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CTS Announces Fourth Quarter And Full-Year 2012 Financial Results

Stocks in this article: CTS

CTS Corporation (NYSE: CTS) today announced fourth quarter 2012 revenues of $138.3 million, a 4% decrease from the same period last year. Fourth quarter Components and Sensors segment revenues increased 7% year-over-year while EMS segment revenues decreased 15%. Fourth quarter 2012 net earnings were $8.8 million, or $0.26 per diluted share, compared to net earnings of $5.9 million, or $0.17 per diluted share, in the same period last year. Included in the fourth quarter 2012 earnings were a $0.23 per share gain from the Singapore facility sale-leaseback transaction, a $0.09 per share restructuring charge and $0.06 per share of acquisition-related and other charges. Excluding these items, fourth quarter 2012 adjusted earnings per share were $0.18, compared to $0.22 in the same period last year. The year-over-year decrease is primarily due to a higher effective tax rate in fourth quarter 2012, including a delayed U.S. research tax credit not signed into law as anticipated in 2012, but signed in early 2013, and a delay in the formal approval of a China high-technology incentive tax credit. These tax items combined represent approximately $0.06 per share of lower earnings in the fourth quarter, which we expect to record as a tax benefit in the first quarter 2013.

Components and Sensors segment sales increased 7% year-over-year, despite the continued negative impact of the Japan/China territory dispute and the weak European economy. Within the Components and Sensors segment, sales of electronic components increased 26% from higher piezoceramic product demand for HDD and incremental sales from the Valpey-Fisher acquisition.

Fourth quarter automotive product sales were adversely affected by approximately $5 million for the continued Japan/China dispute and lower sales into European markets. Despite these reductions, automotive product sales declined by only $1.4 million, as the quarter benefited from sales of new products. CTS’ new smart actuator product for commercial diesel applications and grill shutter actuator product are expected to add over $20 million of incremental sales in 2013. CTS’ fourth quarter EMS revenues decreased 15% primarily from lower government spending in the defense and aerospace markets and from closing a small, unprofitable operation in the U.K.

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