CTS Corp. (CTS) Tops Q4 EPS by 2c, Revenues Beat; Offers FY20 EPS/Revenue Outlook

CTS Corp. (NYSE: CTS) reported Q4 EPS of $0.37, $0.02 better than the analyst estimate of $0.35. Revenue for the quarter came in at $115 million versus the consensus estimate of $110.45 million.

Fourth Quarter 2019 Results

• Sales were $115.0 million, down 4.2% year-over-year. Sales to transportation customers declined 11.0%, and sales to other end markets grew 7.9%. The QTI acquisition added $5.6 million of sales in the fourth quarter of 2019.
• Net earnings were $10.1 million or $0.31 per diluted share versus $17.6 million or $0.52 last year.
• Adjusted diluted EPS was $0.37 compared to $0.41 in the fourth quarter of 2018.

“2019 was a challenging year driven by market softness. We took actions to reduce operating expenses and improve our performance. We also delivered strong growth in cash flow,” said Kieran O’Sullivan, CEO of CTS Corporation. “We anticipate a soft first half of 2020, with improvement in market conditions in the second half of the year. Our strategic priorities remain the same, driving profitable growth, margin improvement and advancing our end market profile.”

GUIDANCE:

CTS Corp. sees FY2020 EPS of $1.35-$1.60, versus the consensus of $1.54. CTS Corp. sees FY2020 revenue of $450-480 million, versus the consensus of $461.97 million.

For earnings history and earnings-related data on CTS Corp. (CTS) click here.

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