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Jun 30, 2020
CTS Q2 2020 Earnings Report
CTS's Q2 2020 results were announced, revealing a decline in sales and earnings compared to the previous year, but the company focused on diversification and strategic growth investments.
Key Takeaways
CTS Corporation reported a 30% year-over-year decrease in sales, totaling $84.2 million for Q2 2020. Net earnings also decreased to $4.9 million, or $0.15 per diluted share, compared to $11.9 million, or $0.36 per share, in the previous year. The company's transportation segment experienced a significant decline, while other end markets showed growth. Despite the challenges, CTS secured $105 million in new business wins and maintained a positive free cash flow of $9.1 million.
Sales decreased by 30% year-over-year, amounting to $84.2 million.
Net earnings dropped to $4.9 million, or $0.15 per diluted share.
Transportation sector sales saw a 53% decline, while other end markets grew by 14%.
New business wins totaled $105 million, and free cash flow reached $9.1 million.
Forward Guidance
Due to ongoing market uncertainties, management is not providing revenue or earnings guidance at this time.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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