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Jun 30, 2024
CTS Q2 2024 Earnings Report
CTS achieved earnings in line with expectations, made progress on operational improvements, and continued diversification.
Key Takeaways
CTS Corporation announced second quarter 2024 results with sales of $130 million, down 10% year-over-year. Net income was $15 million, up from $13 million in the second quarter of 2023. Earnings per diluted share were $0.48, compared to $0.41 in the second quarter of 2023. The company updated its guidance for 2024 with sales in the range of $525 - $540 million and adjusted diluted EPS to be in the range of $2.05 - $2.25.
Sales were $130 million, down 10% year-over-year.
Net income was $15 million, up from $13 million in the second quarter of 2023.
Earnings per diluted share were $0.48, compared to $0.41 in the second quarter of 2023.
CTS completed the acquisition of SyQwest, LLC on July 29, 2024 for $125 million.
Forward Guidance
CTS is updating its guidance of sales in the range of $525 - $540 million and adjusted diluted EPS to be in the range of $2.05 - $2.25, including the expected impact from the SyQwest acquisition.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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