The 10-second takeaway
For the quarter ended March 31 (Q1), CTS missed estimates on revenues and missed estimates on earnings per share.
Compared to the prior-year quarter, revenue grew slightly. Non-GAAP earnings per share stayed the same. GAAP earnings per share grew significantly.
Margins expanded across the board.
CTS reported revenue of $149.5 million. The two analysts polled by S&P Capital IQ expected revenue of $158.8 million on the same basis. GAAP reported sales were the same as the prior-year quarter's.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $0.14. The two earnings estimates compiled by S&P Capital IQ averaged $0.16 per share. Non-GAAP EPS of $0.14 were the same as the prior-year quarter. GAAP EPS of $0.10 for Q1 were 43% higher than the prior-year quarter's $0.07 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 20.9%, 590 basis points better than the prior-year quarter. Operating margin was 2.4%, 480 basis points better than the prior-year quarter. Net margin was 2.4%, 80 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $164.2 million. On the bottom line, the average EPS estimate is $0.20.
Next year's average estimate for revenue is $656.5 million. The average EPS estimate is $0.76.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on CTS is buy, with an average price target of $13.50.
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