ROG - Earnings call transcript Q4 2024

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Operator

Good afternoon. My name is Kevin, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Rogers Corporation Fourth Quarter Year-End 2024 Earnings Conference Call. I'm sorry, I'll now turn the conference over to your host, Mr. Steve Haymore, Director of Investor Relations. Mr. begin. may you Haymore,

Stephen Haymore

website, and Slide Conference the today's Call. on today. of be everyone, that news Quarter issued was call Corporation XXXX found earlier our section Investors Earnings The turn the with welcome afternoon, the Rogers release to to Please Fourth can along X. Good slides for

should meaning Securities we reconciliation I would are in Reform be that U.S. deck Such of today. Please can call conference were to conditions, those many this uncertainties exist during the Investor actual non-GAAP that financial in strictly website. market and XXXX begin, uncertainties differ could like historical economic statements factors operations environment. call most and the which Private considered as The Before any to include found factors. be financial statement in are prepared forward-looking not to to slide comparable statements in Relations accepted subject measures measures GAAP in today's Slide from available X. forward-looking reference of results Act of Rogers' competitive discussions cause directly on demands the and within measures materially call, this These turn with Litigation will generally certain are our that accounting to note A also principles. for the financial conference made not that those accordance

President CEO; the CFO. I turn Slide Laura to will Turning With Vice Colin. is over President me X. and to call and Gouveia, today Russell, Senior Colin and now

Randall Gouveia

you thank and joining everyone, today. afternoon, us Good Steve. Thanks, for

in business earnings Rogers our Chief semiconductor in Laura that recent during position. quarter, emerged brings Since executive the with been especially Through leading the search forward Financial execute in service predominantly Russell developed the look during strategic her process, the to since multi-decades I for to company her with experience invaluable joining was an results our significant partnering me let team. objectives. the the and has serve as and our choice segment. financial discuss Laura She first other clear addition I as XXXX our her companies, to we this Laura Officer. as appointed interim expertise mention call, global last CFO, Before

to the with call. with I'll our turning quarter Now Slide start earnings key gross the adjusted midpoint for X. guidance sales, our margin as in of were ranges. all messages and near line expectations were today's results Fourth

and of sales win. QX anticipated, lower seasonality our to in completion due normal wireless were As India large QX market successful sequentially design conditions, challenging

the the rates EV/HEV inventory in However, our industrial QX production, XXXX, EV/HEV global results benefited major in manufacturing continued focus challenges market of in among from EV/HEV in of rapid headwinds prior our global The markets. in year. activity, level and on managing resulted experienced particularly fell significant destocking costs and Europe, customers. weakness The a while half most a to in industrial the markets growth market deceleration continuing in operational from expenses. We particularly triggered

were the and reason XXXX As a sales. largest significantly substrate sales our power result, for curamik dropped our lower

key sales In flat for a more later. inventory these guidance many initiatives and products securing on manufacturing the will and new our excellence quarter. trade markets, gradual operational robust wins design strategy. Operational on current progress of half our excellence of uncertainty local-for-local advancing market environment, in are footprint solid initiatives. new with and details end included in related commercial challenges, and launching cautiously therefore, we innovation as expect expect resulted This in With as this further the sheet, in Laura XXXX. organic customers to market outlook even recovery into first a our markets in Rogers While for we and second conversion EV/HEV growth persisting see position industrial environment. power is this XXXX, are navigate provide the recovery QX. Customers to our continue we well positioned the balance objectives, pristine ordering strong as advancing in a relatively dynamic inorganic XXXX, Rogers free in cash both QX to a policy flow

primarily prior Turning QX points our line full X to of margin were was million of volume. and due Slide prior about and X% X Full XXXX fourth results. basis the points from industrial markets, lower EV/HEV. in quarter XX improvements a reduction $XXX midpoint. declined and The notable guidance margin XX.X%, Gross was X%, offset in to revenues our by our XXX declined due with lower basis including volume procurement in to operations versus quarter sales significant impact Fourth the year. year was of and versus year operational XX.X% lower spending and costs. the XXXX largely quarter gross excellence,

