CTS Beats On Q1 Earnings, Raises FY21 Guidance

CTS Corp CTS reported first-quarter FY21 revenue growth of 25% year-on-year to $128.4 million, beating the analyst consensus of $119.2 million.
Sales to transportation customers and sales to other end markets rose 23% and 27%, respectively. The Sensor Scientific acquisition added $1.8 million of sales in Q1.
New business wins amounted to $156 million.
Adjusted diluted EPS was $0.46, topping the consensus estimate of $0.37.
The company held $103.4 million in cash and equivalents as of Mar. 31, 2021. It generated $20.1 million in operating cash flow.
Guidance: The company raised the FY21 sales guidance from the previous range of $430 – $490 million to $445 – $500 million, in line with the analyst consensus of $473.27 million.
The adjusted EPS estimate was raised from $1.20 – $1.60 previously to $1.35 – $1.70, against the consensus estimate of $1.46.
Price action: CTS shares traded higher by 0.87% at $32.04 on the last check Thursday.

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