CTS Corporation (NYSE: CTS) today announced fourth quarter and full-year 2013 financial results. The EMS segment was divested on October 2nd 2013 for $75 million, and is now reported as discontinued operations.
Fourth Quarter 2013 Results
- Sales from continuing operations were $102.4 million, a 35% increase from fourth quarter of 2012.
- GAAP loss per share was $0.09 compared to earnings per share of $0.26 in the same period last year. Adjusted EPS was $0.25 compared to $0.18 in fourth quarter of 2012.
In the fourth quarter, sales from continuing operations increased 35% from fourth quarter of 2012. Electronic component sales grew 7% helped by demand for piezo-ceramic products. The sensors and mechatronic product sales grew 56% primarily driven by the acquisition of D&R Technologies and the rebound in automobile production volumes. We booked $78 million in new orders in the fourth quarter.
2013 Full-Year Results
- Sales from continuing operations were $409.5 million, an increase of 34% from 2012.
- GAAP loss per share was $0.12 compared to earnings per share of $0.59 for 2012. Adjusted EPS was $0.82 compared to $0.64 in 2012.
- Cash from operating activities was $38 million compared to $41.7 million in 2012. Capital expenditures were $14.0 million compared to $13.5 million in 2012.