CTS Announces Second Quarter 2025 Results

LISLE, Ill., July 24, 2025 (GLOBE NEWSWIRE) -- CTS Corporation (NYSE: CTS), a leading global designer and manufacturer of custom engineered solutions that “Sense, Connect and Move,” today announced second quarter 2025 results. “We delivered another quarter of double-digit sales growth in the diversified end markets and achieved solid profitability with adjusted EBITDA margin expanding 130 basis points. We also generated strong operating cash flow in the quarter,” said Kieran O’Sullivan, CEO of CTS Corporation. “Our teams remain focused on diversification as a strategic priority through organic growth and acquisitions.” Second Quarter 2025 Results Sales were $135 million in the second quarter of 2025, up 4% year-over-year. Sales to diversified end markets increased 13%. Sales to the transportation end market decreased 6%.Net income was $19 million, or 14% of sales, up from $15 million, or 11% of sales, in the second quarter of 2024.Diluted EPS was $0.62, up from $0.48 in the second quarter of 2024.Adjusted diluted EPS was $0.57, up from $0.54 in the second quarter of 2024.Adjusted EBITDA margin was 23.0%, up from 21.7% in the second quarter of 2024.Operating cash flow was $28 million, compared to $20 million in the second quarter of 2024. 2025 Guidance Assuming the continuation of current market conditions, CTS is maintaining its guidance of sales in the range of $520-$550 million and adjusted diluted EPS to be in the range of $2.20-$2.35. CTS does not provide reconciliations of forward-looking non-GAAP financial measures, such as estimated adjusted diluted earnings per share, to the most comparable GAAP financial measures on a forward-looking basis because CTS is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of certain items, such as, but not limited to, restructuring costs, environmental remediation costs, acquisition-related costs, foreign exchange rates and other non-routine costs. Each of such adjustments has not yet occurred, are out of CTS' control and/or cannot be reasonably predicted. For the same reasons, CTS is unable to address the probable significance of the unavailable information. Conference Call and Supplemental Materials As previously announced, CTS has scheduled a conference call for 10:00 a.m. (ET) today. The dial-in numbers for access from the U.S. are: +1-833-470-1428 (Toll-Free) and +1-404-975-4839 (Local), if calling from outside the U.S., please refer to Global Dial In Numbers to identify the applicable dial-in number for your location. The passcode is 932754. In addition, CTS will be using a supplemental slide presentation that will be referred to during the call. The presentation and a live audio webcast of the conference call will be available and can be accessed directly from CTS’ website at https://investors.ctscorp.com/news-events/events-and-presentations/. Any replay, rebroadcast, transcript or other reproduction or transmission of this conference call, other than the replay accessible through the website noted above, has not been authorized by CTS and is strictly prohibited. Investors should be aware that any unauthorized reproduction of this conference call may not be an accurate reflection of its contents. About CTS CTS Corporation (NYSE: CTS) is a leading designer and manufacturer of products that Sense, Connect and Move. CTS manufactures sensors, actuators and electronic components in North America, Europe and Asia, and provides engineered products to customers in the aerospace & defense, industrial, medical and transportation markets. For more information, visit www.ctscorp.com/. Diversified end markets, previously referred as the “non-transportation” market, includes the industrial, aerospace & defense, and medical end markets. Cautionary Statement Regarding Forward-Looking Statements Readers are cautioned that the statements contained in this document regarding expectations of our performance or other matters that may affect our business, results of operations, or financial condition are, or may be deemed to be, “forward-looking statements” as defined by the “safe harbor” provisions in the Private Securities Litigation Reform Act of 1995. Such statements are made in reliance on the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included or incorporated in this document, including statements regarding our strategy, financial position, guidance, funding for continued operations, cash reserves, liquidity, projected costs, plans, projects, awards and contracts, and objectives of management, among others, are forward-looking statements. