Other
Other reported 2019 first quarter net sales of $6.8 million, a 24.1% increase compared to 2018 fourth quarter net sales of $5.4 million and a 26.0% increase compared to 2018 first quarter net sales of $5.4 million. The sequential increase in 2019 first quarter net sales was due to a last-time buy in the Durel business.

Balance sheet and other highlights

Cash position
Rogers ended the first quarter of 2019 with cash and cash equivalents of $162.1 million, a decrease of $5.6 million from $167.7 million at December 31, 2018. The primary drivers of the lower cash balance were capital expenditures of $12.6 million and repayment of debt principal of $5.0 million.

Effective tax rate
Rogers' effective tax rate was 14.2% for the first quarter of 2019, compared to 3.6% for the fourth quarter of 2018. The lower effective tax rate for the fourth quarter of 2018 was due primarily to the implementation of tax strategies which significantly lowered our foreign taxes and facilitated the reversal of reserves associated with uncertain tax positions. The first quarter effective tax rate was lower than our expected tax rate of 27% to 28% due to a change in the forecasted geographic mix of pretax income as well as certain discrete tax benefits realized in the first quarter. The Company expects the 2019 effective tax rate to be 25% to 26% before any discrete tax items.

Financial outlook
Rogers guides its 2019 second quarter net sales to a range of $240 to $250 million and gross margin to a range of 35% to 36%. Rogers guides its 2019 second quarter earnings to a range of $1.16 to $1.31 per diluted share and adjusted earnings to a range of $1.47 to $1.62 per diluted share.

For the full year 2019, Rogers expects capital expenditures to be in a range of $50 to $60 million.

About Rogers Corporation
Rogers Corporation (NYSE: ROG) is a global leader in engineered materials to power, protect, and connect our world. With more than 180 years of materials science experience, Rogers delivers high-performance solutions that enable clean energy, internet connectivity, and safety and protection applications, as well as other technologies where reliability is critical. Rogers delivers Power Electronics Solutions for energy-efficient motor drives, e-Mobility and renewable energy; Elastomeric Material Solutions for sealing, vibration management and impact protection in mobile devices, transportation interiors, industrial equipment and performance apparel; and Advanced Connectivity Solutions for wireless infrastructure, automotive safety and radar systems. Headquartered in Arizona (USA), Rogers operates manufacturing facilities in the United States, China, Germany, Belgium, Hungary, and South Korea, with joint ventures and sales offices worldwide.

Safe Harbor Statement
This release contains forward-looking statements, which concern our plans, objectives, outlook, goals, strategies, future events, future net sales or performance, capital expenditures, future restructuring, plans or intentions relating to expansions, business trends and other information that is not historical information. All forward-looking statements are based upon information available to us on the date of this release and are subject to risks, uncertainties and other factors, many of which are outside of our control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. Risks and uncertainties that could cause such results to differ include: failure to capitalize on, volatility within, or other adverse changes with respect to the Company's growth drivers, including advanced mobility and advanced connectivity, such as delays in adoption or implementation of new technologies; uncertain business, economic and political conditions in the United States and abroad, particularly in China, South Korea, Germany, Hungary and Belgium, where we maintain significant manufacturing, sales or administrative operations; the ongoing trade policy dispute between the United States and China, as well as adverse changes in trade policy, tariff regulation or other trade restrictions; fluctuations in foreign currency exchange rates; the results of our research and development efforts; adverse competitive developments; business development transactions and related integration considerations, including failure to realize, or delays in the realization of anticipated benefits of such transactions; the outcome of ongoing and future litigation, including our asbestos-related product liability litigation; inability to obtain raw materials, including commodities, from single or limited source suppliers in a timely and cost effective manner; uncertainties with regard to the timing, expense and cash outlays associated with the termination and settlement of the Rogers Corporation Defined Benefit Pension Plan; and changes in laws and regulations applicable to our business. For additional information about the risks, uncertainties and other factors that may affect our business, please see our most recent annual report on Form 10-K and any subsequent reports filed with the Securities and Exchange Commission, including quarterly reports on Form 10-Q. Rogers Corporation assumes no responsibility to update any forward-looking statements contained herein except as required by law.

Conference call and additional information

A conference call to discuss 2019 first quarter results will take place today, Tuesday, April 30, 2019 at 5pm ET.

A live webcast and slide presentation will be available under the investors section of www.rogerscorp.com/ir .