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CTS Corporation has announced first quarter 2018 results. Sales were $113.5 million, up 13.4% year-over-year. Sales to automotive customers increased 11.9%, and sales of electronic components increased 16.2%. The Noliac acquisition, completed in May 2017, added $2.6 million of sales in the first quarter of 2018.
Net earnings were $11.5 million or $0.34 per diluted share compared to $8.5 million or $0.25 per diluted share in the first quarter of 2017.
Adjusted EPS was $0.34 per diluted share, up 31% from $0.26 in the first quarter of 2017.
Total Booked Business was $1.762 billion at the end of the first quarter of 2018, an increase of $25 million from the fourth quarter of 2017.
“We had a good start to 2018, delivering strong sales and earnings growth, and increasing total booked business,” said Kieran O’Sullivan, CEO of CTS Corporation. “We are pleased that our revenue growth strategies are starting to gain traction, and we see continued opportunities to improve operational results.”
Management reaffirms its prior 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.
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, and provides engineered products to customers in the aerospace/defense, industrial, medical, telecommunications/IT, and transportation markets.
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