CTS' sales decline in Q2

GAAP earnings from continuing operations were USD 6.4 million, compared to a loss of USD 10.3 million in second quarter of 2013. Sales of sensors and mechatronic products grew 3% year-over-year. Sales of electronic components declined 12% due mainly to softness in sales of frequency and HDD products. CTS received USD 89 million of new business wins in the second quarter. Year-to-date, CTS has won USD 225 million in new business. “We are pleased with the earnings delivered in the second quarter despite the pressure on sales. During our transition, we continue to fine tune our product portfolio in 2014 and are addressing execution issues related to our electronic components products,” said Kieran O’Sullivan, CEO of CTS Corporation. “We remain confident in and committed to our strategy. We are making progress on improving our cost structure and expect to achieve substantial earnings growth in 2014.” The CTS management is adjusting its full-year 2014 guidance for sales due to the challenges with electronic components products. Sales for 2014 are expected to be in the range of USD 400 to USD 415 million.