Tuesday, July 22, 2014

CTS profits rise in first quarter

Posted on April 23, 2013 at 1:00 a.m. | Updated on April 23, 2013 at 5:48 p.m.

ELKHART — CTS Corp. announced first quarter revenues of $149.5 million, up 2 percent from the first quarter of 2012 and up 8 percent from the fourth quarter of 2012.

Net earnings were $3.6 million, or 10 cents per diluted share, compared to $2.3 million or seven cents per share the year before.

The net earnings figured restructuring and related charges of four cents per share.

The components and sensors segment saw 28 percent sales growth from the previous year, while automotive sensor and actuator sales were up 36 percent over the previous year with the acquisition of D&R Technology.

Electronic component sales were up 15 percent, while sales in the EMS segment were down 27 percent due to lower demand in defense, aerospace and industrial markets.

Commenting on first quarter 2013 results, Kieran O’Sullivan, CTS president and chief executive officer, said, “We stayed on track in the first quarter for our full-year profitability, despite softness in our EMS business and the mixed global economic conditions. We recognize we have work to do to simplify our business, optimize our capital utilization while improving our margins and completing the integration of our D&R operations.”

Company management is sticking with its full-year guidance for 2013, predicting 12 to 15 percent more sales than last year and a range of 73 to 78 cents of earnings per share.

A conference call is scheduled for 11 a.m. Wednesday, April 24.