This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

CTS Announces Fourth Quarter And Full-Year 2011 Financial Results

Stocks in this article: CTS

Commenting on fourth quarter 2011 results, Vinod M. Khilnani, CTS Chairman and Chief Executive Officer, stated, “As we move past the impact of the flooding in Thailand and the Japan earthquake, we expect 2012 to benefit from key new program launches and deliver double-digit top and bottom line growth. We continue our commitment to a strong R&D program to further strengthen our highly engineered product portfolio. The recent dividend increase, stock buybacks and Valpey-Fisher acquisition reflect our confidence in the future to enhance shareholder value.”

While the overall macro economies globally are showing weakness, various new product launches are expected to drive growth. As a result, management anticipates full-year 2012 sales to increase in the range of 10% to 13% over 2011 and diluted earnings per share to be in the range of $0.75 to $0.80. Included in 2012 earnings is a net adverse impact of approximately $0.05 per share from a combination of higher expected effective tax rate, higher pension costs and an expected property damage insurance recovery.

SEGMENT INFORMATION(Dollars in millions)

 

Fourth Quarter

 

Fourth Quarter

 

Third Quarter

2011

2010

2011

  Segment   Segment   Segment
Net Operating Net Operating Net Operating
Sales Earnings Sales Earnings Sales Earnings
Components and Sensors $ 70.7 $ 6.5 $ 65.4 $ 6.7 $ 69.1 $ 4.2
Electronics Manufacturing Services (EMS) *   73.3   3.1     79.6   1.0     77.0   3.6
Segment Operating Earnings 9.6 7.7 7.8
Expenses not allocated to business segments:
- Restructuring and related charges   (2.4 )   (1.7 )   -
Total $ 144.0 $ 7.2   $ 145.0 $ 6.0   $ 146.1 $ 7.8
 
* Fourth quarter 2011 includes $3.4 million and third quarter 2011 includes $2.7 million of insurance recoveries for fire-related property damage.
 

Components & Sensors: Components and Sensors fourth quarter 2011 sales increased $5.3 million, or 8%, from the fourth quarter of 2010. The increase resulted from 17% higher automotive product sales and new product launches, partially offset by 5% reduction in electronic component product sales. Segment operating earnings decreased $0.1 million from the same period last year primarily from higher commodity prices, increased research and development expense and impact from the Thailand floods.

Components and Sensors fourth quarter 2011 sales increased $1.6 million, or 2%, from the third quarter of 2011. Automotive sensor and actuator product sales grew $4.9 million, or 12%, from stronger demand and new product launches. Sales of electronic component products decreased $3.3 million, or 12%, broadly across product lines, although sales increased for the new piezo products for hard disk drive (“HDD”) applications. Segment operating earnings increased $2.4 million from the third quarter of 2011 primarily from higher sales and improved margins.

3 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs