Core Insights - CTS Corporation reported improved earnings and stronger cash flow in Q3 2024, despite challenging market conditions [2][3] - The company is focused on diversifying its customer base and end markets while maintaining a disciplined capital structure [2] Financial Performance - Q3 2024 sales were $132 million, a decrease of 2% year-over-year but an increase of 2% sequentially [3] - Sales to diversified end markets increased by 18% year-over-year and 5% sequentially, while sales to the transportation end market decreased by 17% year-over-year and 2% sequentially [3] - Net income for Q3 2024 was $19 million, representing 14% of sales, up from $14 million (10% of sales) in Q3 2023 [3] - Earnings per diluted share were $0.61, compared to $0.44 in Q3 2023, while adjusted earnings per diluted share rose to $0.63 from $0.54 [3][23] - Adjusted EBITDA margin improved to 24.8% from 22.5% in Q3 2023 [3][20] Guidance - CTS updated its full-year 2024 sales guidance to a range of $515 - $525 million, down from the previous range of $525 - $540 million [4] - The adjusted diluted EPS guidance remains in the range of $2.05 - $2.25 [4] Operational Highlights - Operating cash flow increased to $35 million from $22 million in Q3 2023 [3] - The company continues to focus on operational improvements and margin expansion [2]

LISLE, Ill., Oct. 14, 2024 (GLOBE NEWSWIRE) -- CTS Corporation (NYSE: CTS) will release its earnings for the third quarter 2024 at approximately 8:00 a.m. (ET) on Tuesday, October 29, 2024. A conference call to discuss third quarter 2024 results with management is scheduled for Tuesday, October 29, 2024 at 10:00 a.m. (ET). The dial-in numbers for access from the U.S. are: +1-833-470-1428 (Toll-Free) and +1-404-975-4839 (Local), if calling from outside the U.S., please refer to Global Dial In Numbers to iden ...

LISLE, Ill., Sept. 06, 2024 (GLOBE NEWSWIRE) -- CTS Corporation (NYSE: CTS), announced today that Kieran O'Sullivan, President and Chief Executive Officer, will participate in the Sidoti Small Cap Conference on September 18, 2024, at 4 p.m. (EDT). The conference will be held virtually. You may access a live webcast of the event using this link. More information and access to the event can be found on the Sidoti Conference website. https://sidoti.com/events/september-sidoti-small-cap-virtual-conference-2024 ...

Blue Biofuels Inc. Achieves Major Milestone in Commercializing Cellulose-to-Sugar (CTS) Technology with Cellulosic Ethanol from Multiple Feedstocks Palm Beach Gardens, FL, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Blue Biofuels Inc. (OTC: BIOF) is pleased to announce another significant advancement of its proprietary Cellulose-to-Sugar (CTS) technology. The company has successfully produced cellulosic ethanol in high yields from multiple biomass feedstocks, showing the flexibility of its patented process. This ach ...

TORONTO and GATINEAU, QC, Aug. 6, 2024 /PRNewswire/ - Converge Technology Solutions Corp. ("Converge" or the "Company") (TSX: CTS) is pleased to announce its participation in the Canaccord Genuity 44th Annual Growth Conference. The conference will take place in Boston, MA and brings together institutional investors from across the globe with some of the best and most promising growth companies in core sectors - Technology, Healthcare & Life Sciences, Sustainability, Industrials, and Consumer & Retail. Shaun ...

Critical Accounting Policies and Estimates 31 Significant Customers | --- | --- | --- | --- | --- | |------------------------------|------------------------------------|-----------------------------|------------------------------------|---------------------------| | | Three Months \nJune 30, 2024 | Ended \nJune 30, 2023 | Six Months \nJune 30, 2024 | Ended \nJune 30, 2023 | | Cummins Inc. | 13.1 % | 18.6 % | 13.4 % | 16.4 % | | Toyota Motor Corporation | 11.9 % | 12.6 % | 12.6 % | 11.7 % | Forward‑Looking S ...

