| CTS Jumps to Profit; Tightens Guidance |
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| Written by Mike Buetow | |||
| Tuesday, 27 July 2010 08:31 | |||
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ELKHART, IN -- CTS Corp. announced second quarter net earnings of $5.9 million, a swing from last year's loss of $7 million. EMS sales were down, however. Overall revenues at the contract assembler rose 7% sequentially and 15% from last year to $138.9 million. Last year's results included an international cash repatriation-related tax charge of $9.1 million. EMS sales decreased 6% from the last year, affected by end-of-life sales to Hewlett-Packard. Excluding H-P, EMS sales increased 19% sequentially and 3% year-over-year on stronger communications sales. EMS had an operating loss of $200,000, down from operating earnings of $1.1 million in 2009. Sales were $66.6 million for the quarter ended July 4. Components and Sensors sales increased 46% from last year, with electronic component products up 52%. Components and Sensors made up 52% of CTS' second quarter revenue. Cash flow from operations was $6.3 million in the first half, compared to $15.7 million last year. Capital expenditures were $6.2 million, up from $2.8 million. Full-year 2010 sales are estimated to increase 10% to 15% over 2009, compared to previous company guidance of a 12% to 20% increase.
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| Last Updated on Tuesday, 27 July 2010 08:45 |
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