everyone. afternoon, Good Bruce. you, Thank
results, express the in discuss I for admiration unprecedented to Rogers our performance of the business would I to the also thanks Before employees products challenging, outstanding of social and like delivering around customers and globe environment. my an a to
experienced customers. guidance. jobs and In we the results, I’ll and costs, anxiety resilience Rogers disruptions face minor the results, to to first commitment demonstrate their slides While review in followed community the their and uncertainty of creativity quarter by increased our ahead, and quarter demonstrated team. our our Great second
XX, to noted, revenues, $XXX $XXX first range slide $XXX.X end of million at were the and to XXXX X% Turning than million, our previously higher as guidance high million. QX quarter of
revenues battery substrates industrial as in materials well the applications, products primary demand applications, Materials Strong for increased semiconductor as were increased EV/HEV power for the demand and ADAS Elastomeric an in revenues. increase serving for general drivers serving
in in We aerospace defense and quarter the negatively in the and pandemic our China and quarter. business environment improved. as China in applications. these wireless from second first materials portable of Disruptions half applications of environment saw first decreased impacted the portable electronics the coronavirus the orders demand for increase the Revenues serving infrastructure electronics resulting in
to at the our for support margin the families. revenues, midpoint expanded incurred power with coronavirus to of XX%, as In of for costs employees benefits and a gross was substrates mix product less we favorable range XX.X%. incremental guidance lower Our XX.X% the we semiconductor first we to experienced associated portable the quarter and temporarily care higher quarter provide pandemic their of certain additional electronic
unfavorable Improved cost material operations the reductions, the incremental pandemic-related improvements mix costs. in product mitigating execution and resulted and efficiencies yield the in quarter, first
from for slight $XX.X income revenues, of decrease of operating XX.X% XX.X% XXXX of Adjusted a QX million, or revenues. QX was
The million charge of first $XX.X fourth $XX.X a quarter terminating net the compared net included million $XX.X for loss. after-tax from million to a quarter GAAP quarter. the improvement a represents fourth which the plan income the resulted in $XX.X pension million quarter loss in non-cash of
at the delivered to fully company diluted $X.XX the range end of basis, share, $X.XX upper guidance EPS adjusted of an per On of $X.XX. our
revenues compared and $X $XXX.X The while to XXXX. the segment’s exchange million segment, slide the increased rates XXXX increase PES million QX. X%, by flat sequential business to our quarter Turning driven favorably of Currency of by our revenues to was fourth segment, X%, revenues QX EMS quarter business to XX, up million up compared first the impacted business fourth were ACS quarter. $X.X compared our
flat primarily applications, in revenues, and in a primarily from QX X% increase resulted The power revenues revenues. decline application wireless to and X% infrastructure defense amp ACS of compared a mitigated in ADAS revenues, by increase XG in aerospace XX% the
to XG the second ramp applications its XG the in XG. the half partly continued to of makes continue of in the a saw due delayed as push pandemic China, first of quarter While rollout months for QX, increased the to be two China orders aggressive coronavirus impacts
were inventory. Late significant pandemic. quarter, customers we consistent of as the quarter ADAS slowdown in part the due in strong of announced the continuing quarter the result building first several large into revenues to ADAS automakers’ shutdowns impacts experienced first the orders, in and of a second a with
will continue the through through and businesses automotive on quarter, ADAS and our meaningful slowdown to impact expect a other second least have We at the QX. it
Revenues base year-over-year. quarter sequentially for did programs fourth but a increase defense off aerospace and strong declined
positive year-on-year be continue on expect and We continued to growth. market this
transit pad in Revenues small primarily in growth to EV growth in robust increased our industrial materials EMS sequentially, growing our and a mass due business. applications, base for segment nice orders battery but in general
to as general demand, in industrial levels, revenues over which preferred quarter, comprised refilling the inventory general XX% demand. end in an pointed segment’s industrial in of the to our increase converters The opposed increase user
these expect in the economic for to the fact, materials slowdown. quarter soften general In we with second demand the
quarter, partially which Portable resulting particularly business declined the in of electronic comprised caused from the revenues XX% almost the by the in of disruption quarter, revenues, meaningfully the pandemic. China, coronavirus
saw quarter, as China back for demand expect impact quarter, not we carry Late global pickup we portable a online, the pandemic as temper in demand to second in coronavirus will electronics. demand do increased the but the economy came the the through of
the applications, as substrate in revenues both grew fourth laminated strong the substrates EV/HEV revenues a than first power PES to quarter power demand quarter, revenues, segment The as due which laminated XX% revenues, semiconductor our for busbars increased well accounted distribution. in for semiconductor which the compared XX% revenues, accounted approximately EV/HEV, of XX% for increased to the of less the XX% sequentially. busbar and for for segment
quarter, nice address business enjoyed first our in expect in growth quarter, this customer While production we in sequential threat. EV/HEV end in business locations a the down significant decline shut for the second certain to as to demand we the coronavirus
