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
Consumers spent less in July than in the previous month, a surprise retreat that complicates the prevailing belief that the U.S. economic situation is improving. Along with the unexpected drop in spending, government figures released on Friday showed that incomes rose at a slower pace in July than in the previous month. Meanwhile, data on prices indicated that inflation pressures remain tame. India's economy grew faster-than-expected in the three months to June and at the strongest pace in two years, preliminary figures from the Central Statistics Office revealed Friday. Gross domestic product grew 5.7 percent in the April to June quarter, which exceeded economists' forecast for 5.5 percent expansion. The economy grew 4.6 percent in the previous three months. Eurozone inflation slowed as expected in August on falling energy prices giving room for the central bank to support demand and economic recovery without stoking inflation and help the region to create more jobs. The unemployment rate remained unchanged at an elevated level in July. Nonetheless, it was at the lowest since September 2012.
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.