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “continued,” “project,” “plan,” “goals,” “opportunity,” “appeal,” “estimate,” “potential,” “predict,” “demonstrates,” “may,” “will,” “might,” “could,” “intend,” “shall,” “possible,” “would,” “approximately,” “likely,” “outlook,” “schedule,” “on track,” “poised,” “pipeline,” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are not guarantees of future performance, conditions or results. Forward-looking statements are based on management’s expectations, certain assumptions, and currently available information. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and are based on various assumptions as to future events, the occurrence of which necessarily are subject to uncertainties. These forward-looking statements are made subject to certain risks, uncertainties, and other factors, which could cause CTS’ actual results, performance, or achievements to differ materially from those presented in the forward-looking statements. Examples of factors that may affect future operating results and financial condition include, but are not limited to: supply chain disruptions; changes in the economy generally, including inflationary and/or recessionary conditions and increased tariffs, and in respect to the business in which CTS operates; unanticipated issues in integrating acquisitions including, without limitation the integration of SyQwest; the funding of contracts by the US Government; the results of actions to reposition CTS’ business; rapid technological change; general market conditions in the transportation, as well as conditions in the industrial, aerospace and defense, and medical markets; reliance on key customers; unanticipated public health crises, natural disasters or other events; environmental compliance and remediation expenses; the ability to protect CTS’ intellectual property; pricing pressures and demand for CTS’ products; risks associated with CTS’ international operations, including trade and tariff barriers, exchange rates and political and geopolitical risks (including, without limitation, the impact of tariffs on China, Canada and Mexico, and other nations, the potential impact of U.S./China relations and the impact of the conflicts in Ukraine, and the Middle East may have on our business, results of operations and financial condition); the amount and timing of any share repurchases; and the effect of any cybersecurity incidents on our business. Many of these, and other risks and uncertainties, are discussed in further detail in Item 1A. of CTS’ most recent Annual Report on Form 10-K and other filings made with the SEC. CTS undertakes no obligation to publicly update CTS’ forward-looking statements to reflect new information or events or circumstances that arise after the date hereof, including market or industry changes.  Contact Ashish Agrawal Vice President and Chief Financial Officer CTS Corporation 4925 Indiana Avenue Lisle, IL 60532 USA +1 (630) 577-8800 ashish.agrawal@ctscorp.com CTS CORPORATION AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - UNAUDITED(In thousands, except per share amounts) Three Months Ended Six Months Ended June 30,2025 June 30,2024 June 30,2025 June 30,2024 Net sales$135,309 $130,162 $261,078 $255,912 Cost of goods sold 82,878 83,790 162,099 164,450 Gross margin 52,431 46,372 98,979 91,462 Selling, general and administrative expenses 23,077 21,332 46,700 43,591 Research and development expenses 6,326 6,086 12,515 12,687 Restructuring charges 297 1,190 749 2,884 Operating earnings 22,731 17,764 39,015 32,300 Other (expense) income: Interest expense (1,121) (833) (2,289) (1,635)Interest