secwatch.observer — SEC 8-K summary
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Issuer:     CTS CORP (CTS)
CIK:        0000026058
Form:       8-K
Filed at:   2024-07-30T23:59:59+00:00
Accession:  0000950170-24-087512
Event type: earnings
Sentiment:  neutral
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/26058/000095017024087512/0000950170-24-087512-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/26058/000095017024087512/cts-20240730.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-087512

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer