ELKHART, IN – CTS Corp. today reported second-quarter revenues of $120.4 million, down 35.4% year-over-year, and up 2% sequentially.

The firm posted a second-quarter net loss of $7 million, following a first-quarter net loss of $35.6 million. Adjusted net earnings for the period were $2.1 million, compared to a first-quarter adjusted net loss of $1.1 million.
 
EMS segment sales declined 31% year-over-year, and dropped 7% compared to the first quarter, reflecting previously announced planned end-of-life sales reductions to Hewlett-Packard and lower overall computer and medical market demand.
 
Components and sensors segment revenues increased 17% sequentially, driven by a 31% improvement in automotive product shipments. Sales of electronic component products were flat from the first quarter, although there were pockets of modest growth in infrastructure product sales, the firm says.
 
Components and sensors segment sales decreased 41% from the same period last year, impacted by a 51% decline in North American light vehicle production and lower demand across all electronic component markets.
 
The company expects second half 2009 earnings to improve over the first half, despite limited forward visibility and continued weak economic conditions.
 
 

• Prev
• Next