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
The Justice Department has initiated a probe to find out if airlines are colluding to limit seating capacity in order to benefit from higher airfares. Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud has pledged to give away his entire wealth amounting to $32 billion for charity. He said the fund will be utilized for cultural understanding, develop communities, empower women, enable youth, provide vital disaster relief and create a more tolerant and accepting world. Toyota accepted the resignation of its Chief Communications Officer Julie Hamp, following her arrest in Japan for allegedly mailing banned painkillers to her address in Japan from U.S.
comments powered by Disqus
Follow RTT