CTS Announces First Quarter 2021 Results

Reading time ( words)

CTS Corporation announced first quarter 2021 results.

  • Sales were $128.4 million, up 25% year-over-year. Sales to transportation customers increased 23%, and sales to other end markets grew 27%. The Sensor Scientific acquisition added $1.8 million of sales in the first quarter of 2021.
  • Net earnings were $12.0 million or $0.37 per diluted share versus $3.8 million or $0.12 per diluted share in the first quarter of last year.
  • Adjusted diluted EPS was $0.46, up from $0.19 in the first quarter of 2020.
  • Free cash flow was $18.5 million, up from $7.4 million in the first quarter of 2020.
  • New business wins were $156 million.

“We achieved strong results in the quarter supported by robust customer demand. I am proud of our global teams for their performance despite significant supply chain headwinds,” said Kieran O’Sullivan, CEO of CTS Corporation. “Our recently acquired business, Sensor Scientific, performed well in the quarter. Our strategic focus is on organic growth and to leverage our strong balance sheet for key acquisitions to drive long term shareholder value.”

2021 Guidance

Management remains mindful of supply chain uncertainties in this pandemic environment and is updating its 2021 guidance for sales from $430 – $490 million to $445 – $500 million, and for adjusted earnings per diluted share from $1.20 – $1.60 to $1.35 – $1.70.


Suggested Items

Finally, Some Good News About Supply Chain

09/26/2022 | Nolan Johnson, I-Connect007
In this follow-up to his recent interview on the Q4 2022 outlook, Shawn DuBravac, IPC chief economist, provides an update on the incoming supply chain for EMS providers. Naturally, this conversation centers on component availability, where the supply crunch is easing, and by how much. It doesn’t seem we’ll be seeing any across-the-board relief for some time to come, but Shawn’s higher-altitude perspective brings insight to your daily planning.

Surprising European EMS Market Numbers

10/27/2017 | Dieter G. Weiss, Weiss Engineering
If you think market analysis is always correct and predict the future exactly, you are mistaken. The latest annual reports from EMS companies with manufacturing sites in Europe have changed the picture on the European EMS industry quite a bit and caught us by surprise. Yes, you read that correctly: SURPRISE.

Copyright © 2022 I-Connect007. All rights reserved.