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What were the key takeaways from Rogers’s earnings call?

- **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.


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