CTS Corp (NYSE:CTS)
$ 53.62 0.76 (1.44%) Market Cap: 1.64 Bil Enterprise Value: 1.55 Bil PE Ratio: 31.54 PB Ratio: 3.15 GF Score: 74/100
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Q1 2021 CTS Corp Earnings Call Transcript

Apr 29, 2021 / 02:00PM GMT
Release Date Price: $29.89 (-5.89%)
Operator

Good day, and welcome to the CTS Corporation First Quarter 2021 Earnings Call. Today's conference is being recorded.

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

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

' -

Thank you, Olivia. Good morning. Thank you for joining us today and welcome to CTS's First Quarter 2021 Conference Call. Sales in the first quarter were $128 million, up 25% compared to the same period in 2020. While customer demand has been robust, we have been challenged by supply chain disruptions, including the impact of semiconductor and resin shortages, customer shutdowns and increasing logistic costs due to the ongoing COVID-19 pandemic. We are also seeing increases in raw material pricing, which have been significant in some cases. We expect some of the supply chain challenges to persist through the second quarter with the potential to improve from that point forward.

First quarter gross margin was 33.2%, up 130 basis points from 31.9% in the

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