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CTS Announces Third Quarter 2012 Financial Results

Stocks in this article: CTS

CTS Corporation (NYSE: CTS) today announced third quarter 2012 revenues of $137.4 million, a decrease of 6% from the same period last year. Third quarter 2012 net earnings were $5.9 million, or $0.17 per diluted share, same as the third quarter last year. Included in the third quarter 2012 earnings were $0.02 per share of restructuring and $0.01 per share of other charges. Excluding these charges, third quarter 2012 adjusted earnings per share were $0.20, 18% higher than the same period last year and 11% higher than the previous quarter.

The Components and Sensors segment experienced strong year-over-year sales growth with a 9.4% increase from new product launch activities for new customers and the successful integration of an acquisition made earlier this year. Electronic component sales improved $4.6 million, or 17%, primarily from improved piezoceramic product demand for HDD and incremental sales from the acquisition. Automotive sensor and actuator sales improved $1.9 million, or 5%, primarily from the launch of the new grill shutter actuator and a double-digit increase in pedal module sales.

CTS’ year-over-year sales decrease was driven by the lower margin EMS segment, which decreased $15.2 million, or 20%, year-over-year. The decrease resulted from the weak global economy as certain customers delayed orders, particularly in the defense and aerospace and communications markets, the lingering impact of the Thailand flood and the Company’s strategy to exit certain unprofitable accounts. EMS’ Thailand facility, which was impacted by the October 2011 flood, became fully operational during the third quarter 2012.

Third quarter cash flow from operations improved to $13.0 million compared to $4.5 million in the same period last year primarily driven by lower working capital requirements. Year-to-date cash flow from operations almost doubled to $25.0 million, compared to $13.4 million in the same period last year. Year-to-date capital expenditures were $9.8 million, slightly lower than last year.

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