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What: Shares of Rogers (NYSE: ROG ) got crushed today by as much as 10% after the company updated its guidance for the fourth quarter.
So what: Sales in the fourth quarter are expected to be approximately $124 million, well short of its previously provided guidance range of $129 million to $135 million that it was expecting back in November. Part of this shortfall relates to non-woven products, an operating segment that Rogers previously said it would shutter.
Now what: Adjusted earnings per share should be between $0.52 and $0.58, also significantly lower than the previous expectation of $0.69 to $0.79 per share in earnings. The company said lower demand and lower production absorption hurt earnings in the fourth quarter, but it's attempting to enact cost savings initiatives. Analysts were expecting sales of $127.8 million and adjusted earnings per share of $0.69.
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