yet curamik albeit sales our from Material Looking were meaningful our we customers. into seen QX. to at market not in EV/HEV improvement flat by sales increase power EMS as demand market. have QX was solid, Solutions again Elastomeric or a modest, EV/HEV sales The the module

were As XXXX. year lower discussed EV/HEV earlier, full sales significantly for curamik versus

to for record aerospace into demand. had stronger order EV/HEV, some quarter with improved from automotive key consecutive & Defense driven second by EMS programs from a in key in Aerospace ramping customers. ADAS growth improved critical solid rates sales higher for revenue patterns QX volumes delivered sequentially XXXX However, production customers. due and commercial

fourth double-digit For stronger slightly solutions saw the with a only led to or content grew sequentially the smartphones business, despite radar at strong saw refresh aggressive line were in late RFS XXXX to year, sales AI due radio we high-end applications. Portable full which in devices. in Electronics having less as sales by sales for functional frequency year military cycle demand grew the normal A&D year previous for and rate, our the quarter in compared expectations. seasonality Full lower

sales to lower inventory sequentially industrial year-end were expected, quarter the due in managing As fourth customers levels.

saw is the has segments were of across Infrastructure completed. consistent which has that to U.S. the comprise most last data, submarkets sales been in with shipments the demand of of PMI largest sales, and industrial European This have our our most decline quarter-to-quarter all market yet levels contraction X program for as Indian Although improved. our stabilized inventory years. Wireless not

However, the fixed full delivered in opportunities pursue wireless our project funnel, we the technology to wireless project. next sales this the year, due Indian-based of continue strong With proven phase access we to for primarily strong growth India. to this market, targeted in including

many a laminate by is markets These for and on challenges. power based and are ADAS R&D that some such data to were access curamik as number the across opportunities on growth capacity In these multiple underlying teams China. secured us year's Next, materials, module potential key substrates a in highlighting of forward revenue have in in customers. We segments. power delivered in the contribute both portfolio last confident region wins these In spend few of our strength in and some across mission-critical provides are leading multiple Rogers the earlier design We in commercial increased served the space. XXXX. and in radar despite and renewable significant fastest-growing XXXX a accomplishments XXXX our the fourth strong Design unit the supplier portable energy wins We sales Western in reliability both like designed while of the in included new wins from the EV/HEV Asian and were to Asian and largest wins radar to business performance business wins EV/HEV, quarters electronics, I'd our remain applications. Other XX in in manufacturers and of X, coming plans. awarded application. EV/HEV gigahertz quarter, automotive the markets our minutes key centers. recent leader Slide to in OEMs world the wins we where in a significant revenues wins the technology were year, expected in expansion were beyond. The our the underpins future wins AES, this we This from space remain Materials and in the of most selected and

relationships to customers have through U.S. develop geographies We and our also exposure good with of continue these our strong base. to each and European customer

important business suppliers. leading global secured battery and In design pad addition, their battery technology our OEMs for with EMS cell wins our has

choice reliability. and products be polyurethane leading to PORON vibration efficiency a continue and pressure management battery of for material Our improve EV that solutions

in our market. maintain strengthened M&A laminate corner bolt-on applications strategic as pipeline a we in position our with materials, we in pipeline launched new Starting AES we ADAS we Additionally, thermoset our we engineered XXXX XXXX. identified radar additional across for designed ensure the QX innovation advanced in XXXX targets. our high-performing To made advancements business, in acquisition

automotive and strengths, manufacturing new safety. our have technologies on helped For customers. of our years, builds clad objects for improve to timely while accurate detection copper to product these enable costs reducing laminate This

product Our later R&D innovate this space in this team scheduled of to continues to generation the launch this with year. next

