© stevanovicigor Electronics Production | October 28, 2015

CTS Corp's income falls in Q3

CTS Corp saw its third quarter revenues and earnings fall compared to last year.

Third quarter sales to automotive customers declined USD 4.5 million year-over-year due to lower sales of older automotive products and unfavourable foreign exchange impact. Sales of electronic components were down USD 4.8 million primarily driven by lower sales to HDD customers and softness in the telecom infrastructure market. CTS received USD 95 million in new business awards in the third quarter, bringing the year-to-date new business awards to USD 455 million. The quarter in short:
  • Sales were USD 90.6 million, down 9.3% compared to the third quarter of 2014.
  • GAAP loss was USD 4.8 million, compared to earnings of USD 8.1 million from continuing operations in the third quarter of 2014.
  • GAAP loss includes a non-recurring charge of USD 14.5 million for remediation of a legacy environmental issue.
“We experienced soft volumes and unfavorable foreign exchange impact but delivered solid operating results by focusing on a combination of productivity projects, savings from restructuring actions and cost management. We are continuing our long term growth focus with another quarter of solid new business awards,” said Kieran O’Sullivan, CEO of CTS Corporation. “We are addressing a legacy environmental issue and working closely with the EPA on remediation, while remaining focused on executing our business strategy. We expect sequential sales growth in the fourth quarter of 2015.”
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