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CTS Corporation (NYSE: CTS) is a global leader in the design and manufacture of sensors, actuators, and electronic components for a diverse array of markets. Headquartered in Lisle, Illinois, CTS serves original equipment manufacturers (OEMs) in sectors including aerospace, communications, defense, industrial, information technology, medical, and transportation. The company operates manufacturing facilities across North America, Europe, and Asia, enabling a robust and flexible supply chain.
CTS aims to create an intelligent and seamless world by focusing on three core principles: Sense, Connect, and Move. This is achieved through continuous investment in innovative product development that meets the evolving needs of its customers. The company's product portfolio includes advanced sensing and motion devices as well as connectivity components, which play crucial roles in enabling smart technologies across various industries.
Recent Achievements:
- Advancement of strategic priorities while effectively navigating macroeconomic conditions.
- Successful financial performance in the second quarter of 2023, demonstrating resilience and operational excellence.
- Consistent focus on long-term strategies despite near-term challenges, as evidenced by the third quarter of 2023 results.
- Strong performance in the fourth quarter of 2023, with positive guidance for 2024.
- Continued drive for operational performance and diversification in the first quarter of 2024.
CTS is also known for its transparent communication with stakeholders, frequently holding conference calls to discuss quarterly results and future guidance. These calls are supplemented by slide presentations and live webcasts, which are accessible via the company's investor relations website.
In summary, CTS Corporation stands out as an indispensable player in the electronics industry, consistently delivering high-quality products and solutions that empower its clients to innovate and excel. With a strong geographical presence and a commitment to cutting-edge technology, CTS continues to shape the future of sensing, motion, and connectivity.
CTS Corporation (NYSE: CTS) reported its first quarter 2023 results, revealing a 1.2% decrease in sales year-over-year, totaling $146.0 million. While sales to non-transportation markets rose by 4.6%, transportation sector sales fell 6.1%. Net income was $18.3 million, down from $20.2 million a year prior, with earnings per share at $0.58, compared to $0.63 in Q1 2022. The adjusted EBITDA margin also declined to 21.9% from 23.5%. Operating cash flow dropped to $11.2 million from $19.3 million a year ago. CTS maintains its 2023 guidance, forecasting sales between $580 and $640 million and adjusted diluted EPS of $2.40 to $2.70. The company emphasizes its ongoing strategic focus amid challenging macroeconomic conditions.
CTS Corporation (NYSE: CTS) will announce its Q1 2023 earnings on April 27, 2023, at 8:00 a.m. EDT. Following this, a conference call with management is set for 10:00 a.m. EDT, available for U.S. and Canadian listeners at 833-470-1428 or international callers at +1 929-526-1599, with the passcode 422657. A live audio webcast will also be accessible through the Investors section of CTS’s website and will be archived for one year. CTS specializes in manufacturing products that sense, connect, and move, serving key sectors such as aerospace, industrial, medical, and transportation.
Converge Technology Solutions Corp. reported robust financial performance for FY22, with gross revenue of $3.09 billion, a 57% increase from FY21. Gross profit surged 59% to $550.8 million, while Adjusted EBITDA rose 52% to $142.9 million. Q4-22 figures showed gross revenue of $956.8 million, up 49%, with net revenue impacted by a recent accounting policy change. Cash on hand was $159.9 million, and product bookings backlog increased to $479.4 million. The Company completed ten acquisitions in 2022 and expressed optimism for growth through high-value solutions, anticipating strong Q1 2023 results.
The Board of Directors of CTS has authorized a new share repurchase program allowing for the repurchase of up to $50 million of its common stock, replacing a previous program established in May 2021. This move is designed to enhance shareholder value and reflects the Board's confidence in the company's financial strength and prospects. CTS specializes in sensors, actuators, and electronic components, serving markets including aerospace, industrial, medical, and transportation across North America, Europe, and Asia.
CTS Corporation (NYSE: CTS) announced the appointment of Randy Stone to its board of directors, effective February 9, 2023. With over 30 years in advanced materials, Stone previously led DuPont’s Mobility and Materials segment, a $5 billion enterprise. His leadership resulted in record earnings and enhanced operational excellence. Chairman Kieran O’Sullivan highlighted Stone's extensive experience across various market segments, suggesting he will significantly contribute to CTS’s growth and diversification strategy. The firm specializes in engineered solutions in aerospace, industrial, medical, and transportation sectors.
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