CTS Corp. (CTS, Financial) filed Quarterly Report for the period ended 2010-10-03.
Cts Corp. has a market cap of $351.1 million; its shares were traded at around $10.3 with a P/E ratio of 16.6 and P/S ratio of 0.7. The dividend yield of Cts Corp. stocks is 1.2%.CTS is in the portfolios of Mario Gabelli of GAMCO Investors, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Sales in the EMS segment decreased $3.1 million, or 4.4%, in the third quarter of 2010 from the third quarter of 2009. The decrease in sales was primarily attributable to lower sales of $5.6 million in the defense and aerospace and $3.5 million in medical markets due to reduced customer demand and timing of new programs, partially offset by increases in the industrial and communications markets of $4.5 million and $2.0 million, respectively.
Sales of $139.4 million in the third quarter of 2010 increased $12.8 million, or 10.1%, from the third quarter of 2009 primarily attributable to an increase in automotive market sales of $7.2 million, reflecting improvement in global light vehicle production and new product introductions, and higher electronic component sales of $8.7 million due to increased customer demand and new product introductions. EMS segment sales decrease of $3.1 million was primarily attributable to lower sales of $5.6 million in the defense and aerospace and $3.5 million in medical markets due to reduced customer demand and timing of new programs, partially offset by increases in the industrial and communications markets of $4.5 million and $2.0 million, respectively, due to higher customer demand resulting from generally improved economic trends.
Net earnings were $6.9 million, or $0.20 per diluted share, in the third quarter of 2010 compared with a net income of $4.5 million, or $0.13 per share, in the third quarter of 2009.
Sales in the Components and Sensors segment increased $69.7 million, or 47.2%, from the first nine months of 2009, primarily attributable to an increase in automotive market sales of $44.6 million, reflecting improvement in global light vehicle production and higher electronic component sales of $25.1 million due to generally improved economic trends driving increased customer demand and new product introductions.
Sales in the EMS segment decreased $27.2 million, or 12.5%, in the first nine months of 2010 versus the first nine months of 2009. The decrease in sales was primarily attributable to lower sales of $24.5 million in the defense and aerospace market, $15.2 million in the computer market and $10.0 million the medical market due to reduced customer demand, offset by higher sales in the communications and industrial markets of $12.7 million in the communications, $5.5 million in the industrial markets and $4.3 million in the other markets. The decrease in sales in the computer market was driven by $15.4 million lower sales to our customer Hewlett-Packard due to a product that essentially reached end-of-life in 2009. End-of-life typically means that the product is no longer required by the customer due to a design change or technological advancement.
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Cts Corp. has a market cap of $351.1 million; its shares were traded at around $10.3 with a P/E ratio of 16.6 and P/S ratio of 0.7. The dividend yield of Cts Corp. stocks is 1.2%.CTS is in the portfolios of Mario Gabelli of GAMCO Investors, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Sales in the Components and Sensors segment increased $15.9 million, or 28.6%, from the third quarter of 2009 primarily attributable to an increase in automotive market sales of $7.2 million, reflecting improvement in global light vehicle production and new product introductions, and higher electronic component sales of $8.7 million due to generally improved economic trends driving increased customer demand and new product introductions.Sales in the EMS segment decreased $3.1 million, or 4.4%, in the third quarter of 2010 from the third quarter of 2009. The decrease in sales was primarily attributable to lower sales of $5.6 million in the defense and aerospace and $3.5 million in medical markets due to reduced customer demand and timing of new programs, partially offset by increases in the industrial and communications markets of $4.5 million and $2.0 million, respectively.
Sales of $139.4 million in the third quarter of 2010 increased $12.8 million, or 10.1%, from the third quarter of 2009 primarily attributable to an increase in automotive market sales of $7.2 million, reflecting improvement in global light vehicle production and new product introductions, and higher electronic component sales of $8.7 million due to increased customer demand and new product introductions. EMS segment sales decrease of $3.1 million was primarily attributable to lower sales of $5.6 million in the defense and aerospace and $3.5 million in medical markets due to reduced customer demand and timing of new programs, partially offset by increases in the industrial and communications markets of $4.5 million and $2.0 million, respectively, due to higher customer demand resulting from generally improved economic trends.
Net earnings were $6.9 million, or $0.20 per diluted share, in the third quarter of 2010 compared with a net income of $4.5 million, or $0.13 per share, in the third quarter of 2009.
Sales in the Components and Sensors segment increased $69.7 million, or 47.2%, from the first nine months of 2009, primarily attributable to an increase in automotive market sales of $44.6 million, reflecting improvement in global light vehicle production and higher electronic component sales of $25.1 million due to generally improved economic trends driving increased customer demand and new product introductions.
Sales in the EMS segment decreased $27.2 million, or 12.5%, in the first nine months of 2010 versus the first nine months of 2009. The decrease in sales was primarily attributable to lower sales of $24.5 million in the defense and aerospace market, $15.2 million in the computer market and $10.0 million the medical market due to reduced customer demand, offset by higher sales in the communications and industrial markets of $12.7 million in the communications, $5.5 million in the industrial markets and $4.3 million in the other markets. The decrease in sales in the computer market was driven by $15.4 million lower sales to our customer Hewlett-Packard due to a product that essentially reached end-of-life in 2009. End-of-life typically means that the product is no longer required by the customer due to a design change or technological advancement.
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