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Jun 30, 2023
CTS Q2 2023 Earnings Report
CTS's second quarter results in 2023 reflected strategic progress amidst macroeconomic challenges.
Key Takeaways
CTS Corporation reported a slight increase in sales, with transportation sales up double digits offsetting softness in industrial markets. Net income and EPS also saw marginal increases compared to the previous year.
Transportation sales increased by 10%, offsetting declines in other sectors.
Net income rose to $12.9 million, representing 8.9% of sales.
Earnings per share increased to $0.41 per diluted share.
The company received its first eBrake™ award and had significant wins on multiple EV platforms.
Revenue by Segment
Forward Guidance
CTS expects continued softness in distribution and the industrial end market for the remainder of 2023. As a result, the company now expects full-year 2023 sales to be in the range of $565 – $585 million, down from $580 – $640 million and adjusted diluted EPS in the range of $2.20 – $2.40, down from $2.40 – $2.70.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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