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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.
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