Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

CTS Corp. Says Thailand EMS Facility Has Been Restored; Details Weak Q1 Earnings

RELATED NEWS
Trade CTS now with 

Electronics components and sensors maker CTS Corp. (CTS: Quote) said Friday its EMS factory in Thailand, which was shut down due to flooding in the fourth quarter 2011, has been fully restored and operational.

The company said production for customers has begun to be transferred from its California facilities back to its Thailand operations in the second quarter.

Normalized production levels for all customers are anticipated by the end of June.

The company noted that flood-related insurance reimbursements are lagging actual incurred expenses by several months. As a result, about $0.08 per share of insurance reimbursements originally expected in the first quarter are now anticipated in the second quarter.

In addition, some customer-related reimbursements of about $0.02 per share and a slow start of the first quarter, with lower volumes in January and early February, will make the first quarter earnings weaker due to timing.

CTS is now estimating first quarter 2012 earnings of about $0.05 - $0.07 per share. However, the company said it continues to expect 2012 full-year earnings of $0.75 - $0.80 per share..

Click here to receive FREE breaking news email alerts for CTS Corp and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Oracle Corp. said Wednesday after the markets closed that its second quarter profit fell 2% from last year, hurt mainly by higher income tax expenses even as revenue increased 3%. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue. Apple's iPhone-based Apple Pay system is gaining momentum nationwide with a host of new banks and retailers signing on. The system allows users to link a credit card directly to their device for payments and Apple now says they have deals with banks that account for 90 percent of the debit card transactions in the US. The current drop in fuel prices could lead to a major sales dip for electric automaker Tesla, according to some industry experts. The Elon Musk led manufacturer had predicted sales of over 500,000 new vehicles by 2020, but now that number could fall by as much as 40 percent.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.