CTS Corp. Q3 Adj. Profit Declines; Updates 2023 Guidance

(RTTNews) - CTS Corp. (CTS) reported third quarter net income of $14 million, compared to $12 million, a year ago. Earnings per share was $0.44, compared to $0.37. Adjusted EPS was $0.54, down from $0.62. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.56, for the quarter. Analysts' estimates typically exclude special items.

Sales were $135 million, down 11% year-over-year. Sales to non-transportation end markets decreased 20%, and sales to the transportation end market decreased 3% over the same period. Analysts on average had estimated $142.07 million in revenue.

For 2023, CTS updated guidance of sales to $545 - $555 million from the range of $565 - $585 million, and adjusted EPS to $2.15 - $2.25 from the range of $2.20 - $2.40.

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