Shares of Rogers Corporation (ROG) plummeted 5.23% during intraday trading on Friday, following the release of its disappointing second-quarter earnings report. The company, which specializes in engineered materials, saw its stock price drop sharply as investors reacted to lower-than-expected earnings and declining sales figures.

Rogers reported adjusted earnings of $0.34 per diluted share for the second quarter, a significant decrease from $0.69 in the same period last year. This figure fell well short of the $0.50 per share expected by analysts polled by FactSet. The company's net sales also declined to $202.8 million, down from $214.2 million in the previous year, although this slightly exceeded the analyst consensus of $198.8 million.

Looking ahead, Rogers provided guidance for the third quarter, projecting adjusted earnings between $0.50 and $0.90 per share on net sales ranging from $200 million to $215 million. While this outlook encompasses analyst expectations of $0.75 per share on revenue of $208.8 million, the wide range of the earnings forecast may have contributed to investor uncertainty. The market's negative reaction suggests concerns about the company's near-term performance and its ability to navigate current economic challenges.