CTS (NYSE:CTS) Issues FY 2024 Earnings Guidance

CTS (NYSE:CTS) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 2.050-2.250 for the period, compared to the consensus EPS estimate of 2.210. The company issued revenue guidance of $515.0 million-$525.0 million, compared to the consensus revenue estimate of $526.6 million. CTS also updated its FY24 guidance to $2.05-2.25 EPS.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Scotiabank cut CTS from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 25th. StockNews.com raised shares of CTS from a “hold” rating to a “buy” rating in a research report on Thursday, October 10th.

CTS Price Performance

CTS stock traded up $1.25 during mid-day trading on Wednesday, reaching $50.98. 82,961 shares of the company were exchanged, compared to its average volume of 148,305. The company has a fifty day simple moving average of $47.77 and a 200-day simple moving average of $49.14. The firm has a market cap of $1.57 billion, a PE ratio of 29.48 and a beta of 0.57. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.41 and a quick ratio of 2.85. CTS has a 12 month low of $35.50 and a 12 month high of $55.47.

CTS (NYSE:CTS) last announced its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. The company had revenue of $130.16 million for the quarter, compared to analyst estimates of $133.33 million. CTS had a net margin of 10.70% and a return on equity of 11.98%. The firm’s revenue was down 10.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.59 EPS. As a group, equities research analysts expect that CTS will post 2.15 earnings per share for the current fiscal year.

CTS Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Friday, September 27th were given a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 0.31%. The ex-dividend date of this dividend was Friday, September 27th. CTS’s payout ratio is currently 9.41%.

About CTS

CTS Corporation manufactures and sells sensors, actuators, and connectivity components in North America, Europe, and Asia. The company provides encoders, rotary position sensors, slide potentiometers, industrial and commercial rotary potentiometers. It also provides non-contacting, and contacting pedals; and eBrake pedals.