CTS Corp (NYSE:CTS)
$ 52.72 -0.4 (-0.75%) Market Cap: 1.59 Bil Enterprise Value: 1.63 Bil PE Ratio: 27.18 PB Ratio: 3.00 GF Score: 76/100
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Q3 2020 CTS Corp Earnings Call Transcript

Oct 29, 2020 / 02:00PM GMT
Release Date Price: $26.46 (+3.64%)
Operator

Good day, and welcome to the CTS Corporation Third Quarter 2020 Earnings Call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Mr. Kieran O'Sullivan. Please go ahead, sir.

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

' -

Thank you, Greg -- thank you, Grace. Good morning, and thank you for joining us today, and welcome to CTS' Third Quarter 2020 Conference Call.

I'll begin by sharing a few thoughts on our business performance and our operations. As mentioned on our last earnings call, we expected sales to improve in the third quarter. Sales were $113.8 million in the quarter, down 2% in the third quarter of 2019 and up 35% sequentially. Third quarter gross margin was 32.4% compared to 32% in the same period in 2019, up 40 basis points and up 80 basis points sequentially from the second quarter of this year.

Third quarter adjusted earnings per share was $0.34, up 17% from $0.29 in the third quarter of last year and up from $0.18 in the second quarter

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