Q3 2019 CTS Corp Earnings Call Transcript
Good day, and welcome to the CTS Corporation Third Quarter Earnings Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Kieran O'Sullivan. Please go ahead.
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Thank you, Lauren. Good morning. Thank you for joining us today, and welcome to CTS' Third Quarter 2019 Conference Call.
Third quarter sales were $115.7 million, down from $118.9 million in the same period last year. In the third quarter, we acquired QTI Sensing Solutions for $75 million, which is consistent with our stated strategy of portfolio diversification. Gross margins were 32% compared to 35.4% in the third quarter of 2018. Adjusted earnings per share were $0.29 compared to $0.39 in the third quarter of last year. We are taking measures designed to improve our performance, which I will discuss shortly. Total booked business increased 2% to $1.86 billion, up from $1.83 billion in the same period last year. Ashish Agrawal, our CFO, is with me for today's call
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