Rogers Q3 Results Rise, Adj. EPS, Sales Miss Estimates; To Be Bought By DuPont In $5.2 Bln Cash Deal

(RTTNews) - Rogers Corp. (ROG), a provider of engineered materials and components, reported Tuesday higher profit in its third quarter with strong growth in sales. Adjusted earnings and top line, meanwhile, missed market estimates.

Separately, Rogers announced its agreement to be acquired by chemicals company DuPont De Nemours & Co. (DD) for $277 per share in cash, implying a purchase price of approximately $5.2 billion.

In pre-market activity on the NYSE, Rogers' shares were gaining around 29.5 percent to trade at $269.70.

For the third quarter, Rogers' net income surged to $25.13 million or $1.33 per share from $7.01 million or $0.37 per share a year ago.

Adjusted earnings were $1.64 per share, compared to $1.45 per share last year.

Net sales for the quarter climbed to $238.26 million from last year's $201.94 million.

On average, four analysts polled by Thomson Reuters expected earnings of $1.78 per share for the quarter on sales of $240.01 million. Analysts' estimates typically exclude special items.

Further, Rogers said the transaction with DuPont is expected to close in the second quarter of 2022, subject to customary closing conditions, including approval by Rogers shareholders and receipt of applicable regulatory approvals.