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- **Revenue Growth**: Q3 sales up 6.5% sequentially, driven by portable electronics and industrial markets. Q4 guidance implies 3% YoY growth, with EBITDA margin improving 300+ basis points.
- **Margin Expansion**: Q3 adjusted EBITDA margin of 17.2% (vs. 11.8% prior year), driven by cost reductions and operational efficiency. Q4 gross margin expected to decline 80 bps YoY due to China factory ramp, but 2026 margin recovery anticipated.
- **Cost Savings**: $25M annualized savings from 2025 restructuring, plus $13M from German curamik restructuring by 2026. Total savings of $38M+ by end of 2026.
- **China Expansion**: Curamik facility in China on track to deliver regional competitiveness, with customer qualifications underway and 2026 growth expected.
- **Customer Focus**: Operational improvements (e.g., 60% lead time reduction) driving market share gains in industrial and aerospace markets. New product pipeline supports 2026 growth.

**【CEO Summary Section】**
- **Q3 Sales Growth**: Sequential increase of 6.5%, driven by portable electronics, industrial, aerospace, and defense markets. Year-over-year growth of 2.7%.
- **Q4 Outlook**: Sales expected to improve vs. prior year (3% YoY growth midpoint), with EBITDA margin improving ~300 basis points due to cost reductions.
- **Key Initiatives**: Customer-centric strategy, new product launches, operational efficiency (e.g., 60% reduction in lead times), and curamik facility expansion in China.
- **Restructuring Progress**: $13M annualized savings targeted from German curamik restructuring, starting in Q4 2025.

**【CFO Financial Commentary】**
- **Q3 Financials**: GAAP EPS of $0.48, adjusted EPS of $0.90 (vs. $0.34 in Q2). Adjusted EBITDA of $37.2M (17.2% of sales), up 540 basis points YoQ due to higher volumes, cost reductions, and $2.5M OpEx savings.
- **Gross Margin**: 33.5% in Q3, benefiting from volume/mix and China facility ramp (minor headwind). Q4 gross margin expected to decline 80 basis points YoY due to China factory costs.
- **Cash Flow**: $168M cash at end of Q3, with $10M share buybacks and $7.7M capex. Full-year capex guidance of $30-40M.

**【Q&A Highlights】**
- **Demand Confidence**: Management confident in Q4 guidance (2-3% YoY growth) and 2026 growth, citing industrial market strength and new product pipeline.
- **Gross Margin Dynamics**: China factory headwind (~80 bps YoY in Q4) expected to ease in 2026 as customer qualifications complete. Long-term gross margin target not disclosed, but operational improvements will drive margin expansion.
- **Cost Savings**: $25M annualized savings from 2025 restructuring, with $13M additional savings from German curamik restructuring by 2026. No new cost initiatives planned beyond existing programs.
- **Customer Relationships**: Strong customer engagement and service improvements (e.g., 60% lead time reduction) driving market share gains in industrial and aerospace markets.
- **Share Buybacks**: Opportunistic approach, with $10M+ buybacks in Q3 and plans for higher Q4 activity. Capital allocation prioritizes returns, with no M&A pipeline.


Rogers Corporation (ROG) Q3 2025 Earnings Call Transcript

- **Restructuring Accelerates Savings**: $45 million annual cost savings by 2026 (including $13 million from European curamik restructuring). 
- **Gross Margin Improvement**: Q2 gross margin up 170 bps to 31.6%, with further gains expected in Q3. 
- **China Expansion Key Driver**: Shift to China-based manufacturing for curamik to capitalize on EV growth, with a new AMB substrate design win. 
- **Execution Speed Critical**: Targeting 50%-60% reduction in product lead times to win business faster. 
- **Q2 Growth Drivers**: Industrial (+double-digit), A&D, and ADAS markets offset EV market challenges. 


**【CEO Summary Section】**
- Interim CEO Ali El-Haj emphasized the need for faster execution and operational improvements to address challenges in the EV market, particularly with the curamik business. 
- The company is restructuring its European operations to reduce costs and shift production to China, targeting $13 million in annual savings. 
- Growth opportunities in industrial, aerospace & defense (A&D), and advanced driver-assistance systems (ADAS) markets were highlighted, with Q2 sales up 6.5% quarter-over-quarter. 
- Curamik's performance was impacted by slower EV growth in North America and Europe, leading to a strategic pivot to capitalize on China's EV market. 
- New product introductions and localized manufacturing in China are expected to drive future growth, including a design win for AMB substrates in a key Chinese EV platform. 

**【CFO Financial Commentary】**
- Q2 2025 GAAP net loss of $73.6 million ($4.00 per share) included restructuring costs and an impairment charge for curamik. Adjusted EPS improved to $0.34 from $0.27 in Q1. 
- Gross margin rose to 31.6% (up 170 basis points) due to higher sales and favorable product mix, though below guidance midpoint due to underutilized European facilities. 
- Q3 2025 guidance: revenue $200-215 million (2% increase), gross margin 31.5%-33.5%, and adjusted EPS $0.50-$0.90. 
- Cumulative cost savings from restructuring actions now total $45 million annually (including $32 million previously announced and $13 million incremental), with full impact expected by Q4 2026. 
- Share repurchases of $28.1 million in Q2, with $76 million remaining under the current program. 

