CTS Q2 sales flat YoY at $145.2M, net income $12.9M; cuts full-year guidance

CTS CORP

2023-Q2 EPS reported $0.98 revenue$291,176,000

Q2 sales $145.2M (+0.1% YoY); transportation up 10%, non-transportation down 10%.
Adjusted diluted EPS $0.59 vs $0.62; adjusted EBITDA margin 21.3% vs 22.4%.
Full-year 2023 guidance lowered: sales now $565-$585M (was $580-$640M), adjusted EPS $2.20-$2.40.
Operating cash flow improved to $23.4M from $16.1M; first eBrake award and EV platform wins cited.
CEO cites continued softness in distribution and industrial end market.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CTS CORP reported the second quarter ended June 30, 2023 results: revenue $145.2 million, net income $12.9 million, EPS $0.41 per diluted share. Guidance lowered.

Period: the second quarter ended June 30, 2023
Revenue: $145.2 million
Net income: $12.9 million
EPS: $0.41 per diluted share
Guidance: lowered
Result: reported results

Exact text from the filing

• Sales were $145.2 million, up 0.1% year-over-year. Sales to the transportation end market increased 10% and sales to the non-transportation end markets decreased 10% over the same period last year. • Net income was $12.9 million, or 8.9% of sales, compared to $12.6 million, or 8.7% of sales, in the second quarter of 2022. • Earnings per share was $0.41 per diluted share compared to $0.39 per diluted share in the second quarter of 2022.

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Source: SEC EDGAR

accession 0000950170-23-034232

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