Cts announces fourth quarter and full year 2016 results
Lisle, ill.--(business wire)--cts corporation (nyse:cts) today announced fourth quarter and full year 2016 results. fourth quarter 2016 results sales were $101.6 million, up 8.9% compared to 2015. sales to automotive customers increased 5.5%, and sales of electronic components grew 16.0%. net earnings were $8.3 million or $0.25 per diluted share. adjusted diluted eps was $0.29 compared to $0.20 in 2015. new business awards were $132 million. full year 2016 results sales were $396.7 million, up 3.8% compared to 2015. sales to automotive customers increased 2.0%, and sales of electronic components grew 7.3%. net earnings were $34.4 million or $1.03 per diluted share. adjusted diluted eps was $1.08 compared to $0.93 in 2015. new business awards were $488 million. “we achieved strong financial performance and solid new business awards,” said kieran o’sullivan, ceo of cts corporation. “our teams continued to drive operational improvement. in 2016, we acquired and integrated the single crystal technology and improved adjusted earnings by 16%. we also delivered another quarter of sales growth in the fourth quarter. our teams remain focused on driving profitable growth as we enter 2017.” 2017 guidance management expects full year 2017 sales to be in the range of $405 to $420 million. adjusted earnings per diluted share for 2017 are expected to be in the range of $1.12 to $1.22. conference call as previously announced, the company has scheduled a conference call at 11:00 a.m. (est) today to discuss the fourth quarter and full year financial results. the dial-in number is 888-542-1137 (719-325-2296, if calling from outside the u.s.). the conference i.d. number is 6367372. there will be a replay of the conference call from 2:00 p.m. (est) today through 2:00 p.m. (est) on tuesday, february 21, 2017. the telephone number for the replay is 888-203-1112 (719-457-0820, if calling from outside the u.s.). the access code is 6367372. 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 (loss) – unaudited (in thousands, except per share amounts) december 31,2016 december 31,2015 december 31,2016 december 31,2015 cts corporation and subsidiaries condensed consolidated balance sheets - unaudited (in thousands of dollars) december 31,2016 december 31,2015 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: december 31,2016 december 31,2015 december 31,2016 december 31,2015 additional information the following table includes other financial information not presented in the preceding financial statements. december 31,2016 december 31,2015 december 31,2016 december 31,2015 non-gaap financial measures adjusted earnings per share is a non-gaap financial measure. the most directly comparable gaap financial measure is diluted earnings per share. cts adjusts for these items because they are discrete events which have a significant impact on comparable gaap financial measures and could distort an evaluation of our normal operating performance. cts uses an adjusted earnings per share measure to evaluate overall performance, establish plans and perform strategic analysis. using this measure avoids distortion in the evaluation of operating results by eliminating the impact of events which are not related to normal operating performance. because this measure is based on the exclusion or inclusion of specific items, they may not be comparable to measures used by other companies which have similar titles. cts' management compensates for this limitation when performing peer comparisons by evaluating both gaap and non-gaap financial measures reported by peer companies. cts believes that this measure is useful to its management, investors and stakeholders in that it: provides a meaningful measure of cts' operating performance, reflects the results used by management in making decisions about the business, and helps review and project cts' performance over time. we recommend that investors consider both actual and adjusted measures in evaluating the performance of cts with peer companies.
