CTS Reports Improved Operational Performance in Q2 2018

Reading time ( words)

CTS Corporation has reported sales of $118 million for the second quarter of 2018, up by 11.7% year-over-year, with organic growth at 10.9%. Sales to transportation customers increased by 7.5%, and sales of electronic components increased by 19.3%.

Net earnings were $7.2 million, down from $10 million in the second quarter of 2017, impacted by currency changes and certain discrete tax items. Total booked business was $1.8 billion at the end of the second quarter of 2018, an increase of $38 million from the first quarter of 2018.

"We delivered another quarter of strong sales growth and improved operational performance," said Kieran O'Sullivan, CEO of CTS. "Our sales to industrial, medical, and aerospace & defense customers grew by double digits, and we saw robust sales growth to our transportation customers. Our gross margins improved as we realized savings from our manufacturing transition. I am encouraged by our progress in the first half of the year."

2018 Guidance

Management is increasing its full year guidance. 2018 sales are expected to be in the range of $450 to $465 million, up from $435 to $455 million. Adjusted earnings per diluted share for 2018 are expected to be in the range of $1.40 to $1.55, increased from $1.32 to $1.44.

About CTS

CTS is a 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.

For more information, click here.


Suggested Items

IMPACT Washington D.C., 2018 with Juki Automation’s Bill Astle

08/01/2018 | Patty Goldman, I-Connect007
I-Connect007's Patty Goldman caught up with Juki Automation’s Bill Astle during a luncheon on the last day of IMPACT Washington D.C., 2018. As a first-time attendee, Bill came away feeling like he made the right connections with key members of Congress, and he looks forward to returning to the event in the future.

Jigar Patel on ZESTRON’s Reliability Solutions for Class 3 Assemblies

06/14/2018 | Patty Goldman, I-Connect007
At the SMTA West Penn Expo, I had a chance to discuss a paper presented by Jigar Patel, senior application engineer at ZESTRON. Jigar explained some of the cleaning challenges with newer components and how ZESTRON helps optimize cleaning processes for their customers.

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.

Copyright © 2018 I-Connect007. All rights reserved.