CTS Corp (NYSE:CTS)
$ 52.3 -0.86 (-1.62%) Market Cap: 1.60 Bil Enterprise Value: 1.56 Bil PE Ratio: 30.76 PB Ratio: 3.07 GF Score: 71/100
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Q3 2022 CTS Corp Earnings Call Transcript

Oct 26, 2022 / 02:00PM GMT
Release Date Price: $36.17 (-17.80%)
Operator

Hello, everyone, and welcome to the CTS Q3 2022 Earnings Call. My name is Seb, and I will be the operator for your call today. (Operator Instructions). I will now hand the floor over to Kieran O'Sullivan, CEO, to begin. Please go ahead.

Kieran M. O;Sullivan
CTS Corporation - Chairman, President & CEO

' -

Thanks, Seb. Good morning, and welcome, everyone, to our third quarter 2022 earnings call. We delivered another strong quarter and reported solid financial results that were propelled forward by our strategic focus on diversification. Sales in the third quarter were $152 million, up approximately 24% compared to the third quarter of 2021. The third quarter adjusted gross margin was 36.6%, down 70 basis points from 37.3% in the third quarter of last year. Adjusted EBITDA margin of 22.3% was up 60 basis points from 21.7% in the same period in 2021. Third quarter adjusted earnings per diluted share of $0.62 were up 34% from $0.46 in the third quarter of 2021. Nontransportation sales accounted for approximately 48% of our overall revenue as we

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