ROGERS, Conn.—Rogers Corp. reported increases in sales for both the full year and fourth quarter, while net income also increased for 2014.
Sales came in at $147.7 million for the fourth quarter compared to $136.2 million in 2013. For the year, Rogers recorded $610.9 million in sales compared to $537.5 in 2013.
Net income also increased to $52.9 million for the year, compared to $37.7 million in 2013. However, net income decreased for the quarter to $7.01 million compared to $11.5 million in 2013.
“Rogers achieved its eighth consecutive quarter of year-over-year revenue growth in the fourth quarter of 2014, posting solid gains in both gross margin and operating margin to deliver strong earnings,” President and CEO Bruce D. Hoechner said in a statement. “This capped an excellent 2014, where strength in our high-growth global markets, along with the execution of key elements of our five-year strategy, led to record-setting sales.”
Rogers' Printed Circuit Materials segment reported net sales of $57.5 million, an 18.1 percent increase compared to fourth quarter 2013. The growth was caused by significant demand for high frequency circuit materials to support the expansion of wireless base stations in connection with the global 4G/LTE infrastructure build-out across multiple geographies, especially in China.
Its High Performance Foams increased its fourth quarter sales by 4.4 percent to $43 million thanks to higher demand in general industrial, mass transportation, battery applications for hybrid electric vehicles and consumer comfort and impact protection appliances.
Rogers also completed the acquisition of Arlon L.L.C.—a global provider of high frequency circuit materials and engineered silicones—last month for $157 million. Hoechner said Arlon will help strengthen Rogers' Printed Circuit Materials and High Performance Foams business segments.
The Power Electronics Solutions business reported record fourth quarter net sales of $41.6 million, a 3.2 increase compared to 2013. Results were driven by strong demand in mass transit and electric vehicle applications offset in part by weaker demand in certain renewable energy applications, the firm said.
Rogers 50 percent High Performance Foams joint ventures' net sales totaled $11.9 million in the fourth quarter, which is a decrease of 12.5 percent compared to 2013. Rogers attributed the decrease to the decline in the Japanese yen and lower demand across many of the joint ventures' end markets.
Rogers, headquartered in Connecticut, produces engineered materials including electronics solutions for energy-efficient motor drives, vehicle electrification and alternative energy; foams for sealing, vibration management and impact protection in mobile devices, transportation interiors, industrial equipment and performance apparel; and printed circuit materials for wireless infrastructure, automotive safety and radar systems.
The firm operates manufacturing facilities in the U.S., China, Germany, Belgium, Hungary and South Korea.