CTS CORP

For the period ended Jun 30, 2024. Filed Jul 30, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Jul 30, 2024

CTS$60.50+4.5%Stored close · as of Nov 9, 2026

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Contents

Item 1. Financial Statements

CONDENSED CONSOLIDATED STATEM ENTS OF EARNINGS - UNAUDITED

(In thousands, except per share amounts)

	Three Months Ended		Six Months Ended
	June 30,	June 30,	June 30,	June 30,
	2024	2023	2024	2023
Net sales	$130,162	$145,182	$255,912	$291,176
Cost of goods sold	83,790	94,440	164,450	188,782
Gross margin	46,372	50,742	91,462	102,394
Selling, general and administrative expenses	21,332	23,694	43,591	45,673
Research and development expenses	6,086	6,721	12,687	13,307
Restructuring charges	1,190	1,895	2,884	2,807
Operating earnings	17,764	18,432	32,300	40,607
Other income (expense):
Interest expense	(833)	(818)	(1,635)	(1,512)
Interest income	1,441	1,072	2,827	2,135
Other expense, net	(603)	(2,606)	(2,066)	(2,441)
Total other income (expense), net	5	(2,352)	(874)	(1,818)
Earnings before income taxes	17,769	16,080	31,426	38,789
Income tax expense	3,062	3,183	5,600	7,548
Net earnings	$14,707	$12,897	$25,826	$31,241
Earnings per share:
Basic	$0.48	$0.41	$0.84	$0.99
Diluted	$0.48	$0.41	$0.84	$0.98
Basic weighted – average common shares outstanding:	30,511	31,488	30,627	31,560
Effect of dilutive securities	219	197	224	224
Diluted weighted – average common shares outstanding:	30,730	31,685	30,851	31,784
Cash dividends declared per share	$0.04	$0.04	$0.08	$0.08

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS ‑ UNAUDITED

	Three Months Ended		Six Months Ended
	June 30,	June 30,	June 30,	June 30,
	2024	2023	2024	2023
Net earnings	$14,707	$12,897	$25,826	$31,241
Other comprehensive earnings (loss):
Changes in fair market value of derivatives, net of tax	(1,675)	830	(944)	1,209
Changes in unrealized pension cost, net of tax	35	4	99	(30)
Cumulative translation adjustment, net of tax	(523)	2,159	(2,644)	3,183
Other comprehensive (loss) earnings	$(2,163)	$2,993	$(3,489)	$4,362
Comprehensive earnings	$12,544	$15,890	$22,337	$35,603

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.