CHANDLER, Ariz—Rogers Corp. reported a reversal in the first quarter performance of its elastomeric material solutions business.
Sales declined by 7.3 percent to $102 million during the period, due mainly to lower net sales in the electric vehicle, portable electronics and general industrial markets.
Net sales were also negatively impacted by foreign currency fluctuations—$2.9 million, or 2.6 percent—as the euro, the Chinese yuan and United Kingdom pound fell against the U.S. dollar.
Operating income fell 81 percent year-on-year to $3.2 million during the three months to end of March, down from $17 million the year before.
Rogers attributed the decline in operating income to "unfavorable year-over-year changes in restructuring charges and shared service operating expense allocations."
The higher costs were partially offset by a decrease in costs related to the terminated DuPont merger, the company pointed out.
In February, the EMS unit disclosed a series of actions to improve its cost structure, streamline operations and improve profitability.
For 2022, Rogers' EMS unit reported an adjusted operating profit of $71 million on full-year sales of $420 million.
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