The Knowledge Base: The Era of Advanced Packaging
Standard of Excellence: Finding and Developing Future Leaders in Manufacturing
Global Sourcing Spotlight: Navigating the Variables of Holiday Schedules in Global Sourcing
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
IPC Announces New Training Course: PCB Design for Military & Aerospace Applications
12/23/2024 | IPCIPC announced the launch of a new training course: PCB Design for Military & Aerospace Applications.
Dicro Accepted as a Member of the Defence and Aerospace Industry Association PIA
12/18/2024 | Dicro OyDicro is proud to announce that the company has been accepted as a member of the Defence and Aerospace Industry Association PIA, starting from January 1, 2025. This membership reinforces Dicro's commitment to high-quality and innovative solutions in the defence and aerospace sectors.
Kickstart 2025 With Advanced PCB Design Skills
12/17/2024 | Corey Lynn, IPCAs the new year approaches, it's the perfect time to set your professional goals and enhance your expertise in the dynamic field of electronics. IPC's January and February 2025 lineup offers a variety of courses designed to meet the needs of professionals at every level of their career, from beginners to seasoned experts. Whether you're looking to delve into the intricacies of radio frequency PCB design, tackle the challenges of military and aerospace applications, or start from the basics with our introductory courses, there's something for everyone. Enroll today and take the next step toward mastering your craft in the electronics industry.
Volatus Aerospace Welcomes UK-Based Air Data Systems to its Ecosystem, Expanding Global Capabilities
12/11/2024 | ACN NewswireVolatus Aerospace Inc. is pleased to announce the integration of key assets and capabilities from Air Data Systems (ADS), based in the United Kingdom, marking a strategic expansion of its global aerial solutions ecosystem.
Regal Rexnord, Honeywell To Collaborate On Solutions For Advanced Aircraft Mobility And eVTOL Markets
12/09/2024 | HoneywellRegal Rexnord Corporation and Honeywell announced that the two companies have entered into a multi-year collaboration to build technologies for the emerging Advanced Air Mobility (AAM) market and be installed on Electric Vertical Take-Off and Landing (eVTOL) aircraft.