CTS Corporation reported a decrease in first-quarter earnings compared to the same time last year. However, the figures still surpassed what industry experts had predicted.
The company announced earnings amounting to a total of $11.119 million, or $0.36 per share. To put things in perspective, the company had a more robust performance during the same period in the previous year, generating $18.344 million or $0.58 per share.
Still, excluding certain factors, CTS Corporation's adjusted earnings came out to be $14.6 million or $0.47 per share for this period.
Analysts had, on average, anticipated the company's earnings to be $0.41 per share. It's worth noting that these estimates usually leave out special items. These estimations come from the consolidated data provided by Thomson Reuters.
On the other hand, the company's revenue for the quarter declined by 13.9% to $125.750 million from $145.994 million last year.
Let's have a quick glance at the CTS Corporation earnings according to generally accepted accounting principles (GAAP):
- Earnings for Q1 totaled $11.119 million against the $18.344 million earned last year.
- Earnings per share (EPS) for Q1 are $0.36, a decrease from the previous year's $0.58.
- Revenue for Q1 is $125.750 million, lower than the $145.994 million generated last year.
In terms of projections for the entire year, the company anticipates an earnings per share (EPS) ranging from $2.10 to $2.35. Similarly, the annual revenue is expected to fall in the vicinity of $530 million to $570 million.
