Gabelli On CTS 1Q11 Results

Gabelli & Company has issued a report regarding the 1Q11 results from CTS Corp CTS. According to Gabelli, "Sales of $152mn (17% yoy, 4.5% qoq) and EPS of $0.15 (vs. $0.13 last year) vs. our 1Q11 estimates of $145.0mn (11.8% yoy) and $0.19... Gross margin: 19.2% vs. 23.6% in 1Q10, lower gross margin because of higher EMS mix and higher R&D." CTS is Buy rated and closed at $10.73 a share yesterday.