Reading time ( words)
CTS Corporation today announced first quarter 2017 results.
- Sales were $100.2 million, up 3.6% year-over-year.
- Net earnings were $8.5 million or $0.25 per diluted share compared to $7.9 million or $0.24 per share in the first quarter of 2016.
- Adjusted EPS was $0.26 per diluted share versus $0.26 in the first quarter of 2016.
- Total Booked Business at the end of the first quarter of 2017 was $1.538 billion.
“The first quarter was a solid start to the year,” said Kieran O’Sullivan, CEO of CTS Corporation. “We are focused on improving our performance over the balance of the year. Our booked business is growing steadily. Our operational execution remains on track, and various transition projects are moving forward.”
Management reaffirms its prior guidance. Full year 2017 sales are expected to be in the range of $405 to $420 million. Adjusted earnings per diluted share for 2017 are expected to be in the range of $1.12 to $1.22.
CTS is a leading designer and manufacturer of products that Sense, Connect and Move. CTS manufactures sensors, actuators and electronic components in North America, Europe and Asia, and supplies these products to OEMs in the aerospace, communications, defense, industrial, information technology, medical and transportation markets.