Rogers, Connecticut-Rogers Corp. said 20 April that its net sales in the first quarter were an all-time record of $103 million, a rise of 17 percent over Q1 2005. The sales figure was also well above Rogers' 2 March 2006 guidance of $96 to $99 million.
Net income for the quarter was $12.6 million, which Rogers said includes $0.5 million of equity-based incentive compensation expense, to comply with the new share based compensation rules.
In its high-performance foams business, which covers polyurethane, silicone and other plastic foams, Rogers' sales were a record $25.5 million, an increase of 16.4 percent over Q1 of last year.
Rogers said sales growth in foams "was driven by strength across all markets, most notably, consumer products, including entertainment systems, portable communication devices, and a wide variety of industrial applications."
But Rogers also pointed out that "part of this quarter's sales growth follows customers buying in advance of an announced 1 April price increase." Rogers said it instigated this price rise to mitigate the effects of rising raw material and energy costs.