CTS Guides FY22 In Line; Q4 Results Top Estimates - Quick Facts

(RTTNews) - While reporting financial results for the fourth quarter on Tuesday, CTS Corp. (CTS) initiated its adjusted earnings and sales guidance for the full year 2022, in line with analysts' estimates.

For fiscal 2022, the company now projects adjusted earnings in a range of $2.00 to $2.25 per share on sales between $525 million and $550 million.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.09 per share on sales of $536.57 million for the year. Analysts' estimates typically exclude special items.

"We enter 2022 with a goal to continue our progress on profitable growth and diversification. The investments we've made in the business combined with our strong balance sheet and disciplined capital allocation approach will enable us to capitalize on future growth opportunities and continue to return value to our shareholders," said Kieran O'Sullivan, CEO of CTS.

For the fourth quarter, the company reported net earnings of $9.2 million or $0.28 per share, down from $14.9 million or $0.46 per share in the prior-year quarter. Excluding items, adjusted earnings were $0.49 per share, compared to $0.43 per share in the year-ago quarter. Sales for the quarter grew 8 percent to $132.5 million year-over-year.

The Street was looking for earnings of $0.47 per share on sales of $122.96 million for the quarter.