logo
Share SHARE
FONT-SIZE Plus   Neg

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

Electronics components and sensors maker CTS Corp. (CTS) 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..

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Bank of Nova Scotia or otherwise known as Scotiabank, Friday reported lower net profit for the third quarter, in the absence of a year-ago gain. Earnings per share, however, came in line with the Street view. Further, the company said it raised its quarterly dividend by 2 cents. Non-traditional discount and variety stores operator Big Lots Inc. (BIG) Friday reported a decline in net profit for the second quarter, while net sales grew 1.2 percent from the prior year. Comparable sales for the quarter increased 2.8 percent. Google has rejected the European Union's charges that it abused its market power and the demanded that it change the way it ranks online comparison shopping services in its search results, setting up a potentially long legal battle with the EU regulator empowered to levy billions of euros in fines
comments powered by Disqus
RELATED NEWS
Trade CTS now with 
Follow RTT