Shares of Rogers (NYSE:ROG) are soaring on Friday thanks to an analyst-stumping earnings report. The stock traded 19.1% higher at 11:50 a.m., EDT, having peaked at 21.4% earlier in the morning.
The Arizona-based maker of engineered materials saw third-quarter revenue fall 9% year over year to $202 million. Adjusted earnings dropped from $1.51 to $1.45 per share. Your average Wall Street analyst would have settled for earnings near $1 per share on sales in the neighborhood of $184 million. The company also said that fourth-quarter earnings should land between $1.30 and $1.50 per share. Here, analysts had been expecting $1.02 per share.
Rogers' solid sales were driven by customers in the electric vehicle, autonomous driving, portable electronics, and defense markets. Engineered materials play important roles in advanced battery packs and 5G wireless antennas, placing Rogers in the catbird seat of several exciting growth stories. It's no surprise to see investors embracing this rosy report today and I expect the good news to continue in 2021 and beyond.