CTS Corporation(CTS) and its subsidiaries reported a net income of $18.3 million. The company's revenue for the same period amounted to $145.99 million. Let's take a closer look at the financial data and performance highlights for the three months ended March 31, 2023.
During the first quarter of 2023, CTS Corporation achieved a net income of $18.3 million. This figure indicates the profit generated by the company after deducting all expenses, including cost of goods sold, selling, general and administrative expenses, research and development expenses, restructuring charges, interest expenses, and income taxes.
The net income for the period declined compared to the same quarter in the previous year. In the first quarter of 2022, the company reported a net income of $20.2 million, representing a decrease of $1.9 million.
Revenue: CTS Corporation's Q1 Revenue Stands at $145.99 Million
CTS Corporation reported a total revenue of $145.99 million for the first quarter of 2023. The revenue figure represents the total sales generated by the company during the quarter from its products and services.
When compared to the same period in 2022, the revenue for the first quarter of 2023 declined slightly. In the first quarter of 2022, the company's revenue was $147.7 million, showing a decrease of $1.71 million.
Financial Performance Overview
The financial statements for the first quarter of 2023 show a mixed performance for CTS Corporation. While the company achieved a substantial revenue of $145.99 million, it experienced a slight decline in net income, settling at $18.3 million.
The gross margin for the quarter was $51.65 million, down from $54.34 million in the same quarter last year. Operating earnings stood at $22.18 million, lower than the $26.05 million reported in the first quarter of 2022.
Other aspects of the financial performance include interest income of $1.06 million, interest expense of $0.69 million, and other income of $0.17 million. The income tax expense for the quarter amounted to $4.37 million.
CTS Corporation's unaudited financial statements for the first quarter of 2023 reveal a decline in net income compared to the same period last year. Despite a decrease in net income, the company's revenue remains strong at $145.99 million for the quarter. The company continues to navigate market conditions, and stakeholders will be closely monitoring its performance in the upcoming quarters.