Cts announces third quarter 2017 results
Lisle, ill.--(business wire)--cts corporation (nyse:cts) today announced third quarter 2017 results. sales were $106.2 million, up 6.6% year-over-year. sales to automotive customers increased 5.8%, and sales of electronic components increased 7.9%. the noliac acquisition, completed in may 2017, added $2.6 million of sales in the third quarter of 2017. net earnings were $9.6 million or $0.29 per diluted share compared to $3.7 million or $0.11 per diluted share in the third quarter of 2016. adjusted eps was $0.31 per diluted share, up 11% from $0.28 in the third quarter of 2016. total booked business was $1.698 billion at the end of the third quarter of 2017, an increase of $156 million from the second quarter of 2017. “we made significant progress in the third quarter,” said kieran o’sullivan, ceo of cts corporation. “we delivered strong sales growth, increased our total booked business substantially, and continued to improve gross margins.” 2017 guidance management narrowed its guidance range for full year 2017. sales are expected to be in the range of $415 to $420 million. adjusted earnings per diluted share are expected to be in the range of $1.13 to $1.18. conference call as previously announced, the company has scheduled a conference call at 11:00 a.m. (edt) today to discuss the third quarter financial results. the dial-in number is 866-564-7440 (719-955-9038, if calling from outside the u.s.). the passcode is 984237. there will be a replay of the conference call from 2:00 p.m. (edt) today through 2:00 p.m. (edt) on thursday, november 9, 2017. the telephone number for the replay is 888-203-1112 (719-457-0820, if calling from outside the u.s.). the replay passcode is 6723795. a live audio webcast of the conference call will be available and can be accessed directly from the investors section of the website of cts corporation at www.ctscorp.com. about cts cts (nyse:cts) is a leading designer and manufacturer of products that sense, connect and move. cts manufactures sensors, actuators and electronic components in north america, europe and asia, and supplies these products to oems in the aerospace, communications, defense, industrial, information technology, medical and transportation markets. for more information visit www.ctscorp.com. safe harbor this document contains statements that are, or may be deemed to be, forward-looking statements within the meaning of the private securities litigation reform act of 1995. these forward-looking statements include, but are not limited to, any financial or other guidance, statements that reflect our current expectations concerning future results and events, and any other statements that are not based solely on historical fact. forward-looking statements are based on management's expectations, certain assumptions and currently available information. readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and are based on various assumptions as to future events, the occurrence of which necessarily are subject to uncertainties. these forward-looking statements are made subject to certain risks, uncertainties and other factors, which could cause our actual results, performance or achievements to differ materially from those presented in the forward-looking statements. many of these, and other, risks and uncertainties are discussed in further detail in item 1a. of cts’ annual report on form 10-k. we undertake no obligation to publicly update our forward-looking statements to reflect new information or events or circumstances that arise after the date hereof, including market or industry changes. cts corporation and subsidiaries condensed consolidated statements of earnings - unaudited (in thousands of dollars, except per share amounts) see notes to unaudited condensed consolidated financial statements. cts corporation and subsidiaries condensed consolidated balance sheets (in thousands of dollars) see notes to unaudited condensed consolidated financial statements. cts corporation and subsidiariesother supplemental information earnings per share the following table reconciles gaap diluted earnings per share to adjusted diluted earnings per share for the company: additional information the following table includes other financial information not presented in the preceding financial statements. september30, 2017 september30, 2016 september30, 2017 september30, 2016 additional information the following table includes other financial information not presented in the preceding financial statements. september30, 2017 september30, 2016 september30, 2017 september30, 2016
