Rogers Cuts Q2 Guidance On Weak Chinese Wireless Telecom Market; Stock Down 9%

(RTTNews) - Engineered materials company Rogers Corp (ROG) on Thursday slashed its guidance for the second quarter, citing a sudden sales decline in the Chinese wireless telecom market.

Rogers now expects second-quarter adjusted earnings of $0.60 to $0.70 per share on sales of $162 million to $164 million. Earlier, it estimated earnings of $0.81 to $0.93 per share on sales of $175 million to $185 million.

In a release, the company said it believes that the widely-reported government actions in Chinese state-owned telecom enterprises may have temporarily delayed certain projects.

Also, weakness in the portable electronics market impacted results for the quarter. Rogers expects sales will progressively recover during the second half of 2015.

Rogers plans to release results its second-quarter financial results after the close of trading on July 29.

Shares of the company were losing $5.29 or 8.73% at $55.30 in after-hours trade on the NYSE.