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CTS Corporation has announced sales of $115.7 million for the third quarter 2019, down by 2.7% year-over-year. Sales to the transportation end market decreased by 4.8%, and sales to other end markets increased by 1%. The QTI acquisition, completed at the end of July, added $3.7 million in sales in the third quarter of 2019.
The company reported net earnings of $2.7 million or $0.08 per diluted share, compared to $10.2 million or $0.30 in the third quarter of 2018. Adjusted EPS was $0.29 per diluted share, compared to $0.39 in the third quarter of 2018. QTI impacted adjusted EPS unfavorably by $0.03.
Total booked business was $1.86 billion, up by 2% compared to the third quarter of 2018. Included in Total Booked Business are new business wins of $147 million and a $55 million reduction for market softness.
"We are disappointed with our results in the quarter and are taking measures designed to improve our performance in this challenging economic environment," said Kieran O'Sullivan, CEO of CTS. "We are pleased with the QTI acquisition, which complements our strategic direction to further diversify our end market profile, and we expect it to be accretive in 2020."
Management is updating its 2019 guidance for sales from $470–$490 million to $460–$470 million, and for adjusted earnings per diluted share from $1.55–$1.65 to $1.40–$1.50.
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.
For more information, visit www.ctscorp.com.