of gains had segment We energy which in revenue greater applications, also revenues. comprise than XX% renewable
industrial were general industrial XX% CapEx equipment These compared over Power which segment down the for applications substrates spending. track to QX. manufacturing with semiconductor applications, comprised revenues, of generally slightly
as from the downturn. spending quarter in second expect the declines, CapEx we economic soften to such, As demand resulting
million, product to support mix and due to with Turning The achieved XXXX our gross employees. was than primarily pandemic the XX% for $XX.X we XX, the temporarily gross decrease to costs in higher slightly of was or discussed percentage the expanded XX.X% coronavirus incremental negative QX. earlier additional to associated certain in less revenues, slide QX as margin margin the provide benefits our the
pandemic. increasing address impact mix our operational all on the in product improve ongoing to costs to the in the continued our segments, We lowering efficiencies and incremental performance focus material mitigating of and through costs business yields negative
shift to were footprint compared costs. leverage global from our and mitigated QX, in facilities the tariff production to to Tariffs that factory resulting lower efforts quarter our
have point going on the a to impact tariffs less margins basis gross than expect XX As a forward. result, we
unfavorable increased ACS tariffs electronic by in was quarter, significantly decreased a QX. Gross margin in offset on were in basis revenues of margin. benefited mix an product increases as the quarter, lower flat margins reduction benefit The the portable the the from resulting for first cost efforts as essentially volume gross and EMS percentage
to quarter, plan. PES first continued execute the on In recovery we the
the As manufacturing progress and cost continued Bruce for by reductions. of signs continued in the yield mentioned, made quarter we are encouraged material
due efficiency business, did We direct taken see inventory on these mix in the margin and in unfavorable an challenges reserves planning labor gross to Curamik benefits challenges. that from resulting were excess materialize product past not pandemic-related our material
in and are result work improvement capture a XXX-basis-point execution operational in which The subject points in gross the continues, we increased this we company and encouraged volumes, basis will confident incremental will margin. XXX over of the improvement business, to
While we of volume-dependent. quarters, in improvement coming be margin gross segment the in business pace expect continued and the will yields the in improvement the this efficiencies
income XX QX million, net compared details adjusted of of for $XX.X adjusted to Slide $XX.X net for changes income QX XXXX to million.
for than the XXXX operating a slightly adjusted dollar slightly percent of revenues a income XX.X% earlier, on discussed As higher $XX.X but and was adjusted operating of as QX’s QX revenues. of income million basis lower
QX operating expenses higher adjusted XX.X% increased compared The of Adjusted costs $XX.X expenses of QX. from revenues, $X.X were higher dollar QX expenses. resulted million, than for operating to performance based or million
for tax income. effective Rogers XXXX tax items We to rate to XX% for effective while than uncertain compared expect pretax position, rate communicated XX% mix tax lower will of our tax of geographic rate in increase forecasted to our line higher tax anticipated the from achieving an higher to to QX now XX% an XX% effective anticipated incurred benefit previously in and be of XXXX a XX%, due in XX.X%, tax reserve discreet of with XX%. expenses our rate in QX
first financial the the not company’s were pandemic quarter the significant. result on from coronavirus impact Overall,
from pandemic. revenues the Bruce in did small into very the address applications of we medical mentioned, sale to EMS As experience materials increase our a
employees, increased million, sold as form to in freight higher the expenses of costs distribute approximately products. our well costs for higher $X.X experienced as of support We goods cost
Finally, and expenses our pandemic included certain QX in were are travel in a results. of benefits and from resulting of less less recruiting. as lower the operating forma costs All pro result our
XX, increase slide on March, increase ended first an of we December resulted a to later. in million, from million XX. $XXX.X quarter revolving I’ll discuss which The facility position a cash $XXX.X Turning the our credit $XXX draw of with million from
first credit a $XX.X the of in revolving $XX we company our capital In of We to ended $XX.X net call, CapEx on cash a expenditures. million XXXX. equivalent spent cash range excess position, balance quarter amounts for our QX, In communicated under spend owed of million last and million facility, the $XX million. with
capital closely are planned environment. this economic managing our We spending in difficult
At range, require we to at expect lower this additional yet but adjust range in programs the that our particularly as there not are may prepared of time, are we believe come EV/HEV opportunities, end capacity. growth the to
to The operating the net timing increase $X.X quarter. in receivable accounts increase company capital million of first revenues the in primarily in late activities million, from from of generated due QX, of working the an $XX.X in
cash result the negative capital, a used working $X.X was cash for million. of As QX flow free
drew facility the from economic In and a credit on downturn revolving a million impacts resulting measure March, protracted company financial as its pandemic. precautionary $XXX against significant potential the the coronavirus of
The invested cash its operation government-backed presently future current and company to the has not short in cash does fund term this require to expect or securities.
