LISLE, Ill., Feb. 14, 2024 (GLOBE NEWSWIRE) -- CTS Corporation (NYSE:CTS), announced today that Kieran O'Sullivan, President and Chief Executive Officer, will participate in the Baird Conference on Vehicle Technology & Mobility on February 29, 2024, at 11:20 a.m. (EST). The conference will be held virtually. You may access a live webcast of the event using this link. More information for the event can be found on the Baird Conferences website. https://www.bairdconferences.com/conference2/Index/59 About CTS ...

LISLE, Ill., Feb. 08, 2024 (GLOBE NEWSWIRE) -- CTS Corporation (NYSE:CTS), a leading global designer and manufacturer of custom engineered solutions that "Sense, Connect and Move," today announced that Amy M. Dodrill has been appointed to its board of directors, effective February 8, 2024, and will serve as a member of the nominating, governance and sustainability and technology and transactions committees. Ms. Dodrill comes to CTS with over 25 years of experience in medical and technology companies and a p ...

LISLE, Ill., Feb. 08, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of CTS Corporation (NYSE:CTS) has declared a cash dividend of $0.04 per share on outstanding shares of common stock, without par value, to be paid on April 26, 2024, to shareholders of record at the close of business on March 28, 2024. About CTS CTS (NYSE:CTS) is a leading designer and manufacturer of products that Sense, Connect, and Move. The company manufactures sensors, actuators, and electronic components in North America, Europe, an ...

Financial Data and Key Metrics - Q4 2023 sales were $125 million, down 12% YoY and 7% sequentially [13] - Full year 2023 sales were $550 million, down 6% from 2022 [100] - Q4 adjusted gross margin was 34.2%, down 215 basis points YoY [5][92] - Full year adjusted gross margin was 34.8%, down 177 basis points from 2022 [5] - Q4 adjusted diluted EPS was $0.47, down $0.09 YoY [83] - Full year adjusted diluted EPS was $2.22, down $0.24 from 2022 [83] - Operating cash flow for 2023 was $89 million, down from $121 million in 2022 [113] Business Line Performance - Transportation sales were $69 million in Q4, down 3% YoY [10] - Full year Transportation sales were $301 million, down 1% from 2022 [10] - Non-transportation sales declined 22% in Q4 and 12% for the full year [7][100] - Medical markets showed steady demand with multiple wins in diagnostic and therapeutic ultrasound [8] - Industrial and distribution markets saw softness, with sales declining due to inventory corrections [7][15] Market Performance - North American light vehicle market expected to be 15.5-16 million units in 2024 [108] - European production forecasted at 17 million units, China at 28 million units [108] - Defense and Medical markets expected to remain solid with continued growth momentum [12][106] - Commercial vehicle products expected to face softer demand in 2024 [10] Strategy and Industry Competition - Focus on profitable growth, diversification through advanced materials, and electrification in mobility markets [6] - Transition to electrification offers significant opportunities, with a potential SAM of over $1 billion [11] - Continued investment in R&D to drive future revenue growth, with higher operating expenses expected in 2024 [26][37] - Strategic acquisitions remain a priority, with a strong balance sheet to support both acquisitions and share buybacks [27][80] Management Commentary on Operating Environment and Future Outlook - 2023 was a challenging year, with a soft revenue environment expected to continue into Q1 2024 [4][5] - Industrial and distribution markets expected to remain soft in H1 2024, with potential recovery in H2 [9][15] - Pricing pressure expected in transportation markets, with a focus on operational and supply chain improvements [94][101] - Long-term growth driven by megatrends of automation, connectivity, efficiency, and minimally invasive medical procedures [88] Other Important Information - Completed consolidation of facilities in Denmark, with production transition from Juarez to Matamoros expected in H1 2024 [7][14] - Returned over $46 million to shareholders through dividends and share buybacks in 2023 [17] - Board approved a new $100 million share repurchase program [17][80] - Cash balance of $164 million as of December 31, 2023, up from $157 million in 2022 [95] Q&A Session Summary Question: Commercial vehicle demand outlook - Soft demand expected in 2024, with competitive pressures and a softer market anticipated [20] Question: Inventory correction in industrial markets - Inventory correction ongoing, with 60-70% of burn-down completed, softness expected in H1 2024 [21] Question: Revenue and operating expense trends - Q1 2024 revenue expected to be similar to Q4 2023, with a pickup in H2 2024 driven by industrial, medical, and defense markets [24][25] - Operating expenses expected to increase by 3% of revenue in Q1 2024 due to higher R&D spend [37] Question: Share buyback program - $100 million buyback authorization reflects strong cash flow and balance sheet, with a focus on strategic acquisitions [49][80] Question: Pricing pressure in transportation markets - Pricing pressure expected across both commercial and light vehicle markets, with a focus on cost management [64][94] Question: Transition from ICE to EV - Slower EV adoption in the short term, but long-term growth opportunities remain, with 95% of content transferable between ICE and EV [35][56] Question: Industrial and distribution market recovery - Industrial and distribution markets expected to rebound in H2 2024, with inventory levels normalizing [69][129] Question: R&D spend target for 2024 - R&D spend expected to be in the range of 5-6% of sales, with an increase in 2024 to support growth programs [76]

