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.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
CTS Cuts FY24 Outlook As Q2 Results Miss Estimates
CTS Q1 Results Top Estimates; Maintains FY23 Outlook
CTS Q4 Results Miss Estimates, But Boosts FY23 Outlook
CTS Boosts FY22 Outlook As Q2 EPS Tops Estimates
China Services PMI Data Due On Monday
Dollar Drifts Lower Against Major Counterparts
TSX Ends On Firm Note Again, Gains 1.1% In Week
