ROGERS, Conn.—Rogers Corp. posted what it said were record sales for 2015, up 5 percent to $641.4 million against 2014. However the firm's net profit declined 13 percent to $46.3 million.
The firm's net sales included $100 million in net sales for the full year and $26.6 million for the fourth quartered from its Arlon business, which it acquired in early 2015. Arlon produces high frequency circuit materials and engineered silicones.
Fourth quarter sales from its Elastomeric Material Solutions unit were helped by increases in some consumer and auto applications, officials said in a news release. Those gains partly offset a continued decline for those materials in portable electronics.
Sales for the fourth quarter came in at $152.9 million, up 3.5 percent compared to 2014 and another company record, Rogers said.
“We delivered record sales for the year by remaining focused on our growth strategy,” President and CEO Bruce Hoechner said in the release. “We believe the company is well-positioned to capitalize on the opportunities that will arise when global markets recover.”
Rogers is a maker of urethane foams, fluoropolymer laminates and thermoplastic circuit materials. In December, the firm sold a unit making plastic laminates to investment firm CriticalPoint Capital L.L.C. of El Segundo, Calif. No purchase price was disclosed.
The unit that was sold made polyimide and thermoset epoxy laminate products at a plant in Rancho Cucamonga, Calif. The business had sales of almost $15 million in the first nine months of 2015.
In spite of the sales record, Wall Street investors were not kind to Rogers in 2015. The firm's per-share stock price began the year near $80 but had tumbled to just under $52 by year's end.
Things worsened in January amidst a global selloff that lowered Rogers' per-share price to $43. It has recovered since then and was at $58.20 in late trading March 23.