Shares of industrial supplier CTS Corporation (CTS 11.29%) jumped as much as 13.3% in trading on Tuesday after the company reported fourth-quarter 2023 financial results. Shares are still up 10.2% as of 2 p.m. ET.Better than expectedCTS isn't blowing the doors off the industry, but it's at least performing better than expected. Revenue was down 12% in the quarter to $125 million and net income was flat at $15 million, or $0.49 per share. Analysts were expecting revenue of $124.5 million and earnings of just ...

CTS Corporation (NYSE:CTS) Q3 2023 Earnings Conference Call October 26, 2023 10:00 AM ET Company Participants Kieran O'Sullivan - Chief Executive Officer Ashish Agrawal - Chief Financial Officer Conference Call Participants Joshua Buchalter - TD Cowen John Franzreb - Sidoti & Company Justin Long - Stephens Operator Hello, and welcome to the CTS Corporation Third Quarter 2023 Conference Call. My name is Alex, and I'll be coordinating the call today. [Operator Instructions] I'll now hand it over to your host, ...

Forward-Looking Statements | --- | --- | |-----------------------------------------------|---------------------------------------------| | Q3 2023 Financials | Highlights | | $134.6M Revenue -11% YoY | Won first motor position development award | | 34.5% Adjusted Gross Margin 1 (210) bps YoY | 11 new EV platform wins | | $0.54 Adj. Earnings Per Share 1 $(0.08) YoY | 7 new non-Transportation customers | Revenue ($ Millions) $98 $125 $102 Q3 YTD 2021 Q3 YTD 2022 Q3 YTD 2023 ($ Millions) HVAC Tunable Lenses Me ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Quarterly Period Ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission File Number: 1-4639 CTS CORPORATION (Exact name of registrant as specified in its charter) IN 35-0225010 (State or other jurisdiction of inc ...

CTS Corporation (NYSE:CTS) Q2 2023 Earnings Conference Call July 25, 2023 10:00 AM ET Company Participants Kieran O'Sullivan - President and CEO Ashish Agrawal - CFO Conference Call Participants Justin Long - Stephens John Franzreb - Sidoti Joshua Buchalter - TD Cowen Hendi Susanto - Gabelli Funds Operator Good morning and a warm welcome to the CTS Corporation Second Quarter 2023 Conference Call. My name is Candice and I will be your moderator for today's call. [Operator Instructions] I would now like to tu ...

Forward-Looking Statements This document contains statements that are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, any financial or other guidance, statements that reflect our current expectations concerning future results and events, and any other statements that are not based solely on historical fact. Forward-looking statements are based on management's expe ...