This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

CTS Announces First Quarter 2014 Results

CTS Corporation (NYSE: CTS) today announced first quarter 2014 results:
  • Revenues of $100.7 million, an increase of 2.7% compared to first quarter of 2013.
  • GAAP earnings from continuing operations of $5.1 million, or $0.15 per diluted share, compared to $3.0 million, or $0.09 per diluted share, in the first quarter of 2013. Adjusted EPS from continuing operations was $0.19 compared to $0.11 in the first quarter of 2013.

In the first quarter, sensors and mechatronics product sales grew 6%. Electronic components sales declined 4% due to softness in sales of engineered frequency and HDD products. The Company received $136 million of new business wins in the first quarter.

“We continued to make progress with our transition plan moving from 2013 into 2014. The first quarter 2014 results are in line with our expectations and reflect our progress,” said Kieran O’Sullivan, President and CEO of CTS Corporation. “We saw softness in our electronic components portfolio and are taking steps to address this. At the same time, we are moving forward with our plans to strengthen our core business. We are enhancing our sales and engineering capabilities by adding resources closer to our target customers and upgrading competencies and talent in key areas,” continued Mr. O’Sullivan.

CTS is maintaining its earlier guidance and anticipates full-year 2014 sales to grow in the range of 4% to 6% over 2013 and adjusted diluted earnings per share to be in the range of $0.96 to $1.02. Earnings for 2014 are expected to show gradual improvement during the year, with an expectation of a stronger second half.

Conference Call

As previously announced, the Company has scheduled a conference call on Tuesday, April 29, 2014 at 11:00 a.m. EDT. The dial-in number for the conference call is 888-539-3678 (719-325-2491, if calling from outside the U.S.). The conference I.D. number is 3379961. There will be a replay of the conference call from 3:00 p.m. (EDT) on Tuesday, April 29, 2014 through 3:00 p.m. (EDT) on Tuesday, May 6, 2014. The telephone number for the replay is 888-203-1112 (719-457-0820, if calling from outside the U.S.). The access code is 3379961. Also, please note that a live audio webcast of the conference call will be available and can be accessed directly from the website of CTS Corporation

About CTS

CTS is a leading designer and manufacturer of electronic components and sensors to OEMs in the automotive, communications, medical, defense and aerospace, industrial and computer markets. CTS manufactures products in North America, Europe and Asia. CTS' stock is traded on the NYSE under the ticker symbol "CTS.”

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.64 0.00%
FB $118.57 0.00%
GOOG $698.21 0.00%
TSLA $241.80 0.00%
YHOO $36.53 0.00%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs