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.
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