an on a and the accordion has million. XX, credit terms facility outstanding The of March are credit its facility The revolving had monthly option has basis. company an required $XXX of $XXX uncommitted balance its million million. revolving on company available interest-only, $XXX on At payment
with continues in revolving credit QX significant this at the headroom covenant the coverage and the with XXXX. compliance end of interest revolving in February has company expires facility The and which agreement with compliance at leverage was credit be date, against to limits. The in covenants,
with well challenges net company to ended in cash sheet, and position, withstand balance economic current a and the healthy opportunities. is quarter positioned to invest growth the The first
we to run-rate levels. our of greater current the costs lower Our a flex the than ability changing have on demand with is cash basis, mix level than first our flow breakeven XX% revenues, revenues quarter product depending and on
look out will environment economic but of capital, levels continue closely in we prudent in to In we make opportunities spending will the to to growth investments invest downturn. accelerate and manage this
plants look and see rollout the QX discussed slide our guidance, XG Taking in XXXX will challenging we business. QX in OEMs and were conventional have at our China into XX, indefinitely, continuing against and provide late EV/HEV our several The a very impacting me. automotive resumption QX on challenges Tier of buffer that automotive the where demand and some by and landscape, opportunities Bruce Xs closed
both we be EMS significant coronavirus and In resulting from quarter, believe will downturn the expect second in impacted and by possibly addition, our pandemic. longer, general economic business the we in PES the industrial
incremental do, of We pandemic expect medical applications million second quarter. greater the coronavirus $X.X for revenues of however, the in to needs see addressing than the
QX, impact outstanding employee products an did employees chain of for and the difficult and supply the second second is XXXX. supply estimate chain half pandemic Rogers the customers delivering availability While job on to managing the of and to in quarter
customers Therefore, and our to for revenue disruptions. continue materials guidance the and products critical our assumption is supply supply produce our provided continue will minimal chain to we that deliver with with will
coronavirus are for be to QX, $XXX $XXX increased to of range QX pandemic. of in the historically Revenues to the million provided, guidance potential from Similar the the the than for level due of wider our impact is QX to range uncertainty million. for estimated
our We levels. will to capital address flex the infrastructure, and manufacturing for anticipated spending expenditures to continue monitor SG&A demand and
lowering our added efficiencies continue businesses, costs, improving discussed in will PES, We with and focus improving also progress on all earlier. yields on as
negatively impact gross margin our the actions, to QX. these will continue low in with volumes Even
addition, to expect increase In incremental the keep the employees pandemic in to as to to million million. expanded our supplies benefit with approximately well resulting costs QX, provided $X.X to the from $X as we safe associated employees
the margin gross guiding to range XX.X% result, XX.X% in QX. a As for of are we
to coronavirus recruiting result certain $X a million QX, pandemic. the principally approximately spending of expect as also OpEx in and travel-related by reduce We expenses,
share of guide per in in QX $X.XX fully basis, quarter. We the for per we to of $X.XX adjusted guide $X diluted earnings $X.XX GAAP fully range range share. diluted the second an to the earnings On
benefits are incremental Our and coronavirus the adjusted inclusive resulting from all pandemic. costs of results
over to operator turn back I will the now questions. the for call
