© adam121 dreamstime.com Electronics Production | February 06, 2015
Softer than anticipated sales for CTS
CTS forth quarter sales amounted to USD 100.4 million a 2% decrease compared to the same quarter in 2013.
GAAP earnings in 4Q14 were USD 7.0 million, compared to USD 4.1 million from continuing operations in the fourth quarter of 2013. Fourth quarter sales to automotive customers declined 2.1% year-over-year. Sales of electronic components declined 1.7% year-over-year. CTS received USD 171 million in new business wins in the fourth quarter. For the full year sales landed on USD 404.0 million, down 1.3% compared to 2013. GAAP earnings were USD 26.5 million, compared to USD 2.0 million from continuing operations in 2013. 2014 sales to automotive customers increased 1.0% year-over-year. Prior year sales to automotive customers included USD 5.5 million for a special one-time order. Excluding this order, sales to automotive customers were up 3.1% in 2014 compared to 2013. Sales of electronic components declined 5.9% year-over-year. CTS recorded USD 484 million in new business wins for the full year 2014. “We are pleased with the results for 2014. We delivered strong earnings growth despite softer than anticipated sales,” said Kieran O’Sullivan, CEO of CTS Corporation. “The fourth quarter new business wins are an indication of the traction we are getting on driving growth. We expect 2015 growth to be modest until the new business we have won over the last two years begins to have a more significant impact on sales in 2017 and beyond.”