- The Newsletter
- Editor Bios
- Investment Advice
- Turnaround Investing Blog
On April 23, 2013, CTS Corporation (NYSE: CTS) announced first quarter 2013 revenues of $149.5 million, an increase of 2% from the same period last year and an 8% increase from the fourth quarter 2012. First quarter 2013 net earnings were $3.6 million, or $0.10 per diluted share, compared to $2.3 million, or $0.07 per diluted share, in the same period last year. Included in the first quarter 2013 earnings were $0.04 per share of restructuring and related charges and CEO transition costs. Excluding these items, adjusted first quarter 2013 earnings were $0.14 per share.
First quarter 2013 Components and Sensors segment sales grew $21.6 million, or 28%, from the same period last year. Automotive sensor and actuator sales increased $17.4 million, or 36%, year-over-year primarily due to incremental sales of $12.7 million from the acquisition of D&R Technology (D&R), and sales of $7.3 million from the recently launched smart actuator product. Sales of electronic components increased $4.2 million, or 15%, driven primarily by higher piezoceramic product sales for hard disk drive applications. Sales in the EMS segment decreased $19.1 million, or 27%, in the first quarter of 2013 from the first quarter of 2012, primarily from $14.3 million lower demand in the defense and aerospace market and $7.1 million in the industrial market, partially offset by higher sales of $3.7 million in the communications market.