CTS Warns of Lower-Than-Expected Results

CTS (CTS Quote) said Tuesday it expects first-quarter and full-year 2001 results to be below previous forecasts because of the "severe economic downturn."

The manufacturer of electronic components for wireless devices, autos and computers said it now expects earnings of 4 cents to 8 cents a share in the first quarter, and $2.10 to $2.40 for the full year. Four analysts surveyed by First Call/Thomson Financial were expecting first-quarter earnings of 67 cents a share, and full-year earnings of $3.20 a share.

First quarter revenue will be off about 7% to 12% from the $204.5 million posted in the first quarter of 2000, the company said.

Like many other companies that have warned of disappointing results lately, CTS said it would cut spending and expenses wherever possible.

Shares of CTS lost 10 cents, or 0.3%, to close at $37.90 on the New York Stock Exchange.