CTS Boosts FY22 Outlook As Q2 EPS Tops Estimates
(RTTNews) - While reporting financial results for the second quarter on Tuesday, CTS Corp. (CTS) raised its adjusted earnings and sales guidance for the full year 2022.
For fiscal 2022, the company now projects adjusted earnings in a range of $2.40 to $2.55 per share on sales between $570 million and $600 million.
Previously, the company expected adjusted earnings in a range of $2.20 to $2.45 per share on sales between $550 million and $580 million.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.50 per share on sales of $583.13 million for the year. Analysts' estimates typically exclude special items.
For the second quarter, the company reported net earnings of $12.6 million or $0.39 per share, up from $0.90 million or $0.03 per share in the prior-year quarter. Excluding items, adjusted earnings were $0.62 per share, compared to $0.52 per share in the year-ago quarter. Net sales for the quarter grew 12 percent to $144.98 million year-over-year.
The Street was looking for earnings of $0.61 per share on sales of $146.31 million for the quarter.
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