CTS Withdraws FY20 Outlook Amid COVID-19; Q1 Results Top Estimates - Quick Facts

(RTTNews) - While reporting financial results for the first quarter on Thursday, CTS Corp. (CTS) said it is withdrawing its financial guidance for the full year 2020, and is not providing updated guidance at this time, due to ongoing market uncertainties amid the coronavirus (COVID-19) outbreak.

For the first quarter, the company reported net earnings of $3.8 million or $0.12 per share, down from $11.4 million or $0.34 per share in the prior-year quarter. Excluding items, adjusted earnings were $0.19 per share, compared to $0.39 per share in the year-ago quarter. Sales for the quarter declined 12.4 percent to $103.1 million year-over-year.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.14 per share on sales of $94.17 million for the quarter. Analysts' estimates typically exclude special items.

"We had a solid quarter of new business wins despite several weeks of disruptions due to Covid-19. We have adjusted our cost structure to reduce operating expenses," said Kieran O'Sullivan, CEO of CTS.