CTS Corp. (CTS) Tops Q3 EPS by 15c, Revenues Beat
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Revenue Growth %: -13.2%
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Earnings before income taxes: 11.73M
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CTS Corp. (NYSE: CTS) reported Q3 EPS of $0.34, $0.15 better than the analyst estimate of $0.19. Revenue for the quarter came in at $113.8 million versus the consensus estimate of $94.24 million.
- Sales were $113.8 million, down 2% year-over-year. Sales to transportation customers declined 9%, and sales to other end markets grew 10%. Excluding the QTI acquisition, sales to other end markets grew 4%. Sales rebounded strongly, up 35% from the second quarter of 2020.
- Net earnings were $11.1 million or $0.34 per diluted share versus $2.7 million or $0.08 last year.
- Adjusted diluted EPS was $0.34, compared to $0.29 last year.
- Free cash flow was $22.4 million. Balance sheet and liquidity remain robust.
- New business wins were $127 million.
“Our teams delivered strong operational results and improved new business wins, while striving to maintain a safe work environment,” said Kieran O’Sullivan, CEO of CTS Corporation. “We saw a significant third quarter rebound. Market uncertainty may persist for several quarters; however, we are cautiously optimistic. While we are implementing cost structure improvements, our primary focus is on enhancing our front-end capabilities to drive profitable growth.”
2020 Guidance
Due to ongoing market uncertainties, management is not providing revenue or earnings guidance.
For earnings history and earnings-related data on CTS Corp. (CTS) click here.
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