© norebbo dreamstime.com Electronics Production | April 28, 2015
1Q 2015 earnings on track for CTS Corp
CTS Corporation sales in the first quarter of 2015 amounted to USD 98.3 million, which is a decline of 2.4% compared to the first quarter of 2014.
The decline was driven primarily by an unfavourable currency impact of USD 2.3 million as the US Dollar appreciated against the Euro and Chinese Renminbi. GAAP earnings were USD 6.3 million, compared to USD 5.1 million from continuing operations in the first quarter of 2014. First quarter sales to automotive customers declined USD 3.7 million year-over-year primarily due to unfavourable currency impact of USD 2.3 million. Sales of electronic components increased USD 1.3 million year-over-year. CTS received USD 192 million in new business awards in the first quarter. “We continued to execute well in the first quarter of 2015 although currency impacted our top line and earnings unfavourably,” said Kieran O’Sullivan, CEO of CTS Corporation. “We recorded our strongest new business awards since we began reporting in the second quarter of 2013. We are following our strategic plan and transitioning our focus to Sense | Connect | Move.”