manufacturers design targeting continued of thermal signal multiple system management key secure multiple also work In and and introduced silicone performance we products battery In year. customers. In business, In last our curamik new pressure We PORON continues these and early-stage will both engagements XXXX, This EMS, and management emerging to related we achievements and accelerate our innovation. where had that solutions develop where EMS technology power lower launched with in also next-generation we continue wins challenges to battery business. integrity. we and includes polyurethane on In for of dissipation pace new we substrate opportunities and EMS, our materials needs. improve enable areas OEMs solve costs are in our and technologies, materials, as our improved the on centers vibration semiconductor thermal our for to solutions the to other to EV work polyurethane data critical market. successful targeted AES AI, to build

growth both module power helps new to in derisk our facility markets we also and manufacturing recent the has of Slide local the future We've existing have power qualifications. executing BISCO silicon flexibility XXXX This well a geographically Specific customers line, a by our power with expanding near sole who accessing selectively local supply chain diversified new is good our with business to objectives. Building regions, investments, to competitively. This years, supply with supports position strategy and carbide progress are effort customers new to their Western capture tariffs. Turning China. these mitigates capabilities Rogers product manufacturing customers multisite for adding to substrate factory and with of curamik X. addition in long-term as substrate and curamik better they current focused on in impact China. production our improved silicone new operations the achieving made grow potential footprint as In our expand as key and manufacturing strategy,

with China production us in We have with headquartered growth market. secured in design-in investments address This mid-XXXX. These wins design activity capacity scheduled to to ongoing. and is scale full-scale more start customers new facility this provide with

essentially Our capacity complete. footprint are now additions

did we to we've It second reductions consolidation Rogers' This manufacturing system. million improve actions a we year well includes continue this yield in to improvements our drive as focus our final last that cost we is benefit in year. These realized the is of costs, operating XXXX. XXXX, of complete. One improvements. of point facility and the remain and once and annually, throughput between our implementation S/XHANA our in half includes RFS support operational procurement manufacturing announced operations first additional million down Belgian and will the taken $X wind ERP This SAP will that of with footprint, excellence actions for growth, year. this of on as portion additional to self-help expected $X As ongoing to profit throughout also which are in

scalable We efficient and in implementation, expect flexible are to which is is early more internal this next business. to expected processes rollout improved currently years. continue track lead a customer and on over the and of The more X we and the stages will experience

over Now, outlook. to financial to discuss QX and I'll turn Laura performance XXXX it our QX

Laura Russell

the I'll of highlights Slide for with Colin. you, results QX. begin X our Thank on

of Sales were results all overall quarter mid-point line of of announced expectations. $X.XX of fourth in near were margin Our million, guidance. EPS with XX.X% gross $XXX the and our adjusted previously the for our

prior the the sales lower full For of million than year, $XXX were X% year.

earnings with points. XX versus to manufacturing in our $X.XX and efforts year only XXXX. Adjusted $X.XX increase full focused the margin by gross costs reduce However, basis were declined for efficiencies,

lower generated sales basis, to of infrastructure versus due manage As sales I'll Net free similar result currency $XXX million. revenue revenue. primarily fluctuation. declined control reduce million offset flow decreased $XX quarter, third prior XXXX, expenses to million segment discuss the sales costs, prior by quarter efforts in Lower favorable which detail. the volume, and of AES our $XXX of capital, our versus was ADAS to X% we approximately a results partially by levels. On quarter to in working X% greater Slide year XX, fourth a offset by foreign On slightly were higher reportable wireless cash

As sales shipments to sales million noted infrastructure lower improved by expected levels revenue electronics QX. EMS as a India Aerospace decline sales seasonal normal in to project to we the customers were industrial lower in portable $XX call, wireless from sequentially. last quarter's and on inventory completed sales. X% as & Defense managed approximately decreased year-end in due

