to $39.9 million in 2013. The business segment's joint ventures' net sales totaled $12.8 million, an increase of 1.6 percent.
Printed Circuit Materials increased 34.9 percent from 2013 to $61.5 million in second quarter 2014. Rogers' third business segment, Power Electronics Solutions, reported net sales of $42.9 million, which was a 5.2 percent increase compared to second quarter 2013.
Rogers globally produces specialty materials and components for consumer electronics, power electronics, mass transit, clean technology and telecommunications infrastructure. It is headquartered in the U.S. and operates manufacturing facilities in the U.S., China, Germany, Belgium and South Korea.