CTS Corp Q2 Profit Falls; Lifts FY21 Outlook

(RTTNews) - Electronic components manufacturing company CTS Corp. (CTS) on Tuesday recorded lower second-quarter profit, affected by a non-cash charge. Revenues, however, rose and came in above market expectations. The company also raised its outlook for the year ahead.

The company posted second-quarter net income of $0.9 million or $0.03 per share, lower than $4.9 million or $0.15 per share in the same period last year. The 2021 earnings were affected by a non-cash charge of $20.1 million related to the previously communicated termination of the U.S. pension plan.

Adjusted earnings per share came in at $0.52, up from $0.16 in the second quarter of last year. On average, 3 analysts polled by Thomson Reuters expected the company to report earnings of $0.38 per share in the quarter. Analysts' estimates, usually, exclude one-time items.

Sales for the three-month period climbed 54 percent to $129.6 million from $84.2 million in the prior-year quarter, while analysts were looking for revenues of $121.9 million.

The company raised its 2021 guidance for sales from $445 - $500 million to $480 - $500 million and for adjusted earnings per share from $1.35 - $1.70 to $1.70 - $1.90.

On average, 3 analysts expect the company to report earnings of $1.56 per share on revenues of $490.3 million.