QX, achieved The due XX. further costs. these Slide decrease by under-absorbed a margin offset to third gross to QX procurement but than margin volume unfavorable savings points the operations in in of was XX.X%, lower and Turning more from We basis product primarily quarter. was fixed XXX and mix. were reduction gross

achieved Over operational these driving initiatives, costs. optimizing from manufacturing focused savings reductions excellence XXXX, enabling fourth by demand. procurement ongoing our quarter led cost which we reductions, these and the on course did a and X% We continue anticipation costs we of in actions cost XXXX. Even are significant savings, the yield manufacturing reducing operations spend throughput of some in carry in These decrease excess a with in to in to rebound executed improvements.

was million costs was to $X.XX earnings expense recovery QX primarily quarter. the income to continue quarter quickly to operating income gross and due monitor to adjusted closely items was adjusted share primarily $XX start-up in net in partially to $X increase our also of demand. these The venture The factory we basis, existing QX the an operating in additional Adjusted by expense relationship. fourth net due we offset higher million development. gain $XX incremental QX, QX. workforce of QX, operating discussed already lower the decrease in adjusted to a to $X.XX respond million balance start-up connection related by impairment in from This to will reduction work a prior related severance increase to the largely and costs GAAP sequentially. lower system, is $X in nearly with higher and were lower in income higher $X ERP was costs. million which increased global incurred drivers expenses. In expense decreased joint to offset separate compared an to margin and other tax. the On in million These were per primary agreement expenses. The million We to our ability as margins future in $X a a from

$XXX highlights As expect achieve was make deployment in progress synergies Slide the our capital when implementation discuss on plan of allocation million. to of next XX, the is I'll ERP referenced, continue at to 'XX we to Cash some our significant and the from Colin XXXX. complete. Continuing end priorities

of activities. In to quarter. and quarter balance the $XX growth million business million. to the new capital $XX remaining included For flow of $XX to with carry and solid XXXX fourth organic repurchases million cash the initiatives, in allocated flow million full the debt. credit and on million manufacturing in Share We which fund $XXX year, our expenditures repaid we process we first facility improvement totaled of operating generated no free revolving cash million, continue $XX $XX repurchased the year,

share consistent generation. allocate we be through the position prioritize a our to as to forward complete continue growth, to maximize we move of priorities with begin balance cash capital the we will capital pursuing substrate in the power opportunistic a As expenditures China. M&A shareholders XXXX, in actions With in good expansion decrease will and year, In repurchases. to to our to clean continue capital current form cash we position and organic synergistic favorable funding of returning sheet,

to reason, of this year For to $XX million. the CapEx we expect $XX range in full be million

XX, our the Next, I first on Slide for discuss will quarter. guidance

to I'll Before XXXX. our some discussing provide the specific quarter, for context expectations for ranges current the

of First, and market business are curamik a half that customers second our related of Customers, a there will very be to is weighted. and timing policies as recovery heightened gradual Colin and uncertainty level cautious, of touched recovery. particularly signaling on, trade remain

business, to and be that half the first second point in the For expect normal Electronics of with and the stronger than seasonality the we reason low due to the for the our QX year Portable half year. likely

As naturally sales improve, to the higher will volumes gross levels what the bring XXXX. in margins more in up of achieved we range

the ranges for Now turning the to quarter. first

million currency expected an to The sales. due and between and decrease The to X% foreign QX midpoint to unfavorable We sales sales QX seasonality. is from of portable lower electronics X% million. be normal impact of to $XXX decline this $XXX is X% range about due expect of a

We guidance be a the a with both new utilization small to product result we from incorporates to margin QX, silicon until reach which lower of impact range volume range are guiding line, a normalized of and will in decrease for gross unfavorable continue manufacturing the XX.X% rate. XX% more our This also mix.

earlier, noted further cost As coming monitor continue the quarters. improvements our we not in actions demand carefully we should will will flex see meaningful to and top pursue to structure levels line

earnings. expected versus to range operating range loss is to earnings. slightly $X.XX EPS of to of from projected EPS $X.XX First is $X.XX The quarter adjusted adjusted expenses to lower are a be $X.XX QX. of

