Benzinga | Apr 29, 2021 11:43AM EDT

CTS Beats On Q1 Earnings, Raises FY21 Guidance

* CTS Corp (NYSE: CTS) reported first-quarter FY21 revenue growth of 25% year-on-year to $128.4 million, beating the analyst consensus of $119.2 million.

* Sales to transportation customers and sales to other end markets rose 23% and 27%, respectively. The Sensor Scientific acquisition added $1.8 million of sales in Q1.

* New business wins amounted to $156 million.

* Adjusted diluted EPS was $0.46, topping the consensus estimate of $0.37.

* The company held $103.4 million in cash and equivalents as of Mar. 31, 2021. It generated $20.1 million in operating cash flow.

* Guidance: The company raised the FY21 sales guidance from the previous range of $430 -- $490 million to $445 -- $500 million, in line with the analyst consensus of $473.27 million.

* The adjusted EPS estimate was raised from $1.20 -- $1.60 previously to $1.35 -- $1.70, against the consensus estimate of $1.46.

* Price action: CTS shares traded higher by 0.87% at $32.04 on the last check Thursday.