CTS Corp. (CTS) Tops Q1 EPS by 5c, Revenues Beat

CTS Corp. (NYSE: CTS) reported Q1 EPS of $0.19, $0.05 better than the analyst estimate of $0.14. Revenue for the quarter came in at $103.1 million versus the consensus estimate of $94.17 million.

• Sales were $103.1 million, down 12.4% year-over-year. Sales to transportation customers declined 22.0%, and sales to other end markets grew 7.1%. The QTI acquisition added $5.6 million of sales in the first quarter of 2020.
• Net earnings were $3.8 million or $0.12 per diluted share versus $11.4 million or $0.34 last year.
• Adjusted diluted EPS was $0.19 compared to $0.39 in the first quarter of 2019.
• Free cash flow was $7.4 million, up from $4.3 million in 2019.
• New business wins were $105 million.
• At quarter-end, we had zero net debt.

“It has been a challenging quarter as we navigate through a continuing uncertain and unprecedented environment. Our priorities are the safety of our employees and supporting our customers,” said Kieran O’Sullivan, CEO of CTS Corporation. “We had a solid quarter of new business wins despite several weeks of disruptions due to Covid-19. We have adjusted our cost structure to reduce operating expenses. Our strong balance sheet and liquidity position should help us work through these difficult circumstances, and we aim to emerge a stronger company.”

2020 Guidance

Due to ongoing market uncertainties, management has withdrawn its guidance for 2020, and is not providing updated guidance at this time.

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

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