QX $X.XX the with our of of range expenses, EPS Belgium. down Our operations in restructuring-related AES includes with wind of associated most this

Colin. the to XX%. I call project turn tax we over Lastly, will back approximately rate to be our full now year

Randall Gouveia

new our securing savings. customers' solutions Thanks, to innovate were on Laura. and that materials line in XXXX, control delivering and results new we meet cost solid including to intently needs focused In in deliver with We design expectations. what that wins, our continuing execution summary, we QX in had can

continue. market-driven last year the expect from will we XXXX, to challenges ahead Looking

timing we predict to aggressively manufacturing execute difficult the and our While commercial, footprint on to a it market of will is priorities. innovation recovery, continue

are Rogers begin when will the operator call market to conditions confident focus We win improve. I to discipline back that and our now for over to turn questions. position will the

Operator

coming question Bob Our Instructions] from Labick [Operator from first CJS Securities. is

Unknown Analyst

end think Moore experiencing as on should And with Dan market more XX% what markets for for sequentially. on basis at is to a are CJS. as This implies midpoint, modest you Jeremy basis, revenue a the guidance well QX we end in? year-over-year decline How albeit an QX? a softness sequential decline segment revenue relative further then QX about

Randall Gouveia

Well, can then can Laura answer. start, and I Jeremy,

about If in highest decrease see it's we is our which the slight Portable is Portable you us what a sequentially, quarter to the is bit for QX and QX Electronics, point. think QX, for a decreasing Electronics low related -- of highest revenues terms in --

So I curamik to you the year-over-year, primarily would And at that's business. say related be there. that issue major look primarily our would then if

curamik note, the years the pushed that QX. from lot customer and in for is our XXXX a business But base though, us. record So reasonably didn't challenges a to The It thing of with beginning March EV/HEV. get outwards. through X of 'XX, decreased pushouts it to had quarter did of -- until orders important curamik that curamik One inventory basically in when XXXX. a slowdown very growth the entire we primarily substantially, and our we in have saw business was good business really all way the start due

have and a the say, a be, would sequential that I from basis. I'd add missed. ask biggest would to X impacts those might I anything Laura year-over-year So

Laura Russell

that you've from said, different facing another a year-over-year the fourth. term on And electronics the big in you from challenge perspective, covered Colin. we're No, I long impact portable And was a as the EV carefully, think basis. one really

Unknown Analyst

growth QX, quarter, year-over-year second are year-over-year and know but you not, basis, protect get expect Awesome. at the 'XX? actions cost line there flow? in least I a to further to half the the Very cash back top reduction thinking by of about you on don't if And And you're margins beyond do guidance then decline provide positive given to implied next helpful.

Randall Gouveia

us I'll reemphasize start, But for costs gross do that and mentioned, and talk in improve terms then There's XXXX. and to maybe XXXX much self-help and was I'll remains Laura just top so ask to efficiencies. can what a still Jeremy, few comments revenues more we in a we of just and I'll margin. line, make controlling more top about on in priority importantly,

focus beyond expect things. the The QX guidance comment areas. that X of full low we for we do top And our few So general and stronger remains here's a a are be give are X assumptions that, the much stronger although to on half. point, that don't year. We or our driving see quarter, a drivers second a

which half you materials look a in pointing market, those the -- of into industrial, modules are gradual at EV/HEV much which year. go buy and go customers, our when sell pretty that customers curamik curamik out into those power recovery the First, the that second to

the as The Chinese OEMs Korean portable season at the OEMs, QX second of seasonality and across the to patch year, thing hits in South good is along OEMs season the content and Western comes that begin OEMs. that in as holiday for have the of electronics we build end terms

