CTS Q1 Profit Up, Reaffirms FY17 Result Outlook

(RTTNews) - CTS Corp. (CTS) Thursday reported an increase in first quarter net earnings to $8.48 million from $7.86 million last year. On a per share basis, earnings climbed to $0.25 from $0.24 a year ago. Adjusted earnings per share for the quarter was $0.26.

On average, analysts polled by Thomson Reuters expected the company to earn $0.26 per share. Analysts estimates usually exclude special items.

Revenue for the quarter increased to $100.15 million from $96.71 million in the prior year. Street expected revenue of $100.44 million.

Looking ahead to the full year 2017, the company reaffirmed its adjusted earnings per share in a range of $1.12 to $1.22, while full year sales are expected to be in a range of $405 million to $420 million.

Kieran O'Sullivan, CEO of CTS said, "We are focused on improving our performance over the balance of the year. Our booked business is growing steadily. Our operational execution remains on track, and various transition projects are moving forward."