income 622 1,441 1,068 2,827 Other income (expense), net 750 (603) 1,307 (2,066)Total other (expense) income, net 251 5 86 (874)Earnings before income taxes 22,982 17,769 39,101 31,426 Income tax expense 4,455 3,062 7,210 5,600 Net earnings$18,527 $14,707 $31,891 $25,826 Earnings per share: Basic$0.62 $0.48 $1.07 $0.84 Diluted$0.62 $0.48 $1.06 $0.84 Basic weighted – average common shares outstanding: 29,739 30,511 29,875 30,627 Effect of dilutive securities 251 219 285 224 Diluted weighted – average common shares outstanding: 29,990 30,730 30,160 30,851 Cash dividends declared per share$0.04 $0.04 $0.08 $0.08 CTS CORPORATION AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands of dollars) (Unaudited) June 30, 2025 December 31, 2024 ASSETS Current Assets Cash and cash equivalents$99,440 $94,334 Accounts receivable, net 85,578 77,649 Inventories, net 57,103 52,312 Other current assets 19,629 17,879 Total current assets 261,750 242,174 Property, plant and equipment, net 93,530 94,357 Operating lease assets, net 21,709 22,939 Other Assets Goodwill 207,547 201,304 Other intangible assets, net 161,785 163,882 Deferred income taxes 26,714 27,591 Other 11,694 13,180 Total other assets 407,740 405,957 Total Assets$784,729 $765,427 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities Accounts payable$47,265 $42,629 Accrued payroll and benefits 4,557 4,719 Operating lease obligations 17,444 15,754 Accrued expenses and other liabilities 31,200 35,361 Total current liabilities 100,466 98,463 Long-term debt 88,000 92,300 Long-term operating lease obligations 19,999 21,120 Long-term pension obligations 3,872 3,931 Deferred income taxes 14,233 12,743 Other long-term obligations 8,002 8,662 Total Liabilities 234,572 237,219 Commitments and Contingencies Shareholders’ Equity Common stock 324,682 321,979 Additional contributed capital 41,236 44,662 Retained earnings 682,360 652,851 Accumulated other comprehensive loss 12,020 (4,266)Total shareholders’ equity before treasury stock 1,060,298 1,015,226 Treasury stock (510,141) (487,018)Total shareholders’ equity 550,157 528,208 Total Liabilities and Shareholders’ Equity$784,729 $765,427 CTS CORPORATION AND SUBSIDIARIESOTHER SUPPLEMENTAL INFORMATION - UNAUDITED(In millions of dollars, except percentages and per share amounts) Non-GAAP Financial Measures From time to time, CTS may use non-GAAP financial measures in discussing CTS’ business. These measures are intended to supplement, not replace, CTS’ presentation of its financial results in accordance with U.S. GAAP. CTS believes that the non-GAAP financial measures presented are commonly used by financial analysts and others in the industries in which CTS operates, and thus further provide useful information to investors. CTS’ definitions of these non-GAAP financial measures may differ from those terms as defined or used by other companies. Non-GAAP measures should not be used by investors or third parties as the sole basis for formulating investment decisions, as they may exclude a number of important cash and non-cash recurring items. CTS has presented these non-GAAP financial measures as it believes that the presentation of its financial results that exclude (1) restructuring charges; (2) restructuring-related charges; (3) environmental charges; (4) acquisition-related adjustments; (5) inventory fair value step-up costs; (6) foreign exchange (gains) losses; (7) non-cash pension expenses (income); and (8) certain discrete tax items are useful and assist in comparing CTS’ current operating results with past periods and with the operational performance of other companies in its industry. Included below is a description of the expenses that CTS has determined are not normal, recurring cash operating expenses necessary to operate its business and the rationale for why providing financial measures for its business with such expenses excluded or adjusted is useful to investors as a supplement to the U.S. GAAP measures. Restructuring charges – costs primarily relating to workforce reduction costs, building and equipment relocation costs, asset