Financial Data and Key Metrics Changes - The company reported sales of $130 million in Q2 2024, a decline of 10% from Q2 2023, but an increase of 4% sequentially [15][81] - Adjusted diluted earnings per share were $0.54, down 10% year-over-year and up 14% sequentially [28][81] - Adjusted gross margin in Q2 was 35.8%, an improvement of 80 basis points from the previous year, but down 45 basis points sequentially due to one-time charges [11][81] Business Line Data and Key Metrics Changes - Aerospace and defense sales increased by 33% year-over-year and 41% sequentially, with strong order backlogs [8] - Non-transportation sales were up 4% year-over-year and 11% sequentially, while transportation sales decreased by 22% year-over-year and 3% sequentially [15][26] - Medical markets saw a 6% sequential increase and a 4% year-over-year increase in sales [16] Market Data and Key Metrics Changes - North American light vehicle market is expected to be in the range of 15.5 million to 16 million units, while European production is forecasted at 17 million units, showing some softness [9] - China volumes are expected to be around 28 million units, with electric vehicle penetration rates softening in some regions [9] Company Strategy and Development Direction - The acquisition of SyQwest is aimed at strengthening the company's position in the defense market and diversifying its customer base [7][12] - The company anticipates continued growth in defense and medical markets, while expecting more modest growth in industrial and distribution sectors [18][84] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects for the aerospace and defense market, bolstered by the SyQwest acquisition [8][18] - The company expects a challenging environment in the transportation sector, particularly in commercial vehicles, with a more modest growth outlook for the second half of 2024 [19][37] Other Important Information - The company generated $20 million in operating cash flow in Q2 2024, with a cash balance of $161 million as of June 30, 2024 [87] - The SyQwest acquisition is expected to add $10 million to $14 million in revenue for the remainder of the year [16] Q&A Session Summary Question: Will the SyQwest transaction be accretive, neutral, or dilutive to EPS? - Management indicated it will be accretive in 2025, with a small unfavorable impact in 2024 in the range of $0.04 to $0.05 [1][2] Question: What are the expectations for transportation sales in the second half of the year? - Management expects a decrease in transportation sales, particularly in the commercial vehicle market, with a challenging outlook for the remainder of 2024 [35][36] Question: How will the SyQwest acquisition impact operating expenses? - Management stated that clarity on operating expenses will take time as they integrate the business [45] Question: What is the outlook for gross margins in the second half of the year? - Management expects modest improvements in gross margins due to changes in business mix and operational efficiencies [49] Question: Is the company still looking for potential acquisitions post-SyQwest? - Management confirmed they are still open to acquisitions but will focus on integrating SyQwest [41]

| --- | --- | --- | --- | |--------------------------------|-------|-------|-------| | | | | | | CTS Corporation | | | | | | | | | | 2nd Quarter 2024 Earnings Call | | | | | | | | | | July 30, 2024 | | | | 2 CTS refers to the forward-looking measures of book-to-bill ratio and total booked business in this document. Book-to-bill ratio is the ratio of customer orders received to revenues recorded for the same period. Although the book-to-bill ratio reflects firm customer orders, changes such as terminations, ...

Exhibit 99.1 CTS Announces Second Quarter 2024 Results Continued Focus on Diversification; Announces Acquisition of SyQwest, LLC Lisle, Ill. - CTS Corporation (NYSE: CTS), a leading global designer and manufacturer of custom engineered solutions that "Sense, Connect and Move," today announced second quarter 2024 results. "We achieved earnings in line with our expectations, despite softness in the transportation end market. We made progress on operational improvements, which helped partially offset the unfav ...

For more information, visit www.ctscorp.com. LISLE, Ill., July 16, 2024 (GLOBE NEWSWIRE) -- CTS Corporation (NYSE: CTS) will release its earnings for the second quarter 2024 at approximately 8:00 a.m. (ET) on Tuesday, July 30, 2024. A live audio webcast of the conference call will be available and can be accessed directly from the Investors section of the website of CTS Corporation at https://investors.ctscorp.com/news-events/events-andpresentations/ where it will be archived for one year. CTS (NYSE: CTS) i ...