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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.
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
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.”