So several design there's wins. good been

enabled So manufacturing we And some we're capacity. that seasonality have then that in design by China there capability different for growth we product manufacturing product in finally, hits. few are those got coming new some this lines. on a lines for new And we've wins when positioned believe

middle we of of the out still qualifications now that example, be second with is qualifications, in business, up year. The then but half and the will well, that sorted will as And the So in believe second we're be also of curamik BISCO for the active, silicone year. the those mid-'XX. in around customers brand and us that line, wrapping is will help half

but I we headwinds FX, some in of our some that temper growth. coming we think So have will which segments, from see overall, strong growth, pretty especially some do key

margins. to will a comments relatively then us we tempering QX, growth. And driven some So flat top by improved self-initiatives turn that for FX, get it year you to gross I'd a remain think, on Laura, priority to some and like

Laura Russell

Sure.

a margin perspective. Colin's comments from So if just I could augment

But as just the We saw into seen predominantly posted, quarter-on-quarter mix fourth You've a also we the by and million top we XX.X% we addition what and the had quarter. volume which was electronics portable did wireless we really the the to program in the that in the mix did saw was space, favorable dilute which third we posted highlight with that, quarter that line that in peak from driven And $XX for dilution quarter. conclusion the the we there time, headwind. at point benefit in us. of

So the we with those off into quarter rolling top pressure. line fourth some dilution, saw the and

Now to mix. underutilization said, point, roll we in when so forward an dealing we year continued point top the overhang. And into that adverse in have the with expect first And that qualify Colin in quarter. The customers I the being to of margin 'XX. highlighted impact silicon we quarter, and China, last the as in low need year line line, we're the this be low that another suppression first We the portable new quarter the lowest from say about guide the in of our in quarter we thing is line. first we ramp electronics the would the as

QX for So the is quarter, to to first in we're because incremental face line going headwind that's margin new some us. the

recovery our in the driven information to post. a some through expectation margin pressure So expectations should the we forward some benefit seeing will gradual the a facilitate have top that customer our that of through recovery we're the thing by of on if 'XX, we biggest the there is causes from some us And is that improving year But base, the to look line. incremental there. outlook

Randall Gouveia

gross both of also then get as There's run you really is for combined year. probably RFS did coming we that add OpEx to P&L back the down in previously to that million. receive well until There's end much really several rate But And doesn't XXXX. that range at wind quick benefit help the everyone. this some and one helping questions margin. And help underway. begin And the of we'll and of been the in it will Just $X million very that that, $X announce Belgium. full in on that in mentioned it

So thanks, question. Jeremy, for that

Operator

today Next Securities. Ellis Craig from question B. is from coming Riley

Unknown Analyst

the to now, [ kind Craig. A&D time ] It's a as Meyer for have improvement. some and business high-growth been I of you and you've wanted guys on that about characterized ask for seeing some business,

get I can I of something lifted? look And term? it's is XX% revenues. of, forward this wanted to Or we think is just now a improvement base this to long is the this of sense your total quarter-to-quarter? that about sort being

Randall Gouveia

that say we forward to that can would look I long-term.

several going product perspective, We that The then airplane technology EMS is technologies Aerospace across great the OEMs. different business go have defense mostly a sealing And gasketing from lines and the aerospace major into & into Defense. piece from around RFS which ability we products programs it's have some but and making, improving materials EMS for radars business in precursors then rugged the is defense so certain and of and antennas. for our they're certain making also business,

great... there's so And

Operator

Pardon me, did we lose the sound?

Unknown Analyst

Yes.

I think it cut off..

Operator

can stand lose your correct? me did by. sound? still hear This is Rogers, you Meyer, Please I do apologize. we Robert.

