ELKHART, Ind.–(BUSINESS WIRE)–CTS Corporation (NYSE: CTS) today announced third quarter 2014 results:
"Our strategy to invest in sales and marketing as well as in research and development is on track. We are making progress in our efforts to win business with existing and new customers”
Revenues were $100.0 million, down 3.6% compared to revenues from continuing operations in third quarter of 2013.
GAAP earnings were $8.1 million, or $0.24 per diluted share, compared to $5.1 million, or $0.16 per diluted share, from continuing operations in the third quarter of 2013.
Adjusted EPS was $0.29 versus $0.18 from continuing operations in third quarter of 2013.
Third quarter sales to automotive customers declined 3.1% year-over-year. Prior year sales to automotive customers included $3.9 million for a special one-time order. Excluding this order, sales to automotive customers were up 2.9% in the third quarter of 2014 compared to the third quarter of 2013. Sales of electronic components declined 4.5% year-over-year, however, they increased 2.5% sequentially from second quarter of 2014. CTS received $88 million of new business wins in the third quarter and has won $313 million in new business awards year-to-date.
"The CTS team continues to work diligently to strengthen our operating efficiency and deliver strong earnings,” said Kieran O’Sullivan, CEO of CTS Corporation. “Our strategy to invest in sales and marketing as well as in research and development is on track. We are making progress in our efforts to win business with existing and new customers,” O’Sullivan continued.
Management expects to end the year at the low end of guidance ranges for both sales, $400 to $415 million, and adjusted earnings per diluted share, $0.96 to $1.02.
