Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
CTS CORP reported first quarter ended March 31, 2023 results: revenue Sales were $146.0 million, net income Net income was $18.3 million, EPS Earnings per share was $0.58 per diluted share. Guidance reaffirmed.
- Period
- first quarter ended March 31, 2023
- Revenue
- Sales were $146.0 million
- Net income
- Net income was $18.3 million
- EPS
- Earnings per share was $0.58 per diluted share
- Guidance
- reaffirmed
- Result
- reported results
Exact text from the filing
First Quarter 2023 Results • Sales were $146.0 million, down 1.2% year-over-year. Sales to non-transportation end markets increased 4.6%, and sales to the transportation end market decreased 6.1% over the same period. • Net income was $18.3 million, or 12.6% of sales, compared to $20.2 million, or 13.7% of sales, in the first quarter of 2022. • Earnings per share was $0.58 per diluted share compared to $0.63 per diluted share in the first quarter of 2022. • Adjusted diluted EPS was $0.61 down from $0.67 in the first quarter of 2022. • Adjusted EBITDA margin was 21.9% compared to 23.5% in the first quarter of 2022. • Operating cash flow was $11.2 million compared to $19.3 million in the first quarter of 2022. 2023 Guidance CTS is maintaining its guidance of sales in the range of $580 - $640 million and adjusted diluted EPS to be in the range of $2.40 - $2.70.
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