Killingly manufacturer Rogers Corp. said Thursday that it expects to report lower second-quarter profits and net sales as a result of a sudden sales decline in the Chinese wireless telecom market.
Rogers, which makes power electronics, foams and printed circuit materials, expects to report net sales between $162 million and $164 million for the three months ended June 30.
That’s down from its prior guidance range, issued April 29, of $175 million to $185 million.
Excluding 10 cents worth of one-time items, Rogers anticipates reporting diluted earnings per share between 60 cents and 70 cents, down from a previous range of 81 cents to 93 cents.
China’s stock market is suffering its worst crash since the global financial crisis, CNNMoney reported Friday morning. Regulatory actions aiming to stop the slide have led to approximately half of state-owned companies halted sales of their shares, according to CNNMoney.
Rogers said those actions may have temporarily delayed certain telecom projects, though it did not specify which ones. The company said it expects sales to progressively recover in the third and fourth quarters.
It will release its official second-quarter earnings on July 29.
