CTS Posts Q2 Sales of $105.7M


Reading time ( words)

CTS Corporation has announced second quarter sales of $105.7 million, up by 7.1% year-over-year. Sales to automotive customers increased 5.6%, and sales of electronic components increased 9.9%. The Noliac acquisition, completed in May 2017, added $1.5 million of sales in the second quarter of 2017. Organic sales of electronic components increased 5.3%.

Net earnings were $10.0 million or $0.30 per diluted share compared to $14.5 million or $0.44 per diluted share in the second quarter of 2016, which included a net gain on the sale of the Company’s Canadian facility of $11.1 million or $0.21 per share.

Adjusted EPS was $0.28 per diluted share versus $0.26 in the second quarter of 2016.

Total Booked Business was $1.542 billion at the end of the second quarter of 2017.

"We delivered mid-single digit organic sales growth," said Kieran O'Sullivan, CEO of CTS Corporation. "Adjusted EPS grew 8% despite some one-time costs. The Noliac acquisition is another step in advancing our strategy, adding multilayer piezoelectric technology to our portfolio and expanding our capabilities in Europe."

2017 Guidance

Management reaffirms its prior guidance. Full year 2017 sales are expected to be in the range of $405 to $420 million, as management continues to monitor market conditions. Adjusted earnings per diluted share for 2017 are expected to be in the range of $1.12 to $1.22.

About CTS

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.

For more information click here.

Share


Suggested Items

Sourcing PCBA: Can Your EMS Supplier Do More?

08/23/2017 | Patty Rasmussen, East West Manufacturing
You're in the market for some PCB assemblies for your new product and you need to find the right supplier. You've looked online, gotten recommendations from friends, and the choices are dizzying. Should you look domestically or overseas? What do you do now? Sourcing PCBA doesn't have to be difficult, but there are questions you need to answer.

Cleaning that Matters

08/15/2017 | Stephen Las Marias, I-Connect007
James Yeoh, executive director of Zestron Precision Cleaning Sdn Bhd, discusses the challenges in the cleaning industry, and strategies that can help manufacturers address those issues. He also covers the need for continuous education when it comes to cleaning, and how automation can ensure the stability of cleaning systems.

Verification of Inspection Results: Local, Central, Global?

08/11/2017 | Jens Kokott, Goepel electronic GmbH
With the need for flexibility in production processes amid increasing globalized manufacturing strategies, manufacturers should consider powerful inspection tools that not only provide central verification of numerous lines in local and overseas production sites, but also with a comprehensive presentation of inspection results.



Copyright © 2017 I-Connect007. All rights reserved.