Elkhart, IN. . .CTS Corporation (NYSE: CTS) today announced second quarter 2014 results: Revenues were $103.0 million, up 2.3% versus the first quarter of 2014; down 2.3% compared to the second quarter of 2013.
GAAP earnings from continuing operations were $6.4 million, or $0.19 per diluted share, compared to a loss of $10.3 million, or $0.31 per diluted share, in second quarter of 2013. Adjusted EPS from continuing operations was $0.25 compared to $0.22 in the second quarter of 2013.
Sales of sensors and mechatronic products grew 3% year-over-year. Sales of electronic components declined 12% due mainly to softness in sales of frequencyThe number of complete cycles or vibrations per unit of time. Rate of alternation in an AC current. Expressed in cycles per second or hertz (Hz). and HDD products. CTS received $89 million of new business wins in the second quarter. Year-to-date, CTS has won $225 million in new business.
“We are pleased with the earnings delivered in the second quarter despite the pressure on sales. During our transition, we continue to fine tune our product portfolio in 2014 and are addressing execution issues related to our electronic components products,” said Kieran O’Sullivan, CEO of CTS Corporation. “We remain confident in and committed to our strategy. We are making progress on improving our cost structure and expect to achieve substantial earnings growth in 2014.”
Management is adjusting its full-year 2014 guidance for sales due to the challenges with electronic components products. Sales for 2014 are expected to be in the range of $400 to $415 million. Adjusted earnings per diluted share are expected to be at the lower end of our guidance range of $0.96 and $1.02.
