CTS Q4 Results Top Estimates; Guides FY24 In Line With Estimates
(RTTNews) - CTS Corp. (CTS) reported Tuesday that net earnings for the fourth quarter increased to $15.32 million or $0.49 per share from $14.94 million or $0.47 per share in the prior-year quarter. Excluding items, adjusted earnings were $0.47 per share, compared to $0.56 per share in the year-ago quarter.
On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.46 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter declined 12 percent to $124.69 million from $142.28 million in the same quarter last year. Analysts expected sales of $124.51 million for the quarter.
Looking ahead to fiscal 2024, the company now projects adjusted earnings in a range of $2.10 to $2.35 per share on sales between $530 million and $570 million.
The Street is looking for earnings of $2.29 per share on sales of $550.36 million for the year.
CTS also announced that its Board of Directors approved a new share repurchase program that authorizes the company to repurchase up to $100 million of its common stock, replacing the existing program authorized in February 2023. The new share repurchase program has no scheduled termination date.
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