CTS CORP

For the period ended Sep 30, 2024. Filed Oct 29, 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.

Sep 30, 2024 · Filed Oct 29, 2024

CTS$61.48+1.6%Stored close · as of Nov 10, 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		Nine Months Ended
	September 30,	September 30,	September 30,	September 30,
	2024	2023	2024	2023
Net sales	$132,424	$134,552	$388,336	$425,728
Cost of goods sold	82,636	88,151	247,086	276,933
Gross margin	49,788	46,401	141,250	148,795
Selling, general and administrative expenses	22,509	18,666	66,100	64,339
Research and development expenses	5,031	6,321	17,718	19,628
Restructuring charges	773	3,226	3,657	6,033
Operating earnings	21,475	18,188	53,775	58,795
Other income (expense):
Interest expense	(1,307)	(997)	(2,942)	(2,509)
Interest income	973	952	3,800	3,087
Other income (expense), net	1,306	594	(761)	(1,847)
Total other income (expense), net	972	549	97	(1,269)
Earnings before income taxes	22,447	18,737	53,872	57,526
Income tax expense	3,764	4,766	9,364	12,314
Net earnings	$18,683	$13,971	$44,508	$45,212
Earnings per share:
Basic	$0.62	$0.45	$1.46	$1.44
Diluted	$0.61	$0.44	$1.45	$1.43
Basic weighted – average common shares outstanding:	30,300	31,302	30,517	31,474
Effect of dilutive securities	236	209	230	216
Diluted weighted – average common shares outstanding:	30,536	31,511	30,747	31,690
Cash dividends declared per share	$0.04	$0.04	$0.12	$0.12

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS ‑ UNAUDITED

	Three Months Ended		Nine Months Ended
	September 30,	September 30,	September 30,	September 30,
	2024	2023	2024	2023
Net earnings	$18,683	$13,971	$44,508	$45,212
Other comprehensive earnings (loss):
Changes in fair market value of derivatives, net of tax	(2,460)	(392)	(3,404)	816
Changes in unrealized pension cost, net of tax	(5)	22	94	(7)
Cumulative translation adjustment, net of tax	3,707	(3,996)	1,063	(812)
Other comprehensive earnings (loss)	$1,242	$(4,366)	$(2,247)	$(3)
Comprehensive earnings	$19,925	$9,605	$42,261	$45,209

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.