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."
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.
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.