ELKHART, IN – CTS Corp. reported third-quarter revenues of $165.7 million, up 11% over a year ago.
Sales at its EMS unit rose 13% to $100.8 million, driven by defense, communications and medical demand. Operating earnings increased $1.2 million on higher volumes and improved product mix. Sequentially, EMS sales rose 7%.
"Despite a challenging quarter from an operational perspective, relating to problems with a new automotive product launch, year-over-year sales trends remain positive, reflecting continued success with our growth initiatives. During the third quarter, we won two additional platforms for our accelerator pedal module and continued the strong pace of design wins for electronic components in infrastructure applications," said Donald Schwanz, chairman and chief executive.
CTS reiterated its prior full-year guidance of 6 to 8% sales growth, but lowered its profits guidance by 3 cents.
"Despite a challenging quarter from an operational perspective, relating to problems with a new automotive product launch, year-over-year sales trends remain positive, reflecting continued success with our growth initiatives. During the third quarter, we won two additional platforms for our accelerator pedal module and continued the strong pace of design wins for electronic components in infrastructure applications," said Donald Schwanz, chairman and chief executive.
CTS reiterated its prior full-year guidance of 6 to 8% sales growth, but lowered its profits guidance by 3 cents.
SAN JOSE – Flextronics reported a 23% rise in second-quarter net sales from continuing operations of $4.7 billion, a record. GAAP net income was a record $185 million for the second quarter ended Sept. 30, compared to a loss of $2 million a year ago.
Sales were up 16% sequentially. Operating margins at its EMS business improved by 10 basis points year-over-year and gross margin improved sequentially by 10 basis points.
MYRTLE BEACH, SC -- Passives components maker AVX Corp. reported second-quarter net income jumped 128% to $38.8 million over last year, while sales grew 15% to $374.6 million.
In a statement, chief executive and president John Gilbertson said, "After a good first quarter, we have seen continued growth in demand throughout the second quarter in all market segments."
STOCKHOLM -- Mydata Automation last month named Bengt Broman as its next president, replacing Mårten Lundberg, who is leaving the company after 18 years.
Broman is currently president of Teracom AB, and is a former president of LGP Allgon, which was partly owned by Mydata's parent, Skanditek.
In a press release, Broman said, "Mydata is a successful Swedish innovation company with a strong global position within its market segment. It will be extremely stimulating leading Mydata and its competent employees into the next phase of its development. My previous experience with Skanditek as principal owner is that the company adopts a long-term industrial approach, which I support."
Lundberg's will remain president until Broman is able to begin, which is expected to be sometime in early 2007. The company did not announce a transition date.
Under Lundberg, the company's annual sales grew from 28 million Krona ($3.83 million) in 1988 to 643 million Krona ($88 million) in 2005.
Broman is currently president of Teracom AB, and is a former president of LGP Allgon, which was partly owned by Mydata's parent, Skanditek.
In a press release, Broman said, "Mydata is a successful Swedish innovation company with a strong global position within its market segment. It will be extremely stimulating leading Mydata and its competent employees into the next phase of its development. My previous experience with Skanditek as principal owner is that the company adopts a long-term industrial approach, which I support."
Lundberg's will remain president until Broman is able to begin, which is expected to be sometime in early 2007. The company did not announce a transition date.
Under Lundberg, the company's annual sales grew from 28 million Krona ($3.83 million) in 1988 to 643 million Krona ($88 million) in 2005.
EL SEGUNDO, CA — Research firm iSuppli Corp. will host a free Webinar on India automotive electronics market next week. Jagdish Rebello, Ph. D., director and principal analyst for iSuppli, is the featured speaker.
India's automotive electronics market is set to expand 21.8 % over the next five years, predicts iSuppli, but is facing a host of potential roadblocks including weak infrastructure and government beauracracy.
The Webinar will take place on Nov. 1, at 11:30 a.m. EST. Visit: http://www.isuppli.com/events/default.asp?EventCode=WB.
India's automotive electronics market is set to expand 21.8 % over the next five years, predicts iSuppli, but is facing a host of potential roadblocks including weak infrastructure and government beauracracy.
The Webinar will take place on Nov. 1, at 11:30 a.m. EST. Visit: http://www.isuppli.com/events/default.asp?EventCode=WB.
ATLANTA -- Effective March 1, China will require labels on products sold to end-users that contain any substances that can be considered to fall under any of the six RoHS classes. But two problems persist: What the labels will look like, and the particulars of how companies will comply. Of particular concern are the unknowns at play preventing companies from compliance.
“The law didn’t specify what the labeling and disclosure requirements will be – just that there are labeling and disclosure requirements,” explains Michael Kirschner, president of Design Chain Associates, a consulting firm that has been closely tracking the issue.
“The law didn’t specify what the labeling and disclosure requirements will be – just that there are labeling and disclosure requirements,” explains Michael Kirschner, president of Design Chain Associates, a consulting firm that has been closely tracking the issue.
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