The following is a summary of the CTS Corporation (CTS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• CTS Corporation reported a Q1 2024 revenue of $126 million, showing a decrease of 14% as compared to Q1 2023.

• The company saw a decrease in its transportation sales by 10%, whereas non-transportation sales also declined by 17% compared to the same period last year.

• There was an increase of 86 basis points in adjusted gross margins to 36.2%, mostly due to operational improvements and an increased focus on non-transportation sales.

• Adjusted diluted earnings per share saw a decrease to $0.47 from the previous year's $0.61.

Business Progress:

• CTS Corporation's book-to-bill ratio saw an improvement to 1.07, indicating a potential recovery in the industrial end market.

• Q1 2024 marked the addition of several new customers and successful projects in therapeutic ultrasound and blood analysis sectors.

• Despite a slight decrease in defense sales, the company anticipates solid long-term prospects for the aerospace and defense end market.

• In the transportation sector, CTS Corporation secured new product victories and added a new EV customer, with a shift in focus towards electrification.

• For the full year 2024, CTS anticipates their sales to range between $530 million to $570 million, and adjusted diluted earnings per share between $2.10 to $2.35.

• Plans for future growth are expected to be driven by an increase in automation, connectivity, energy efficiency, and medical innovation.

More details: CTS Corp IR

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