CTS sales dip 10% for the year

LISLE - CTS Corp., which manufactures sensors, actuators and electronic components in North America, Europe and Asia, announced full year 2020 financial results on Tuesday.

Sales were $424 million for 2020, down 10% compared to the prior year, the company said. Sales to transportation customers declined 19%, and sales to other end markets increased 7%.

Net earnings were $34.7 million, or $1.06 per diluted share, versus $36.1 million, or $1.09 a diluted share, in 2019.

"We saw strength in most end markets and executed well to deliver solid financial results in the fourth quarter," said Kieran O'Sullivan, CEO of CTS Corporation. "We are making progress on our Focus 2025 strategic initiative, including a target of 10% annualized revenue growth. The recent (Sensor Scientific Inc.) acquisition strengthens our position with medical customers and advances our end market diversification."

Full year 2021 sales are expected to be in the range of $430 to $490 million, the company said. .

CTS sells engineered products to customers in the aerospace/defense, industrial, medical, telecommunications/IT, and transportation markets.