Why Rogers Shares Are Soaring Today
Shares of engineered materials expert Rogers (NYSE: ROG) skyrocketed on Tuesday morning. First, the company reported third-quarter results as expected. Then, however, market makers largely ignored the mildly disappointing report to focus on a game-changing event. Chemicals titan DuPont de Nemours (NYSE: DD) is buying Rogers in an all-cash deal worth $5.2 billion.
Rogers stock gained approximately 30% on the news, trading 29.7% higher as of 12:40 p.m. EDT.
Let's take a peek at the earnings report first. Rogers saw top-line sales rise 18% year over year to $238 million. Adjusted earnings increased from $1.45 to $1.64 per diluted share. Electric vehicles provided fuel for Rogers' growth, but the ongoing shortage of microprocessors limited the company's third-quarter success. The analyst consensus had called for earnings of roughly $1.78 per share on sales near $240 million, and Rogers fell short of these targets.
Source Fool.com
