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CTS Announces Second Quarter 2012 Financial Results

Stocks in this article: CTS

Components & Sensors: Components and Sensors second quarter 2012 sales increased $8.8 million, or 13%, from the second quarter of 2011. Automotive sensor and actuator sales increased $7.0 million, or 17%, driven primarily by higher pedal module sales to Japanese OEMs. Sales of electronic components increased $1.8 million, or 7%, from improved piezoceramic product demand, including HDD sales, and incremental sales from the acquisition. Despite the higher sales, segment operating earnings before corporate and shared services charges decreased $0.4 million from the same period last year primarily from higher pension expenses.

Components and Sensors second quarter 2012 sales were essentially flat from the first quarter of 2012. Within Automotive sensor and actuator products, the new grill shutter actuator product was launched one quarter earlier, while products sold in the European market were negatively impacted by the weak European economy. Sales of electronic component products include a full quarter of sales from the acquisition. Segment operating earnings before corporate and shared services charges improved $1.1 million from the first quarter of 2012 primarily from lower research and development expenses and a customer prototype reimbursement.

EMS: EMS second quarter 2012 sales decreased $1.4 million, or 2%, from the second quarter of 2011, due primarily to the impact from the Thailand floods, partially offset by new customer program ramps. Sales decreased in defense and aerospace, communications and computer markets, partially offset by increases in industrial and medical markets. Segment operating earnings before corporate and shared services charges increased $3.8 million, primarily from timing of flood insurance recoveries in the second quarter 2012 in excess of costs incurred.

EMS second quarter 2012 sales increased $6.9 million, or 10%, from the first quarter of 2012. Sales demand increased primarily in the communications, industrial and medical markets, partially offset by lower sales into the defense and aerospace market. The second quarter segment operating earnings before corporate and shared services charges increased $5.6 million from the first quarter, primarily from timing of flood insurance recoveries in excess of costs incurred and higher sales.

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