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
Reports that Gary Cohn is considering resigning as President Donald Trump's top economic advisor have weighed on Wall Street, although the White House has denied the claims. Cohn, former president and chief operating officer of Goldman Sachs (GS), currently serves as the Director of the National Economic Council. A Pennsylvania woman has sued Chick-fil-A after she claimed a dead rodent was found baked into her chicken sandwich. Ellen Manfalouti of Northampton has filed a lawsuit in Bucks County Court against Chick-fil-A, seeking more than $50,000 for the physical and psychological damages that she endured after the incident occurred. Early Uber investor Shervin Pishevar has alleged that venture capital firm Benchmark Capital is seeking to remove Arianna Huffington from the ride-hailing company's board of directors. Pishevar also accused Benchmark of holding Uber hostage by threatening to block investments in the company and urged it to step down from Uber's board of directors.
comments powered by Disqus
Follow RTT