CTS Cuts FY24 Outlook As Q2 Results Miss Estimates
(RTTNews) - CTS Corp. (CTS) reported Tuesday that net income for the second quarter increased to $15.71 million or $0.48 per share from $12.90 million or $0.41 per share in the prior-year quarter. Excluding items, adjusted earnings were $0.54 per share, compared to $0.59 per share in the year-ago quarter.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.53 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter declined 10 percent to $130.16 million from $145.18 million in the same quarter last year. Analysts expected sales of $133.38 million for the quarter.
Looking ahead to fiscal 2024, the company now projects adjusted earnings in a range of $2.05 to $2.25 per share on sales between $525 million and $540 million. Previously, the company expected adjusted earnings in the range of $2.10 to $2.35 per share on sales between $530 million and $570 million.
The Street is looking for earnings of $2.24 per share on sales of $550.17 million for the year.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
CTS Guides FY25 Below Estimates - Update
CTS Q4 Results Top Estimates; Guides FY24 In Line With 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
Taiwan Stock Market May Extend Winning Streak
Singapore Stock Market May Extend Wednesday's Gains
