CTS Q4 Results Miss Estimates, But Boosts FY23 Outlook
(RTTNews) - While reporting financial results for the fourth quarter on Tuesday, CTS Corp. (CTS) raised its adjusted earnings and sales guidance for the full year 2023.
For fiscal 2023, the company now projects adjusted earnings in a range of $2.40 to $2.70 per share on sales between $580 million and $640 million.
Previously, the company expected adjusted earnings in a range of $2.40 to $2.55 per share on sales between $585 million and $595 million.
On average, four analysts polled by Thomson Reuters expect the company to report earnings of $2.64 per share on sales of $620.62 million for the year. Analysts' estimates typically exclude special items.
For the fourth quarter, the company reported net earnings of $14.94 million or $0.47 per share, up from $9.17 million or $0.28 per share in the prior-year quarter. Excluding items, adjusted earnings were $0.56 per share, compared to $0.49 per share in the year-ago quarter. Net sales for the quarter grew 7 percent to $142.28 million year-over-year.
The Street was looking for earnings of $0.58 per share on sales of $148.17 million for the quarter.
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