Rogers Corp. got a tax break that enabled the Killingly manufacturer to overcome lower third-quarter sales and operating earnings and post net income that was slightly better than Wall Street expected.
For three months ended Sept. 30, Rogers netted $60 million, or $3.58 a share, up from $14.4 million, or 89 cents a share, netted the same period a year ago.
Impacting earnings was an IRS reversal of a valuation allowance on the majority of Rogers’ U.S. deferred tax assets that contributed $50 million to its bottom line in the quarter, the company said.
Without it, Rogers’ quarterly operating income was $10.8 million vs. $18.2 million a year earlier.
Third-quarter sales dropped to $130.3 million vs. $147.3 million a year ago. Sales were weighed down by falling demand for its industrial motor drives and solar and wind energy applications in its Curamik Electronics and Power Systems divisions.
Bright spots, it said, were higher sales in the automotive segment of its power systems division and in its printed-circuit materials businesses.
