Reading time ( words)
CTS Corporation has announced fourth quarter and full year 2020 results.
Fourth Quarter 2020 Results
- Sales were $123 million, up 7% year-over-year. Sales to transportation customers increased 12%, and sales to other end markets were essentially flat.
- Net earnings were $14.9 million or $0.46 per diluted share versus $10.1 million or $0.31 last year.
- Adjusted diluted EPS was $0.43, up 16% from $0.37 in the fourth quarter of 2019.
- Free cash flow was $22.0 million, up 28% from $17.2 million in 2019.
- New business wins were $104 million.
Full Year 2020 Results
- Sales were $424 million, down 10% compared to 2019. Sales to transportation customers declined 19%, and sales to other end markets increased 7%.
- Net earnings were $34.7 million or $1.06 per diluted share versus $36.1 million or $1.09 last year.
- Adjusted diluted EPS was $1.12 compared to $1.45 in 2019.
- Free cash flow was $61.9 million, up 45% from $42.7 million last year.
- New business wins were $442 million.
“We saw strength in most end markets and executed well to deliver solid financial results in the fourth quarter,” said Kieran O’Sullivan, CEO of CTS Corporation. “We are making progress on our Focus 2025 strategic initiative, including a target of 10% annualized revenue growth. The recent SSI acquisition strengthens our position with medical customers and advances our end market diversification.”
Management remains mindful of market and supply chain uncertainties in this pandemic environment. Full year 2021 sales are expected to be in the range of $430 to $490 million. Adjusted earnings per diluted share for 2021 are expected to be in the range of $1.20 to $1.60. Management aims to narrow the guidance range as the year progresses.