impairment charges and other facility closure costs in connection with our continued optimization of our organization.Restructuring-related charges – costs related to restructuring actions that do not qualify as direct restructuring charges under US GAAP. These include duplicative expenses incurred due to the plant consolidation related transition activities such as excess rent, utilities, personnel related and other costs prior to start of production at the new location.Environmental charges – costs associated with our non-operating facilities that are unrelated to ongoing operations. Currently, none of these costs and accruals relate to sites that provide revenue generating activities for the Company.Acquisition-related adjustments – diligence and transaction costs related to acquisitions including related contingent earnout adjustments.Inventory fair value step-up costs – purchase accounting-related inventory costs from acquisitions.Foreign exchange (gains) losses – remeasurement income and expenses for non-U.S. subsidiaries with the U.S. dollar as the functional currency.Non-cash pension expenses (income) – pension income and expenses relating to the non-operating U.S. pension and post-retirement life insurance plans, including historical plan settlement activities.Discrete tax items – non-recurring, infrequent, or unusual tax adjustments (e.g., valuation allowances, uncertain tax position changes, unremitted assertion changes and discrete impacts associated with pre-tax non-GAAP items or due to tax law changes, etc.). At times, the reconciliations below have been intentionally rounded to the nearest thousand, or $0.01 for EPS figures, and, therefore, may not sum. Adjusted Gross Margin Three Months EndedJune 30, Six Months EndedJune 30, Twelve Months EndedDecember 31, 2025 2024 2025 2024 2024 2023 2022 Gross margin$52.4 $46.4 $99.0 $91.5 $187.6 $190.9 $210.5 Net sales$135.3 $130.2 $261.1 $255.9 $514.8 $550.4 $586.9 Gross margin as a % of net sales 38.7% 35.6% 37.9% 35.7% 36.4% 34.7% 35.9% Adjustments to reported gross margin: Restructuring-related charges (b) — 0.2 0.7 0.7 0.6 — Inventory fair value step-up (b) — — — — 2.1 — 4.0 Adjusted gross margin$52.4 $46.6 $99.0 $92.2 $190.4 $191.5 $214.5 Adjusted gross margin as a % of net sales 38.7% 35.8% 37.9% 36.0% 37.0% 34.8% 36.5% Adjusted Operating Earnings Three Months EndedJune 30, Six Months EndedJune 30, Twelve Months EndedDecember 31, 2025 2024 2025 2024 2024 2023 2022 Operating earnings$22.7 $17.8 $39.0 $32.3 $71.2 $75.1 $93.0 Net sales$135.3 $130.2 $261.1 $255.9 $514.8 $550.4 $586.9 Operating earnings as a % of net sales 16.8% 13.6% 14.9% 12.6% 13.8% 13.6% 15.8% Adjustments to reported operating earnings: Restructuring charges (c) 0.3 1.2 0.7 2.9 4.7 7.1 1.9 Restructuring-related charges (b) — 0.2 — 0.7 0.7 0.6 — Environmental charges (a) 0.2 0.5 0.4 0.7 1.6 3.5 2.8 Acquisition-related adjustments (a) (1.3) (0.3) (1.5) (0.6) (0.3) 0.4 0.8 Inventory fair value step-up (b) — — — — 2.1 — 4.0 Total adjustments to reported operating earnings$(0.8) $1.6 $(0.4) $3.8 $8.8 $11.5 $9.5 Adjusted operating earnings$21.9 $19.4 $38.6 $36.1 $80.0 $86.6 $102.5 Adjusted operating earnings as a % of net sales 16.2% 14.9% 14.8% 14.1% 15.5% 15.7% 17.5% Adjusted EBITDA Margin Three Months Ended June 30, Six Months Ended June 30, Twelve Months Ended December 31, 2025 2024 2025 2024 2024 2023 2022 Net earnings$18.5 $14.7 $31.9 $25.8 $55.5 $60.5 $59.6 Net sales$135.3 $130.2 $261.1 $255.9 $514.8 $550.4 $586.9 Net earnings margin 13.7% 11.3% 12.2% 10.1% 10.8% 11.0% 10.2% Depreciation and amortization expense 8.6 7.3 17.0 14.7 30.9 28.7 29.8 Interest expense 1.1 0.8 2.3 1.6 4.2 3.3 2.2 Tax expense 4.5 3.1 7.2 5.6 13.1 14.6 21.2 EBITDA 32.7 25.9 58.4 47.7 103.7 107.2 112.7 EBITDA Margin 24.2% 19.9% 22.4% 18.6% 20.1% 19.5% 19.2% Adjustments to EBITDA: Restructuring charges (c) 0.3 1.2 0.7 2.9 4.7 7.1 1.9 Restructuring-related charges (b) — 0.2 — 0.7 0.7 0.6 — Environmental charges (a) 0.2 0.5 0.4 0.7 1.6 3.5 2.8 Acquisition-related adjustments (a) (1.3) (0.3) (1.5) (0.6) (0.3) 0.4 2.5 Inventory fair value step-up (b) — — — — 