CTS Q1 Results Top Estimates; Maintains FY23 Outlook
(RTTNews) - CTS Corp. (CTS) reported Thursday that net earnings for the first quarter decreased to $18.34 million or $0.58 per share from $20.24 million or $0.63 per share in the prior-year quarter. Excluding items, adjusted earnings were $0.61 per share, compared to $0.67 per share in the year-ago quarter.
On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.58 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter edged down 1.2 percent to $145.99 million from $147.70 million in the same quarter last year. Analysts expected sales of $142.84 million for the quarter.
Looking ahead to fiscal 2023, the company continues to project adjusted earnings in a range of $2.40 to $2.70 per share on sales between $580 million and $640 million.
The Street is looking for earnings of $2.66 per share on sales of $616.03 million for the year.
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