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CTS Reports Robust Q3 Sales and Earnings Growth
October 30, 2017 | CTSEstimated reading time: 1 minute
CTS Corporation has announced sales of $106.2 million for the third quarter of 2017, up 6.6% year-over-year. Sales to automotive customers increased by 5.8%, and sales of electronic components increased by 7.9%. The Noliac acquisition, completed in May 2017, added $2.6 million of sales in the third quarter of 2017.
Net earnings were $9.6 million or $0.29 per diluted share compared to $3.7 million or $0.11 per diluted share in the third quarter of 2016.
Adjusted EPS was $0.31 per diluted share, up 11% from $0.28 in the third quarter of 2016.
Total booked business was $1.698 billion at the end of the third quarter of 2017, an increase of $156 million from the second quarter of 2017.
"We made significant progress in the third quarter," said Kieran O'Sullivan, CEO of CTS Corporation. "We delivered strong sales growth, increased our total booked business substantially, and continued to improve gross margins."
2017 Guidance
Management narrowed its guidance range for full year 2017. Sales are expected to be in the range of $415 to $420 million. Adjusted earnings per diluted share are expected to be in the range of $1.13 to $1.18.
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.
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