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.
Full-year sales from continuing operations increased 34%. Electronic component sales increased 15% driven by higher demand for piezo-ceramic products. Sensors and Mechatronics grew 48% from the acquisition of D&R Technologies and an increase in automobile production volumes.
Commenting on the 2013 results, Kieran O’Sullivan, CEO, stated, “2013 and 2014 are transitional years for CTS. Last year, we developed a clear strategic plan. We simplified our business model by divesting the non-core EMS segment and strengthened our balance sheet. At the same time, we initiated footprint rationalization projects to improve our cost structure. These projects are progressing according to plan. In addition, we strengthened our leadership team. In 2014, we will continue to focus on strengthening our core Components and Sensors business by increasing sales and marketing presence closer to target customers. Our investment in research and development for new products remains strong. We believe that these steps will position CTS to drive profitable growth.”