Rogers Corp. in Killingly, which makes parts for electronics and aerospace manufacturers, has raised its first-quarter revenue and profit outlook, citing strong sales in its two largest businesses, The Associated Press reports.
The company now expects first-quarter earnings of 35 cents to 39 cents per share, up from previous guidance of 23 cents to 30 cents per share. Net sales are expected to total about $83 million, an increase from February guidance of $75 million to $80 million.
Analysts polled by Thomson Reuters expect, on average, earnings of 25 cents per share. Such estimates typically exclude one-time charges and gains. The strong guidance lifted the company’s stock 7 percent, or $2.17, to $32.51 in Tuesday aftermarket trading, having closed the regular session up 3.7 percent at $30.34.
Rogers said sales in its high-performance foams business rose more than 80 percent year-over-year, as it saw significant improvement in mobile Internet device and mass transit markets. Sales of printed circuit materials also were stronger than expected.
Rogers will report first-quarter results in the first week of May. They will include $1 million in closing costs tied to its $29.1 million acquisition of the South Korean polyurethane foam operation SK Utis Co. Ltd., which was completed March 31.
