(RTTNews) - While reporting financial results for the third quarter on Thursday, CTS Corp. (CTS) slashed its adjusted earnings and sales guidance for the full year 2019.
For fiscal 2019, the company lowered its adjusted earnings guidance to a range of $1.40 to $1.50 per share from the prior forecast range of $1.55 to $1.65 per share.
Sales for the full year are now expected to be in the range of $460 to $470 million, down from the prior guidance range between $470 million and $490 million.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.60 per share on sales of $476.35 million for the year. Analysts' estimates typically exclude special items.
"We are pleased with the QTI acquisition, which complements our strategic direction to further diversify our end market profile, and we expect it to be accretive in 2020," said Kieran O'Sullivan, CEO of CTS.
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