CTS Corp. Announces First Quarter Results
Elkhart-based CTS Corporation (NYSE: CTS) announced first quarter 2015 results.
Sales were $98.3 million, down 2.4 percent compared to the first quarter of 2014, driven primarily by an unfavorable currency impact of $2.3 million as the US Dollar appreciated against the Euro and Chinese Renminbi. GAAP earnings were $6.3 million, or $0.19 per diluted share, compared to $5.1 million, or $0.15 per diluted share from continuing operations in the first quarter of 2014.
Adjusted EPS was $0.20, compared to $0.19 in the first quarter of 2014. Currency impacted net earnings unfavorably by $1.7 million due to balance sheet translation of assets denominated in European currencies.
First quarter sales to automotive customers declined $3.7 million year-over-year primarily due to unfavorable currency impact of $2.3 million. Sales of electronic components increased $1.3 million year-over-year. CTS received $192 million in new business awards in the first quarter.
“We continued to execute well in the first quarter of 2015 although currency impacted our top line and earnings unfavorably,” said Kieran O’Sullivan, CEO of CTS Corporation. “We recorded our strongest new business awards since we began reporting in the second quarter of 2013. We are following our strategic plan and transitioning our focus to Sense | Connect | Move.”
CTS is expanding its share buyback program by $25 million. Including the remaining portion of the previous authorization, the total program has increased to approximately $32 million.
Management reaffirms its guidance for full year 2015 sales in the range of $400 to $430 million and adjusted earnings per diluted share in the range of $0.98 to $1.10. Currency continues to be a concern and may unfavorably impact Management’s guidance by 2 to 3 percent on sales and 5 to 8 cents on earnings.
CTS is a leading designer and manufacturer of electronic components and sensors to OEMs in the automotive, communications, medical, defense and aerospace, industrial and computer markets. CTS manufactures products in North America, Europe and Asia. CTS’ stock is traded on the NYSE under the ticker symbol “CTS.”
Source: CTS Corp.; Inside INdiana Business