**【Q&A Key Highlights】**
- **Execution Speed**: CEO prioritized reducing lead times by 50%-60% and accelerating new product development to win programs faster. 
- **Cost Savings**: CFO clarified $45 million in cumulative annual savings by 2026 (including $13 million from European restructuring). 
- **Gross Margin Targets**: Margins expected to improve with higher utilization of existing capacity and cost reductions, though dependent on top-line growth. 
- **Organic Growth Focus**: Near-term emphasis on expanding in industrial, A&D, and ADAS markets, with curamik's China expansion as a long-term growth driver. 


Rogers Corporation (ROG) Q2 2025 Earnings Call Transcript

- **Tariff Resilience**: Global supply chain mitigates U.S.-China tariff risks; Q2 savings initiatives to offset direct impacts.
- **Growth Drivers**: EV/HEV battery, industrial inverters, and Chinese curamik wins drive pipeline expansion.
- **Cost Efficiency**: $25M annual savings target on track; Q2 gross margin recovery to 31-33%.
- **China Expansion**: New facility to support local demand, with balanced EMS/AES opportunity pipeline.
- **Financial Flexibility**: $176M cash balance enables M&A and buybacks amid cautious macro outlook.


**【CEO Opening Remarks】**
- **Tariff Mitigation**: Global manufacturing footprint limits U.S.-China tariff exposure; Q2 mitigation plans include inventory management, alternative sourcing, and pricing adjustments.
- **New Design Wins**: 
  - European OEM selected Rogers' silicone tech for industrial, renewable energy, and EV/HEV inverters.
  - U.S., European, and Asian OEMs designed Rogers' materials into EV/HEV battery applications.
  - Curamik substrates selected for Chinese OEM onboard charging solutions.
- **Cost Structure Adjustments**: 
  - Belgium RFS facility closure to save $3M in 2025, $6M annualized.
  - 2025 cost savings target: $25M (70% OpEx, 30% manufacturing), with $10M from headcount reductions.
- **China Expansion**: New facility set to ramp production mid-2025 to support local curamik demand.

**【CFO Financial Review】**
- **Q1 Results**: 
  - Sales: $190.5M (down 1% QoQ due to FX and seasonality).
  - Gross Margin: 29.9% (down 220bps QoQ from utilization headwinds).
  - Adjusted EPS: $0.27 (down from $0.46 Q4).
- **Q2 Outlook**: 
  - Sales: $190-205M (midpoint +4% QoQ).
  - Gross Margin: 31-33% (improvement from volume and mix).
  - Adjusted EPS: $0.30-0.70.
- **Cash Position**: $176M at end-Q1, with $13M from Arizona facility sale.
- **Capital Allocation**: 
  - CapEx reduced to $30-40M (from prior $40-50M).
  - Share buybacks ($104M remaining authorization) and M&A prioritized.

**【Q&A Key Takeaways】**
- **Cost Savings Execution**: Q2 will see $3M savings from Belgium facility closure; full $25M savings to flow by year-end.
- **Customer Sentiment**: Constructive dialogue with customers on tariff mitigation; no anti-U.S. sentiment observed.
- **China Market**: Balanced growth in EMS (PORON, BISCO FOAM) and AES (EV/HEV, ADAS radar) segments; curamik pipeline expanding with Chinese OEMs.
- **Tariff Impact**: Q1 minimal impact; Q2 guidance reflects cautious outlook with $190M low end for delayed orders.
- **Free Cash Flow**: Resilient balance sheet ($176M cash) supports flexibility; no full-year FCF guidance provided.


Rogers (ROG)-29 Apr 25-2025 Q1 Earnings call transcript

- **2024 Revenue Decline**: $192M Q4 sales (-9% YoY) driven by industrial and EV/HEV market weakness.
- **EV/HEV Contradiction**: Curamik sales down 50% YoY growth, but EMS EV/HEV revenue up 30% YoY.
- **Strategic Wins**: 77GHz ADAS radar win and China EV/HEV design wins position for 2025 recovery.
- **Q1 2025 Outlook**: Flat sales expected amid inventory destocking and cautious ordering.

**【CEO Opening Remarks】**
- **Q4 2024 Financial Overview**: Revenue of $192 million (-9% QoQ, -9% YoY) aligned with midpoint of guidance. Full year sales declined 9% due to weakness in industrial and EV/HEV markets.
- **Gross Margin**: 32.1% in Q4 (300bps lower than Q3) and 33.4% for full year (-40bps YoY), with operational cost improvements offsetting volume declines.

**【Market Challenges】**
- **EV/HEV Segment**: Curamik power substrate sales dropped significantly (-50% YoY growth rate), while EMS EV/HEV revenue set records (+30% YoY). Customers facing inventory destocking in Europe.
- **Industrial Sector**: Sequential decline due to inventory management, with U.S./European PMI in contraction for 2 years.
- **Wireless Infrastructure**: Q4 decline due to completion of Indian design win, but full year growth driven by $100M+ India program.

**【Strategic Wins & Initiatives】**
- **ADAS Wins**: New 77GHz radar design win with Asian automotive supplier, leveraging laminate material leadership.
- **EV/HEV Expansion**: Multiple curamik design wins in China, supporting fastest-growing EV market.
- **Operational Excellence**: Free cash flow conversion improved, with balance sheet strength supporting growth.

**【2025 Outlook】**
- **Q1 2025 Guidance**: Flat sales outlook due to cautious customer ordering and inventory challenges.
- **Market Recovery**: Customers expect gradual EV/HEV and industrial recovery in H2 2025, though trade policy risks persist.
- **Innovation Pipeline**: Record design wins across EV/HEV, ADAS, renewable energy, and data centers, positioning for future growth.

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