Killingly manufacturer Rogers Corp. posted second-quarter earnings and sales that were better than the company had publicly projected, boosted by strong sales of molded foam products and printed circuit materials.
Rogers earned $8.3 million, or 52 cents a share, in the three months ended June 30. The company had forecast earnings of 40 cents to 45 cents a share.
A year ago, Rogers lost a net $67.5 million, or $4.31 a share, that included a one-time tax payment of $50.3 million.
Sales climbed to $96.6 million in the latest quarter from $67.4 million a year earlier. Second-quarter sales were projected between $90 million to $95 million.
The company said it had record sales for its molded foam products, such as railcar seating and other mass-transit components. Sales also benefited from strong orders in the U.S., China and Europe for printed circuit materials used in cellphones and other wireless communications devices.
Gross margins also hit a record 39 percent in the second quarter, up from 25 percent a year ago, aided by higher productivity and lower overhead, Rogers said.
CEO Robert Wachob said he expects Rogers to book third-quarter sales between $97 million and $102 million and earnings ranging from 52 cents to 57 cents a share
