CTS announces second-quarter sales rise by double digits

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LISLE — CTS Corporation, a leading global designer and manufacturer of custom-engineered solutions that “Sense, Connect and Move,” Tuesday announced second-quarter 2023 results.”In the second quarter, our transportation sales were up double digits, offsetting continued softness in distribution and the industrial end-market. In this challenging environment, we remain focused on operational execution and strategic capital deployment,” said Kieran O’Sullivan, CEO of CTS Corporation. “We made progress on our long-term priorities with strong business wins in the quarter. We received our first eBrake award and had significant wins on multiple EV platforms. Advancing our diversification efforts, we added several new customers in the non-transportation end markets.”Sales were $145.2 million, up 0.1% year-over-year. Sales to the transportation end market increased 10% and sales to the non-transportation end markets decreased 10% over the same period last year.Net income was $12.9 million, or 8.9% of sales, compared to $12.6 million, or 8.7% of sales, in the second quarter of 2022.Earnings per share was $0.41 per diluted share compared to $0.39 per diluted share in the second quarter of 2022.Adjusted diluted EPS was $0.59 compared to $0.62 in the second quarter of 2022.Adjusted EBITDA margin was 21.3% compared to 22.4% in the second quarter of 2022.Operating cash flow was $23.4 million compared to $16.1 million in the second quarter of 2022.CTS expects continued softness in distribution and the industrial end market for the remainder of 2023. As a result, the company now expects full-year 2023 sales to be in the range of $565 — $585 million, down from $580 — $640 million and adjusted diluted EPS in the range of $2.20 — $2.40, down from $2.40 — $2.70.

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