News
ELKHART, IN – CTS Corp. reported third-quarter revenues of $165.7 million, up 11% over a year ago.
Sales at its EMS unit rose 13% to $100.8 million, driven by defense, communications and medical demand. Operating earnings increased $1.2 million on higher volumes and improved product mix. Sequentially, EMS sales rose 7%.
"Despite a challenging quarter from an operational perspective, relating to problems with a new automotive product launch, year-over-year sales trends remain positive, reflecting continued success with our growth initiatives. During the third quarter, we won two additional platforms for our accelerator pedal module and continued the strong pace of design wins for electronic components in infrastructure applications," said Donald Schwanz, chairman and chief executive.
CTS reiterated its prior full-year guidance of 6 to 8% sales growth, but lowered its profits guidance by 3 cents.
"Despite a challenging quarter from an operational perspective, relating to problems with a new automotive product launch, year-over-year sales trends remain positive, reflecting continued success with our growth initiatives. During the third quarter, we won two additional platforms for our accelerator pedal module and continued the strong pace of design wins for electronic components in infrastructure applications," said Donald Schwanz, chairman and chief executive.
CTS reiterated its prior full-year guidance of 6 to 8% sales growth, but lowered its profits guidance by 3 cents.
SAN JOSE – Flextronics reported a 23% rise in second-quarter net sales from continuing operations of $4.7 billion, a record. GAAP net income was a record $185 million for the second quarter ended Sept. 30, compared to a loss of $2 million a year ago.
Sales were up 16% sequentially. Operating margins at its EMS business improved by 10 basis points year-over-year and gross margin improved sequentially by 10 basis points.
MYRTLE BEACH, SC -- Passives components maker AVX Corp. reported second-quarter net income jumped 128% to $38.8 million over last year, while sales grew 15% to $374.6 million.
In a statement, chief executive and president John Gilbertson said, "After a good first quarter, we have seen continued growth in demand throughout the second quarter in all market segments."
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