March 25, 2016 Updated 3/25/2016
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Rogers Corp. posted record sales in 2015, even as the firm’s profit slipped.
Full-year sales of $ 641.4 million were up 5 percent vs. 2014 for Rogers, Conn.-based Rogers. Profit for the year, however, declined 13 percent to $ 46.3 million.
Fourth-quarter sales of elastomeric material solutions were helped by increases in some consumer and auto applications, officials said in a news release. Those gains partly offset a continued decline for those materials in portable electronics.
“We delivered record sales for the year by remaining focused on our growth strategy,” President and CEO Bruce Hoechner said in the release. “We believe the company is well-positioned to capitalize on the opportunities that will arise when global markets recover.”
Rogers is a maker of urethane foams, fluoropolymer laminates and thermoplastic circuit materials. In December, the firm sold a unit making plastic laminates to investment firm CriticalPoint Capital LLC of El Segundo, Calif. No purchase price was disclosed.
The unit that was sold made polyimide and thermoset epoxy laminate products at a plant in Rancho Cucamonga, Calif. The business had sales of almost $ 15 million in the first nine months of 2015.
In spite of the sales record, Wall Street investors were not kind to Rogers in 2015. The firm’s per-share stock price began the year near $ 80 but had tumbled to just under $ 52 by year’s end.
Things worsened in January amidst a global selloff that lowered Rogers’ per-share price to $ 43. It has recovered since then and was at $ 58.20 in late trading March 23.
