Rogers Shares Plunged: What You Need to Know
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of specialty materials manufacturer Rogers (NYS: ROG) have plunged today, down by 11% at the low, after cutting fourth-quarter guidance.
So what: Fourth-quarter revenue is expected to be approximately $127 million, lower than its previously issued range of $131 million to $138 million. Non-GAAP EPS should be between $0.22 and $0.32, hardly comparing to its prior guidance of $0.43 to $0.53.
Now what: CEO Bruce Hoechner primarily attributed the weakness to the crisis in Europe and the railway situation in China, although demand in many of the company's markets softened. Its advanced circuit materials business for the wireless infrastructure market performed worse than expected. Rogers believes it should return to normal ordering patterns within the first half of 2012.
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