CTS Q3 sales down 11% to $135M; adjusted EPS $0.54; cuts full-year guidance

CTS CORP

2023-Q3 EPS reported $1.43 revenue$425,728,000

Sales: $135M, down 11% YoY; non-transportation down 20%, transportation down 3%.
Net income $14M (10.4% of sales) vs $12M (7.8%) YoY; diluted EPS $0.44 vs $0.37.
Adjusted diluted EPS $0.54, down from $0.62; adjusted EBITDA margin 22.5%.
Updated FY2023 guidance: sales $545-555M (prev $565-585M), adj diluted EPS $2.15-2.25 (prev $2.20-2.40).
Operating cash flow $22M vs $60M (prior year included $34M one-time pension inflow).

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