Rogers, Connecticut - Rogers Corp. has lowered its guidance for its first quarter ended 31 March 2013. The company now projects sales of approximately $126 million compared to its 19Feb projection of $129-133 million.
The Connecticut-headquartered company said Q1 results were primarily impacted by lower demand and lower production absorption in the quarter, as well as start-up costs associated with the installation of the new moulded urethane foam manufacturing line.
Rogers makes speciality materials and components including high-performance Poron polyurethane foam, which is used in the communications, automotive and medical industries, as well as for electronics such as mobile phones.
"This year's first quarter sales were up about $5.8 million or 4.8% over the first quarter of 2012, but fell slightly below the low end of our guidance for the quarter by about $3 million or 2.4%," commented CEO Bruce Hoechner.
He added, "As reported by industry sources, the quarterly reduction in global demand for tablet devices and reduced military spending impacted our first quarter results more than anticipated."
Rogers will publish its finalised first-quarter results by the end of April 2013.
