CTS Reports Robust Growth in Sales and Total Booked Business

Reading time ( words)

CTS Corporation today announced fourth quarter and full year 2017 results.

Fourth Quarter 2017 Results

  • Sales were $110.9 million, up 9.2% year-over-year. Sales to automotive customers increased 7.3%, and sales of electronic components grew 12.7%. The Noliac acquisition, completed in May 2017, added $3.0 million of sales in the fourth quarter of 2017
  • Net loss was $13.6 million or $0.41 per share, which included a $18.0 million one-time, non-cash charge related to the Tax Cuts and Jobs Act and a $13.4 million one-time, non-cash pension settlement charge
  • Adjusted diluted EPS was $0.39 compared to $0.29 in the same quarter of 2016

Full Year 2017 Results

  • Sales were $423.0 million, up 6.6% compared to 2016. Sales to automotive customers increased 4.8%, and sales of electronic components grew 10.2%. The Noliac acquisition added $7.1 million of sales in 2017
  • Net earnings were $14.4 million or $0.43 per diluted share
  • Adjusted diluted EPS was $1.23 compared to $1.08 in 2016
  • Operating cash flow was $58.0 million, up 23% year-over-year
  • Total booked business grew $219 million in 2017, a 14.4% increase, to $1.737 billion

“We made progress on several fronts in 2017, growing our total booked business substantially, building momentum in sales growth, improving earnings, and generating strong cash flows,” said Kieran O’Sullivan, CEO of CTS Corporation. “We will continue to focus on improving sales and gross margins in 2018.”

2018 Guidance

Full year 2018 sales are expected to be in the range of $435 to $455 million. Adjusted earnings per diluted share for 2018 are expected to be in the range of $1.32 to $1.44.

About CTS

CTS is a leading designer and manufacturer of products that Sense, Connect, and Move. The company manufactures sensors, actuators, and electronic components in North America, Europe, and Asia. CTS provides solutions to OEMs in the aerospace, communications, defense, industrial, information technology, medical, and transportation markets.

For more information, click here.


Suggested Items

Tempo Automation: Setting the Pace for Low-Volume, Quick-Turn Assembly

01/31/2018 | Patty Goldman, I-Connect007
Jesse Koenig, co-founder and VP of technology at PCB assembly company Tempo Automation, discusses with I-Connect007's Patty Goldman how they are making electronics development much easier and more seamless for customers.

Top 10 Most-Read SMT Articles of 2017

12/29/2017 | I-Connect007
Every year, we like to take a look back at the most popular SMT news and articles. These are the top 10 most-read SMT articles from the past year.

Industry 4.0 and the Platform-Based Approach to Testing

12/19/2017 | Stephen Las Marias, I-Connect007
Chandran Nair, the vice president for Asia Pacific at National Instruments, explains how the Industry 4.0 vision will change electronics manufacturing. He discusses key technology enablers that would drive the evolution of manufacturing processes, and how a platform-based approach can help improve test and measurement.

Copyright © 2018 I-Connect007. All rights reserved.