CTS Corp. Q4 Results Beat Estimates; Sees 2018 In Line

(RTTNews) - CTS Corp. (CTS) reported that its fourth-quarter net loss was $13.6 million or $0.41 per share, compared to net income of $8.3 million or $0.25 per share in the prior year.

The latest-quarter result included a $18.0 million one-time, non-cash charge related to the Tax Cuts and Jobs Act and a $13.4 million one-time, non-cash pension settlement charge.

Adjusted EPS was $0.39 compared to $0.29 in the same quarter of 2016. Analysts polled by Thomson Reuters expected the company to report earnings of $0.31 per share. Analysts' estimates typically exclude special items.

Sales were $110.9 million, up 9.2% year-over-year. Wall Street expected revenues of $106.73 million for the quarter. Sales to automotive customers increased 7.3%, and sales of electronic components grew 12.7%. The Noliac acquisition, completed in May 2017, added $3.0 million of sales in the fourth quarter of 2017.

Full year 2018 sales are expected to be in the range of $435 to $455 million. Adjusted earnings per share for 2018 are expected to be in the range of $1.32 to $1.44. Wall Street currently is looking for fiscal year 2018 earnings of $1.32 per share on annual revenues of $440.26 million.