CTS reports fiscal year financial results

LISLE - CTS Corp., a global designer and manufacturer of custom engineered solutions, reported sales of $586.9 million in its 2022 fiscal year, up 14% year-over-year, driven by strength in non-transportation end markets, the company said. Non-transportation end markets grew 24%, while the transportation end market grew 7% compared to 2021.

Net income was $59.6 million, or 10% of sales, compared to a net loss of $41.9 million of sales in 2021. Net income in 2021 was impacted by the noncash pension charge of $96.6 million.

Earnings per share was $1.85 per diluted share, compared to minus $1.30 per diluted share in 2021.

Adjusted diluted earnings per share was $2.46, up from $1.93 in 2021.

"During the year, we advanced our diversification strategy through the completion of two acquisitions, while also gaining momentum with electric platform wins as we continue developing new products for hybrid and electric vehicles," said Kieran O'Sullivan, CEO of CTS Corp. "Looking ahead, we expect a softer first quarter, and an improving trend for the rest of 2023."