CTS Q2 sales $130M (-10% YoY); acquires SyQwest for $125M; updates FY guidance

CTS CORP

2024-Q2 EPS reported $0.84 revenue$255,912,000

Q2 sales $130M, down 10% YoY; net income $15M, diluted EPS $0.48; adjusted EPS $0.54.
Adjusted EBITDA margin 21.7% (up from 21.3% YoY); operating cash flow $20M (down from $23M).
Non-transportation sales up 11% sequentially and 4% YoY; transportation sales down 22% YoY.
Acquired SyQwest (sonar/acoustic sensing for naval defense) on July 29 for $125M net, enhancing defense capabilities.
Updated FY2024 guidance: sales $525-$540M, adjusted diluted EPS $2.05-$2.25, citing moderate growth expectations.

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