The Knowledge Base: Beyond the Badge—Why Membership Matters More Than Ever
Smart Automation: AI—Revolutionizing Inspection in Electronics Manufacturing
Standard of Excellence: The Role of Technology in Enhancing the Customer Experience
CTS Releases Second Quarter 2016 Results
July 29, 2016 | Business WireEstimated reading time: 1 minute
CTS Corporation has announced second quarter 2016 results.
- Sales were $98.7 million, up 2.1% from the first quarter of 2016 and down 1.4% from the second quarter of 2015. Second quarter of 2016 sales to automotive customers decreased 1.6% from the first quarter of 2016. The company’s single crystal acquisition, completed on March 11, 2016, added $3.1 million of sales. in the second quarter of 2016. Excluding sales from the single crystal acquisition, sales of electronic components increased 2.4% from the first quarter of 2016.
- Net earnings were $14.5 million or $0.44 per diluted share, which included a gain on the sale of the Company’s Canadian facility of $0.21 per diluted share, net of costs related to the sale. Net earnings were $19.1 million or $0.57 per diluted share in the second quarter of 2015, which included $0.32 of one-time net favorable tax items and $0.05 for restructuring.
- Adjusted EPS was $0.26 per diluted share versus $0.26 in the first quarter of 2016 and $0.30 in the second quarter of 2015. The year-over-year impact on adjusted EPS was driven by higher net interest expense and a higher tax rate.
- New business awards were $135 million in the second quarter.
“We are pleased with another strong quarter of new business awards as we make progress on our organic growth efforts,” said Kieran O’Sullivan, CEO of CTS Corporation. “On the operations front, gross margins improved both year-over-year and sequentially as we continue to focus on operational execution. The integration of our single crystal acquisition is progressing well. We also reduced our debt significantly from the first quarter when the acquisition was completed.”
2016 Guidance
Management continues to monitor trends in CTS’ end markets and reaffirms its prior guidance. Full year 2016 sales are expected to be in the range of $390 to $410 million, which includes sales related to the single crystal acquisition. Adjusted earnings per diluted share for 2016 are expected to be in the range of $0.95 to $1.06.
About CTS
CTS is a leading designer and manufacturer of products that Sense, Connect and Move. CTS manufactures sensors, actuators and electronic components in North America, Europe and Asia, and supplies these products to OEMs in the aerospace, communications, defense, industrial, information technology, medical and transportation markets.
Share on:
Suggested Items
See TopLine’s Next Gen Braided Solder Column Technology at SPACE TECH EXPO 2025
05/28/2025 | TopLineAerospace and Defense applications in demanding environments have a solution now in TopLine’s Braided Solder Columns, which can withstand the rigors of deep space cold and cryogenic environments.
ICEFlight to Accelerate Maturation of Cryogenic Technologies for Hydrogen-Powered Flight
05/27/2025 | GKN AerospaceGKN Aerospace is one of the project partners in ICEFlight (Innovative Cryogenic Electric Flight), a project aiming to contribute to the development of hydrogen-powered flight.
Vertical Aerospace Makes Aviation History with Piloted eVTOL Flight in Open Airspace
05/27/2025 | BUSINESS WIREVertical Aerospace, a global aerospace and technology company that is pioneering electric aviation, announced it has made European aviation history with the first-ever piloted wingborne flight of a winged electric vertical take-off and landing (eVTOL) aircraft in open airspace.
Saab’s CEO Micael Johansson elected President of ASD
05/26/2025 | SaabThe Aerospace, Security and Defence Industries Association of Europe (ASD), has elected Saab CEO Micael Johansson as its new President and Chairman of the Board.
TT Electronics' Cleveland Ohio Facility Re-Certified to Aerospace and Defence Standards AS9100 and Nadcap
05/23/2025 | TT ElectronicsTT Electronics has successfully completed recertification of the Cleveland facility to AS9100 and Nadcap standards. This milestone underscores the company’s unwavering dedication to quality in manufacturing for the aerospace and defence sectors, a commitment proudly upheld for more than 15 years.