Why CTS Stock Took a Hit on Tuesday
Shares of electronic-component company CTS Corporation (NYSE: CTS) fell sharply on Tuesday. The stock declined as much as 13.2% but was down 10.2% as of 11:10 a.m. ET.
Shares fell as the company, which makes and sells sensors and actuators for vehicles and connectivity components for telecommunications systems and information technology, reported fourth-quarter results that came in below analysts' average forecast. Revenue and adjusted earnings per share for the period were both below expectations.
CTS' fourth-quarter sales rose 7% year over year to $142.3 million. Adjusted earnings per share increased from $0.49 in the year-ago period to $0.56. Analysts, on average, were expecting fourth-quarter revenue and adjusted earnings per share of about $148.2 million and $0.58, respectively.
Source Fool.com
