As the craze of earnings season draws to a close, here's a look back at some of the most exciting (and some less so) results from Q1. Today, we are looking at electronic components stocks, starting with Rogers (NYSE:ROG).
Like many equipment and component manufacturers, electronic components companies are buoyed by secular trends such as connectivity and industrial automation. More specific pockets of strong demand include data centers and telecommunications, which can benefit companies whose optical and transceiver offerings fit those markets. But like the broader industrials sector, these companies are also at the whim of economic cycles. Consumer spending, for example, can greatly impact these companies’ volumes.
The 10 electronic components stocks we track reported a decent Q1; on average, revenues beat analyst consensus estimates by 0.8%. while next quarter's revenue guidance was in line with consensus. Inflation progressed towards the Fed's 2% goal at the end of 2023, leading to strong stock market performance. The start of 2024 has been a bumpier ride, as the market switches between optimism and pessimism around rate cuts due to mixed inflation data, but electronic components stocks have performed well, with the share prices up 14.4% on average since the previous earnings results.
Rogers (NYSE:ROG) With its silicone foam used in Apollo 11’s mission to the moon, Rogers (NYSE:ROG) produces advanced materials for the telecommunications, automotive, and electronics industries.
Rogers reported revenues of $213.4 million, down 12.5% year on year, exceeding analysts' expectations by 1.6%. Overall, it was a solid quarter for the company.
"We are encouraged by the improving demand that we saw in the first quarter, which resulted in sales near the top end of our guidance expectations,” stated Colin Gouveia, Rogers' President and CEO.
The stock is up 9% since reporting and currently trades at $119.50.
Is now the time to buy Rogers? Find out by reading the original article on StockStory, it's free. Best Q1: Corning (NYSE:GLW)Supplying windows for some of the United States’s earliest spacecraft, Corning (NYSE:GLW) provides glass and other electronic components for the consumer electronics, telecommunications, automotive, and healthcare industries.
Corning reported revenues of $3.26 billion, down 3.2% year on year, outperforming analysts' expectations by 4.6%. It was a stunning quarter for the company with an impressive beat of analysts' Display Technologies revenue estimates and a decent beat of analysts' earnings estimates.
Corning delivered the biggest analyst estimates beat among its peers. The market seems happy with the results as the stock is up 43.2% since reporting. It currently trades at $45.55.
Weakest Q1: Advanced Energy (NASDAQ:AEIS)Pioneering technologies for radio frequency power delivery, Advanced Energy (NASDAQGS:AEIS) provides power supplies, thermal management systems, and measurement and control instruments for various manufacturing processes.
Advanced Energy reported revenues of $327.5 million, down 23% year on year, falling short of analysts' expectations by 6.9%. It was a weak quarter for the company with a miss of analysts' earnings estimates and a miss of analysts' Semiconductor Equipment revenue estimates.
Advanced Energy had the weakest performance against analyst estimates in the group. Interestingly, the stock is up 15.8% since the results and currently trades at $111.08.
nLIGHT (NASDAQ:LASR)Founded by a former CEO and Harvard-educated entrepreneur Scott Keeneyn, nLIGHT (NASDAQGS:LASR) offers semiconductor and fiber lasers to the industrial, aerospace & defense, and medical sectors.
nLIGHT reported revenues of $44.53 million, down 17.7% year on year, in line with analysts' expectations. Taking a step back, it was a weaker quarter for the company with a miss of analysts' earnings estimates.
The stock is flat since reporting and currently trades at $11.65.
Knowles (NYSE:KN)Holding a swath of patents, Knowles (NYSSE:KN) offers acoustics components for various industries.
Knowles reported revenues of $196.4 million, up 36.1% year on year, in line with analysts' expectations. Revenue aside, it was a weak quarter for the company with a miss of analysts' earnings estimates.
Knowles delivered the fastest revenue growth among its peers. The stock is up 17.3% since reporting and currently trades at $18.52.
This content was originally published on Stock Story
