Reading time ( words)
CTS Corporation announced fourth quarter and full year 2018 results.
Fourth Quarter 2018 Results
- Sales were $120.1 million, up 8.3% year-over-year. Sales to transportation customers increased 7.2%, and sales to other end markets grew 10.2%.
- Net earnings were $17.6 million or $0.52 per diluted share.
- Adjusted diluted EPS was $0.41 compared to $0.39 in the fourth quarter of 2017.
Full Year 2018 Results
- Sales were $470.5 million, up 11.2% compared to 2017. Sales to transportation customers increased 9.0%, and sales to other end markets grew 15.3%.
- Net earnings were $46.5 million or $1.39 per diluted share.
- Adjusted diluted EPS was $1.53 compared to $1.23 in 2017.
- Operating cash flow was $58.2 million.
- Total booked business grew $129 million in 2018, a 7.4% increase, to $1.87 billion.
“We are pleased with our progress in several areas as we transition our business and systems,” said Kieran O’Sullivan, CEO of CTS Corporation. “We are focused on carrying our momentum to continue elevating our performance in the years ahead. We expect growth in medical, telecom, and defense end markets, and remain cautious on industrial and transportation end markets.”
Full year 2019 sales are expected to be in the range of $460 to $500 million. Adjusted earnings per diluted share for 2019 are expected to be in the range of $1.50 to $1.70.
CTS is a leading designer and manufacturer of products that Sense, Connect, and Move. The company manufactures sensors, actuators, and electronic components in North America, Europe, and Asia, and provides engineered products to customers in the aerospace/defense, industrial, medical, telecommunications/IT, and transportation markets.