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Last $17.65 USD
Change Today +0.02 / 0.11%
Volume 53.5K
CTS On Other Exchanges
Symbol
Exchange
New York
As of 8:04 PM 03/27/15 All times are local (Market data is delayed by at least 15 minutes).

cts corp (CTS) Key Developments

CTS Appoints William Johnson to Board of Directors

CTS reported that William S. Johnson, Executive Vice President and Chief Financial Officer of Cabot Microelectronics has been appointed to its board of directors, effective February 11. Johnson has also been appointed to the company's Audit Committee and Nominating and Governance Committee. Johnson has served as CFO of Cabot Microelectronics since 2003.

CTS Corporation Appoints William S. Johnson to Board of Directors, Audit Committee and Nominating and Governance Committee, Effective February 11, 2015

CTS Corporation announced that William S. Johnson, Executive Vice President and Chief Financial Officer of Cabot Microelectronics Corporation, has been appointed to its board of directors, effective February 11, 2015. Johnson has also been appointed to the company's Audit Committee and Nominating and Governance Committee.

CTS Corporation Declares First Quarter Dividend, Payable on May 1, 2015

The board of directors of CTS Corporation announced the first quarter dividend of $0.04 per share, payable on May 1, 2015, to shareholders of record at the close of business on March 27, 2015.

CTS Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the Full Year 2015

CTS Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net sales of $100,378,000 against $102,386,000 for the same period a year ago. Operating earnings was $10,310,000 against $5,010,000 for the same period a year ago. Earnings from continuing operations before income taxes were $8,757,000 against $6,487,000 for the same period a year ago. Net earnings were $6,964,000 against net loss of $2,981,000 for the same period a year ago. Net earnings attributable to the company was $0.21 per diluted share against net loss per diluted share of $0.09 for the same period a year ago. Adjusted earnings per share were $0.24 against $0.24 for the same period a year ago. Earnings from continuing operations were $6,964,000 or $0.21 per diluted share against $4,148,000 or $0.12 per diluted share a year ago. For fourth quarter 2014, operating cash flow was $17.1 million versus $12.1 million in the same period last year. Capital expenditures were $3.9 million in the fourth quarter of 2014 and $3.1 million in the fourth quarter of 2013. For the full year, the company reported net sales of $404,021,000 against $409,461,000 for the same period a year ago. Operating earnings was $42,323,000 against $17,687,000 for the same period a year ago. Earnings from continuing operations before income taxes were $39,348,000 against $18,063,000 for the same period a year ago. Net earnings were $26,522,000 against net loss of $3,929,000 for the same period a year ago. Net earnings attributable to the company was $0.78 per diluted share against net loss per diluted share of $0.12 for the same period a year ago. Adjusted earnings per share were $0.97 against $0.75 for the same period a year ago. Earnings from continuing operations were $26,522,000 or $0.78 per diluted share against $1,997,000 or $0.06 per diluted share a year ago. For the full year 2014, operating cash flow was $32.4 million and capital expenditures were $12.9 million. During the year, cash flow was negatively impacted by several onetime items, including SERP payments, CEO transition costs and restructuring-related expenses. Management expects full year 2015 sales in the range of $400 to $430 million and adjusted earnings per diluted share in the range of $0.98 to $1.10. Results are anticipated to improve sequentially throughout the year, with a stronger second half. Management is concerned about the current trends in currency rates, especially the Euro and Chinese Renminbi. This can impact sales by as much as 2% to 3% for 2015. In 2015, the company expects effective tax rate to be in the low-30s range.

CTS Corporation Wins New Production Program to Supply Accelerator Pedal Modules to a German Automobile Manufacturer

CTS Corporation announced that it has been awarded a new production program to supply accelerator pedal modules to a German automobile manufacturer. Shipments are anticipated to commence in 2017, and the total revenues are expected to be in the range of $35 million over the life of the program.

 

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Industry Analysis

CTS

Industry Average

Valuation CTS Industry Range
Price/Earnings 22.7x
Price/Sales 1.5x
Price/Book 2.0x
Price/Cash Flow 22.3x
TEV/Sales 0.9x
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