Rogers cuts 1Q profit estimate; stock falls
Rogers cuts 1Q profit estimate, citing slowing sales of tablets and foam line startup costs
ROGERS, Conn. (AP) -- Rogers Corp. lowered its expectations for its first-quarter profit on Thursday, saying demand fell and spending increased for a new manufacturing line.
The company, which makes materials and parts for consumer electronics and other technology products, said there has been a slowdown in sales of tablet computers, and sales to the military.
It now expects to earn 39 cents per share for the quarter. It expects an adjusted profit of 44 cents per share, but it had previously predicted 57 cents to 61 cents per share. Analysts surveyed by FactSet were expecting a profit of 59 cents per share.
It predicted revenue of $126 million, down from a prediction in February of $129 million to $133 million.
First-quarter results were hurt by lower demand, as well as start-up costs for a new foam manufacturing line. The special items included severance costs because of layoffs, and for a previously-announced move of an inspection operation for its Curamik Electronics Solutions unit from Germany to Hungary.
It said it expects to report final results at the end of April.
Shares of Rogers fell $1.41, or 3.3 percent, to $41.42 in morning trading.
