CTS (NYSE:CTS) Releases FY 2024 Earnings Guidance

CTS (NYSE:CTS) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 2.050-2.250 for the period, compared to the consensus 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.

CTS Stock Up 2.3 %

CTS stock traded up $1.11 during midday trading on Tuesday, hitting $49.65. 38,138 shares of the company’s stock were exchanged, compared to its average volume of 147,736. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.85 and a current ratio of 3.41. The company has a market cap of $1.53 billion, a PE ratio of 28.55 and a beta of 0.57. The firm has a 50-day moving average of $47.72 and a two-hundred day moving average of $49.11. CTS has a 12 month low of $35.50 and a 12 month high of $55.47.

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

CTS Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Friday, September 27th were given a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 0.32%. The ex-dividend date was Friday, September 27th. CTS’s payout ratio is currently 9.41%.

Analyst Upgrades and Downgrades

Several research firms have commented on CTS. StockNews.com raised shares of CTS from a “hold” rating to a “buy” rating in a research report on Thursday, October 10th. Scotiabank downgraded shares of CTS from a “strong-buy” rating to a “hold” rating in a research note on Friday.

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.