CTS Corp. (CTS) Tops Q2 EPS by 9c, Revenues Miss

CTS Corp. (NYSE: CTS) reported Q2 EPS of $0.16, $0.09 better than the analyst estimate of $0.07. Revenue for the quarter came in at $84.2 million versus the consensus estimate of $89.02 million.

• Sales were $84.2 million, down 30% year-over-year. Sales to transportation customers declined 53%, and sales to other end markets grew 14%. Excluding $5.4 million in sales from the QTI acquisition, sales to other end markets grew 1%.
• Net earnings were $4.9 million or $0.15 per diluted share versus $11.9 million or $0.36 last year.
• Adjusted diluted EPS was $0.16.
• Free cash flow was $9.1 million, and at quarter-end, we were net cash positive.
• New business wins were $105 million.

“I am grateful to our teams around the globe for their resilience and care for our customers and partners in this unprecedented downturn. We are adapting our cost structure due to the prolonged impact of COVID-19,” said Kieran O’Sullivan, CEO of CTS Corporation. “We received new business awards in some promising areas. Our focus remains on key strategic growth investments. We are making progress on our diversification into non-transportation markets and continue to position the business for the opportunities ahead of us.”

2020 Guidance

Due to ongoing market uncertainties, management is not providing revenue or earnings guidance at this time.

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

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