Revenues amounted to USD 100.7 million during the first quarter of 2014, an increase of 2.7% compared to first quarter of 2013.
GAAP earnings from continuing operations of USD 5.1 million, compared to USD 3.0 million in the first quarter of 2013.
In the first quarter, sensors and mechatronics product sales grew 6%. Electronic components sales declined 4% due to softness in sales of engineered 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. The Company received USD 136 million of new business wins in the first quarter.
"We continued to make progress with our transition plan moving from 2013 into 2014. The first quarter 2014 results are in line with our expectations and reflect our progress," said Kieran O'Sullivan, President and CEO of CTS Corporation. "We saw softness in our electronic components portfolio and are taking steps to address this. At the same time, we are moving forward with our plans to strengthen our core business. We are enhancing our sales and engineering capabilities by adding resources closer to our target customers and upgrading competencies and talent in key areas," continued Mr. O'Sullivan.
The company maintains its earlier guidance and anticipates full-year 2014 sales to grow in the range of 4% to 6% over 2013. Earnings for 2014 are expected to show gradual improvement during the year, with an expectation of a stronger second half.