Unknown Analyst

can. I Yes,

Operator

one Ladies technical the still have room. apologize, the some of the room, lost standby is and connected. patience. connected. Please to standby. difficulties. moment standby. gentlemen, have please in music, seem Speakers, please. please your there from play Thank for we'll you. is [indiscernible], volume We do meantime have I We sound standby. I some the coming still not we'll line you do be moment, please the with speaker Thank okay, One for a your back line

moment team, Okay. Rejoining by please. Rogers one

rejoined. now we're Okay, here

everyone, on please back proceed. You're

Randall Gouveia

we understood nice answer, were we disconnected. gave a Well, but I

should joking. we we need to I'm scripts? we Do our where terms next? start of read So say what in

Operator

proceed Riley. Meyer You're with Please B. now. on right with

Randall Gouveia

Okay.

that through? A&D, if would we be So sure and again ask -- sure we Meyer, that on maybe can you comes question to make answer that

Unknown Analyst

is Or expect this revenues. of And going now, And about was lifted? growth base forward kind of that is total fruition. for some business this this time something that saying just to, No, the characterized of the of Yes. we now A&D a sure. It's can your from you've I of future? XX% picked into is high-growth just to think, quarter-to-quarter? Sure, starting into sort kind that's being I come this up as volume and sort

Randall Gouveia

No, time. last I'm said I what remember to again. try I'll So

So joking on that.

into A&D us. So business which piece, aircraft pieces. The It breaks and EMS OEMs going a our core to aerospace really for the is sealing. major is technology X gasketing

of EMS and We is RFS with some wins many rugged across also ability From the we and in and for antennas, different different it's make programs for product the the have Solutions whatever we improving primes. defense a business, business have multiple precursor radars program where many defense being department. produced

going So & anticipate for We us. Aerospace a and good business that us business mid-single-digit Defense. medium in had base this business near, the continue is Aerospace forward. year longer a Defense for We to growth & term. as the see a And solid in we

Unknown Analyst

sort some Can or then of the is pointing restriction of build which I'm of due where uncertainty. in most some that over to color guys up due help were part, you that last think you tariffs. think, seeing some at, the to point end I sure guys to might and uncertainty you then and markets kind the on to of that me And quickest you're geopolitical might release that shifting longer?

Randall Gouveia

and our basis. it revenues. split the based We've dynamic a of is landscape. situation tariff North in the and between close daily on almost The changing We're America paying evenly on very almost Europe. it's very XX% So a geographic to got Asia dispersion rest attention

happen might for tariff for is mitigation strategy. what local Our perspective local from a this

supply supply sell and and either same So make of Europe or all most products in we America North we, Asia our to market, in Asian have capabilities can can few of the with in geographies. produce our and and exceptions, them the those a products

every a something predict. feel is, of to again, line to of bottom in our we can't manufacturing pay customers terms footprint strategic what's in tariffs. monitor We attention we So if it like forward happens, we day, support and got which, going with happen predict but very we've terms going can't

Unknown Analyst

And if really for just I quick. with follow-up can that that

Randall Gouveia

Of course.

Unknown Analyst

And sort supply then in since to positioned any of local guys you break as local, hesitance it chain to direct sort of players the about downstream it be waiting hesitance than of is guys fair are other your sort think you're relations? would with of rather well you of the sort so on for and

Randall Gouveia

might headwinds are the going macro been terms unclear of I downstream hesitance to, in this not a building circle is in see our back me lot segments. still of -- who in that. higher of in answer, who and the economy. different and let inventory are from lot a macro We to answer bit to always -- what than year. QX, the spoken and people comfortable develop just extremely try about are cautious then can we I'll a It's what's feeling difficult terms of queue. Inflation we've customers to customers to, especially The of try in related used

that back to of So more on get as also we these of regions. there's then And lead to the to orders things think different down cadence the settle settling geopolitical more terms issues, would environment. across a in clarity and the we anticipate would and of macro in some confidence things reasonable a economy

Operator

[Operator or I'd Instructions] our session, floor over any of We comments. further reached question-and-answer turn the closing to like the end back for

Randall Gouveia

to you forward look call, with our over joining for you we callbacks the thank say weeks. to and of for with several following many Thanks up attending. again next wanted Just

Operator

does That conclude today's webcast. you. Thank teleconference

this time, thank have We wonderful day. participation your and line at may today. a you for You disconnect your

Rogers (ROG) 19 Feb 252024 Q4 Earnings call transcript