CTS announces first quarter 2022 results

LISLE - CTS Corporation (NYSE: CTS), a leading global designer and manufacturer of custom engineered solutions that "sense, connect and move" Thursday announced first quarter 2022 results.

"Our solid first quarter results highlight the progress of our diversification strategy and our ability to deliver enhanced profitability, with revenue growing 15% and Adjusted EBITDA margin expanding 350-basis points. Our acquisition of TEWA Sensors in the first quarter and our recently announced agreement to acquire Ferroperm demonstrate our efforts to expand growth of non-transportation end markets and will move this portion of the business closer to 50% of total revenues in the year ahead," said Kieran O'Sullivan, CEO of CTS Corporation.

"Demand remains robust across all end markets. Our strong balance sheet and solid cash flow generation continue to be key competitive advantages as we further execute on our strategic priorities and drive value for our shareholders."

Including the impact of the recent TEWA Sensors acquisition, CTS now expects full year 2022 sales to be in the range of $550-$580 million, up from the previous guidance of $525-$550 million and adjusted diluted EPS in the range of $2.20-$2.45, up from the previous guidance of $2.00-$2.25.

Management continues to carefully evaluate the impact of inflation, supply chain issues, COVID 19-related disruptions in China, and geopolitical risks.