CTS (NYSE:CTS) Updates FY 2024 Earnings Guidance

CTS (NYSE:CTS) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 2.050-2.250 for the period, compared to the consensus earnings per share 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 2.5 %

Shares of CTS traded up $1.25 during trading hours on Wednesday, reaching $50.98. The company’s stock had a trading volume of 82,961 shares, compared to its average volume of 148,305. CTS has a 1-year low of $35.50 and a 1-year high of $55.47. The company has a quick ratio of 2.85, a current ratio of 3.41 and a debt-to-equity ratio of 0.12. The firm has a market cap of $1.57 billion, a price-to-earnings ratio of 29.48 and a beta of 0.57. The company has a 50 day moving average of $47.77 and a two-hundred day moving average of $49.14.

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

CTS Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Friday, September 27th were issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.31%. The ex-dividend date was Friday, September 27th. CTS’s dividend payout ratio (DPR) is presently 9.41%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CTS shares. Scotiabank downgraded CTS from a “strong-buy” rating to a “hold” rating in a report on Friday, October 25th. StockNews.com upgraded CTS from a “hold” rating to a “buy” rating in a research report on Thursday, October 10th.

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.