CTS's Q4 EMS Revenue Down 15% PDF Print E-mail
Written by Chelsey Drysdale   
Monday, 28 January 2013 18:48

ELKHART, INCTS Corp. reported fourth-quarter revenues of $138.3 million, down 4% year-over-year.


Fourth-quarter net earnings were $8.8 million, up 49.2% compared to the same period last year.

EMS revenues for the quarter decreased 15% primarily from lower government spending in the defense and aerospace markets and from closing a UK operation.

Fourth-quarter Components and Sensors segment revenues increased 7% year-over-year. Within the Components and Sensors segment, sales of electronic components increased 26% from higher piezoceramic product demand for HDD and incremental sales from the Valpey-Fisher acquisition.

Fourth-quarter automotive product sales were adversely affected by approximately $5 million for the continued Japan/China dispute and lower sales into European markets. Automotive product sales declined $1.4 million.

Full-year 2012 revenue was $576.9 million, down 2% year-over-year.

Full-year EMS segment revenue decreased $36.2 million, or 12% from the prior year. Lower sales in defense and aerospace, communications and computer markets were partially offset by double-digit increases in industrial and medical sales.

Full-year Components and Sensors segment revenue increased 9%.

Automotive sensors and actuators grew 5% from higher pedal module sales and new products, despite lower sales relating to the Japan/China dispute, the weak European economy and unfavorable currency impacts.

The firm sold its Singapore facility, receiving $17.7 million, and leased back approximately 58,000 sq. ft. of the building.

CTS expects full-year 2013 sales to increase in the range of 12% to 15% over 2012.

Last Updated on Tuesday, 29 January 2013 09:09


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