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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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ROG

ROG fundamentals

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