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CTS Announces Third Quarter 2013 Financial Results

Stocks in this article: CTS

CTS Corporation (NYSE: CTS) today announced third quarter 2013 revenues of $159.6 million, an increase of 5.3% from the prior quarter and an increase of 16.2% from the same period last year. Third quarter net earnings increased 18% to $6.8 million, or $0.20 per diluted share, compared to net earnings of $5.9 million, or $0.17 per diluted share, in the same period last year. The third quarter 2013 results include restructuring and other costs of $0.04 per share. Excluding these items, third quarter 2013 adjusted earnings were $0.24 per share compared to adjusted earnings of $0.20 per share in the same period last year and $0.20 per share in the second quarter 2013.

The Company’s third quarter 2013 Components and Sensors segment sales grew $28.1 million, or 37%, from prior year, of which $11.8 million came from the D&R Technology acquisition. Compared to the second quarter 2013, the Components and Sensors segment sales decreased $1.7 million or 1.7%. EMS segment sales decreased $5.9 million in the third quarter of 2013 from the same period last year and increased $9.8 million from the second quarter 2013. As previously announced, the Company sold its EMS business on October 2, 2013.

Third quarter 2013 cash flow from operations improved to $15.3 million compared to $13.7 million in the second quarter 2013 and $13.0 million in third quarter 2012.

CTS’ new order pipeline remains strong with business wins of $105 million in the third quarter.

Commenting on third quarter results, Kieran O’Sullivan, CTS’ Chief Executive Officer, said, “We are pleased with our 18% earnings improvement both sequentially against the second quarter of 2013 and year-over-year. Our revenue focus remains on product development and strengthening our sales and marketing capabilities globally. We will continue to focus on efforts to improve our cost structure by simplifying our footprint and corporate structure. All of these efforts are intended to position our core businesses for profitable growth. Additionally, the EMS divestiture provides financial flexibility to drive organic and inorganic growth to enhance shareholder value.”

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