CTS Announces Q1 Revenues Up 10%
ELKHART, IN – CTS Corp. today announced its first-quarter EMS segment sales decreased $19.9 million, or 26%, from the same period last year.
EMS sales were down $12.5 million, or 18%, sequentially.
Overall revenues were $129.4 million, up 10% year-over-year. Net earnings were $4.4 million, compared to a net loss of $35.6 million in the first quarter of 2009.
The company’s Components and Sensors segment sales increased 74%, or $31.1 million, from last year, reflecting strong growth in global light vehicle production, particularly in North America, and higher market share, says the firm. Sales increased $8 million, or 12%, sequentially.
Sales of electronic component products increased 37% year-over-year. As a result, Components and Sensors segment sales, as a percent of total company sales, increased to 57% from 36% in the first quarter of 2009.
First-quarter sales of sensor and actuator products more than doubled from the same period last year, with increases across all product lines.
Management anticipates full-year 2010 sales to increase 12% to 20% over 2009, compared to the previous guidance of a 10% to 15% increase year-over-year.
