CTS Corp Stock Price, News & Analysis

CTS Corporation (NYSE: CTS) reported its first quarter 2023 results, revealing a 1.2% decrease in sales year-over-year, totaling $146.0 million. While sales to non-transportation markets rose by 4.6%, transportation sector sales fell 6.1%. Net income was $18.3 million, down from $20.2 million a year prior, with earnings per share at $0.58, compared to $0.63 in Q1 2022. The adjusted EBITDA margin also declined to 21.9% from 23.5%. Operating cash flow dropped to $11.2 million from $19.3 million a year ago. CTS maintains its 2023 guidance, forecasting sales between $580 and $640 million and adjusted diluted EPS of $2.40 to $2.70. The company emphasizes its ongoing strategic focus amid challenging macroeconomic conditions.

CTS Corporation (NYSE: CTS) will announce its Q1 2023 earnings on April 27, 2023, at 8:00 a.m. EDT. Following this, a conference call with management is set for 10:00 a.m. EDT, available for U.S. and Canadian listeners at 833-470-1428 or international callers at +1 929-526-1599, with the passcode 422657. A live audio webcast will also be accessible through the Investors section of CTS’s website and will be archived for one year. CTS specializes in manufacturing products that sense, connect, and move, serving key sectors such as aerospace, industrial, medical, and transportation.

Converge Technology Solutions Corp. reported robust financial performance for FY22, with gross revenue of $3.09 billion, a 57% increase from FY21. Gross profit surged 59% to $550.8 million, while Adjusted EBITDA rose 52% to $142.9 million. Q4-22 figures showed gross revenue of $956.8 million, up 49%, with net revenue impacted by a recent accounting policy change. Cash on hand was $159.9 million, and product bookings backlog increased to $479.4 million. The Company completed ten acquisitions in 2022 and expressed optimism for growth through high-value solutions, anticipating strong Q1 2023 results.

The Board of Directors of CTS has authorized a new share repurchase program allowing for the repurchase of up to $50 million of its common stock, replacing a previous program established in May 2021. This move is designed to enhance shareholder value and reflects the Board's confidence in the company's financial strength and prospects. CTS specializes in sensors, actuators, and electronic components, serving markets including aerospace, industrial, medical, and transportation across North America, Europe, and Asia.

CTS Corporation (NYSE: CTS) announced the appointment of Randy Stone to its board of directors, effective February 9, 2023. With over 30 years in advanced materials, Stone previously led DuPont’s Mobility and Materials segment, a $5 billion enterprise. His leadership resulted in record earnings and enhanced operational excellence. Chairman Kieran O’Sullivan highlighted Stone's extensive experience across various market segments, suggesting he will significantly contribute to CTS’s growth and diversification strategy. The firm specializes in engineered solutions in aerospace, industrial, medical, and transportation sectors.

The Board of Directors of CTS declared a cash dividend of $0.04 per share, to be paid on April 28, 2023, for shareholders recorded by the close of business on March 31, 2023. This dividend highlights the company's commitment to returning value to its shareholders. CTS operates as a leading manufacturer of sensing, connecting, and moving products, serving markets including aerospace, industrial, medical, and transportation worldwide. With operations across North America, Europe, and Asia, the company continues to strengthen its position in key sectors.

CTS Corporation announced its fourth quarter and full-year 2022 results, highlighting a 7% increase in Q4 sales at $142.3 million, with net income rising to $14.9 million. The full-year sales reached $586.9 million, a 14% year-over-year increase, driven by a 24% growth in non-transportation end markets. Despite a strong performance, CTS anticipates a softer first quarter for 2023 but expects an improving trend for the rest of the year. The guidance for 2023 sales is projected between $580 - $640 million, with adjusted EPS between $2.40 - $2.70.

CTS Corporation (NYSE: CTS) is set to announce its fourth quarter and full-year 2022 earnings on February 7, 2023, at 8:00 a.m. (EDT). A conference call will follow at 10:00 a.m. (EDT) with management to discuss the results. Investors can join the call by dialing 844-200-6205 in the U.S. or +1 929-526-1599 from abroad, using the passcode 889906. A live audio webcast is also available on the company's website and will be archived for one year. CTS specializes in manufacturing sensors and electronic components for various markets including aerospace and medical.