CTS Announces Fourth Quarter and Full Year 2016 Results
Continued growth in sales and earnings
Solid new business awards
Lisle, Ill. – CTS Corporation (NYSE: CTS) today announced fourth quarter and full year 2016 results.
Fourth Quarter 2016 Results
- Sales were $101.6 million, up 8.9% compared to 2015. Sales to automotive customers increased 5.5%, and sales of electronic components grew 16.0%.
- Net earnings were $8.3 million or $0.25 per diluted share.
- Adjusted diluted EPS was $0.29 compared to $0.20 in 2015.
- New business awards were $132 million.
Full Year 2016 Results
- Sales were $396.7 million, up 3.8% compared to 2015. Sales to automotive customers increased 2.0%, and sales of electronic components grew 7.3%.
- Net earnings were $34.4 million or $1.03 per diluted share.
- Adjusted diluted EPS was $1.08 compared to $0.93 in 2015.
- New business awards were $488 million.
“We achieved strong financial performance and solid new business awards,” said Kieran O’Sullivan, CEO of CTS Corporation. “Our teams continued to drive operational improvement. In 2016, we acquired and integrated the single crystal technology and improved adjusted earnings by 16%. We also delivered another quarter of sales growth in the fourth quarter. Our teams remain focused on driving profitable growth as we enter 2017.”
Management expects full year 2017 sales to be in the range of $405 to $420 million. Adjusted earnings per diluted share for 2017 are expected to be in the range of $1.12 to $1.22.
As previously announced, the Company has scheduled a conference call at 11:00 a.m. (EST) today to discuss the fourth quarter and full year financial results. The dial-in number is 888-542-1137 (719-325-2296, if calling from outside the U.S.). The conference I.D. number is 6367372. There will be a replay of the conference call from 2:00 p.m. (EST) today through 2:00 p.m. (EST) on Tuesday, February 21, 2017. The telephone number for the replay is 888-203-1112 (719-457-0820, if calling from outside the U.S.). The access code is 6367372. A live audio webcast of the conference call will be available and can be accessed directly from the Investors section of the website of CTS Corporation at www.ctscorp.com.
CTS (NYSE: CTS) is a leading designer and manufacturer of products that Sense, Connect and Move. CTS manufactures sensors, actuators and electronic components in North America, Europe and Asia, and supplies these products to OEMs in the aerospace, communications, defense, industrial, information technology, medical and transportation markets.
For more information visit www.ctscorp.com.
his document contains statements that are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, any financial or other guidance, statements that reflect our current expectations concerning future results and events, and any other statements that are not based solely on historical fact. Forward-looking statements are based on management’s expectations, certain assumptions and currently available information. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and are based on various assumptions as to future events, the occurrence of which necessarily are subject to uncertainties. These forward-looking statements are made subject to certain risks, uncertainties and other factors, which could cause our actual results, performance or achievements to differ materially from those presented in the forward-looking statements. Many of these, and other, risks and uncertainties are discussed in further detail in Item 1A. of CTS’ Annual Report on Form 10-K. We undertake no obligation to publicly update our forward-looking statements to reflect new information or events or circumstances that arise after the date hereof, including market or industry changes.
Vice President and Chief Financial Officer
2375 Cabot Drive
Lisle, IL 60532
Telephone: +1 (630) 577-8800
CTS Corporation and Subsidiaries – Condensed Consolidated Statements of Earnings (Loss) – Unaudited
CTS Corporation and Subsidiaries – Condensed Consolidated Balance Sheets – Unaudited
CTS Corporation and Subsidiaries – Other Supplemental Information