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Electronics Production |
Declining revenues for CTS
CTS saw its revenues revenues decline during its third quarter of 2014. Revenues were USD 100 million, down 3.6 percent compared to revenues from continued operations in the third quarter of 2013.
GAAP earnings were USD 8.1 million, compared to USD 5.1 million from continuing operations in the third quarter of 2013.
Third quarter sales to automotive customers declined 3.1% year-over-year. Prior year sales to automotive customers included USD 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 USD 88 million of new business wins in the third quarter and has won USD 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.
The company expects to end the year at the low end of guidance ranges for both sales, USD 400 to USD 415 million.