2.1 — 4.0 Non-cash pension and related expense (d) — 0.1 0.1 0.1 0.2 — 4.8 Foreign currency (gain) loss (d) (0.8) 0.6 (1.3) 2.1 2.7 2.0 4.9 Total adjustments to EBITDA (1.6) 2.3 (1.6) 6.0 11.7 13.5 20.9 Adjusted EBITDA$31.1 $28.2 $56.8 $53.7 $115.4 $120.7 $133.6 Adjusted EBITDA Margin 23.0% 21.7% 21.8% 21.0% 22.4% 21.9% 22.8% Adjusted Net Earnings and Adjusted Diluted Earnings Per Share Three Months Ended June 30, Six Months Ended June 30, 2025 2025 2024 2024 2025 2025 2024 2024 Per share Per share Per share Per share Net earnings (A)$18.5 $0.62 $14.7 $0.48 $31.9 $1.06 $25.8 $0.84 Adjustments to reported net earnings: Restructuring charges (c) 0.3 0.01 1.2 0.04 0.7 0.03 2.9 0.09 Restructuring-related charges (a) — — 0.2 0.01 — — 0.7 0.02 Environmental charges (a) 0.2 0.01 0.5 0.02 0.4 0.01 0.7 0.02 Acquisition-related adjustments (a) (1.3) (0.05) (0.3) (0.01) (1.5) (0.05) (0.6) (0.02)Non-cash pension and related expense (d) — — 0.1 — 0.1 — 0.1 — Foreign currency (gain) loss (d) (0.8) (0.03) 0.6 0.02 (1.3) (0.04) 2.1 0.07 Total pretax adjustments to reported net earnings$(1.6) $(0.06) $2.3 $0.07 $(1.6) $(0.05) $6.0 $0.19 Income tax effect of above adjustments (f) 0.3 0.01 (0.5) (0.02) 0.1 — (1.0) (0.03)Total adjustments, tax affected (f) (B)$(1.3) $(0.05) $1.8 $0.06 $(1.5) $(0.05) $5.0 $0.16 Tax adjustments: Other discrete tax items (e) 0.1 — — — 0.1 — 0.3 0.01 Total tax adjustments (C)$0.1 $— $— $— $0.1 $— $0.3 $0.01 Adjusted net earnings (A+B+C) and Adjusted net earnings per share$17.3 $0.57 $16.5 $0.54 $30.5 $1.01 $31.1 $1.01 Net sales$135.3 $130.2 $261.1 $255.9 Net earnings as a % of net sales 13.7% 11.3% 12.2% 10.1% Adjusted net earnings as a % of net sales 12.8% 12.7% 11.7% 12.1% Twelve Months Ended December 31, 2024 2024 2023 2023 2022 2022 Per share Per share Per share Net earnings (A)$55.5 $1.80 $60.5 $1.92 $59.6 $1.85 Adjustments to reported net earnings: Restructuring charges (c) 4.7 0.15 7.1 0.22 1.9 0.06 Restructuring-related charges (a) 0.7 0.02 0.6 0.02 — — Environmental charges (a) 1.6 0.05 3.5 0.11 2.8 0.09 Acquisition-related adjustments (a) (0.3) (0.01) 0.4 0.01 2.5 0.08 Inventory fair value step-up (b) 2.1 0.07 — — 4.0 0.12 Non-cash pension and related expense (d) 0.2 0.01 — — 4.8 0.15 Foreign currency loss (d) 2.7 0.09 2.0 0.06 4.9 0.15 Total pretax adjustments to reported net earnings$11.7 $0.38 $13.5 $0.42 $20.9 $0.65 Income tax effect of above adjustments (f) (2.2) (0.07) (2.4) (0.07) (1.6) (0.05)Total adjustments, tax affected (f) (B)$9.5 $0.31 $11.1 $0.35 $19.3 $0.60 Tax adjustments: Increase in valuation allowances (e) — — — — — - Other discrete tax items (e) 0.3 0.01 (1.6) (0.05) 0.2 0.01 Total tax adjustments (C)$0.3 $0.01 $(1.6) $(0.05) $0.2 $0.01 Adjusted net earnings (A+B+C) and Adjusted net earnings per share$65.3 $2.12 $70.0 $2.22 $79.1 $2.46 Net sales$514.8 $550.4 $586.9 Net earnings as a % of net sales 10.8% 11.0% 10.2% Adjusted net earnings as a % of net sales 12.7% 12.7% 13.5% (a) Reflected in selling, general and administrative and other (expense) income, net.(b) Reflected in cost of goods sold.(c) Reflected in restructuring charges.(d) Reflected in other (expense) income, net.(e) Reflected in income tax expense (income). For 2022, the discrete tax items relate to the net impact to tax expense of expired research and development credits, including the release of associated reserves. For 2023, discrete tax items include adjusting for tax benefits resulting from $0.6 million for research and development tax credits from prior years, $0.8 million in foreign tax credits related to prior years from a 2023 tax law change, as well as $0.2 million from the release of uncertain tax benefits. For 2024, the discrete tax items relate to items we deemed outside normal cash-generating operations including the addition of a valuation allowance for a foreign subsidiary. For 2025, the discrete tax items relate to items we deemed outside normal cash-generating operations including the addition of a valuation allowance for research and developmental credits and the tax impacts of an immaterial correction of a prior period error.(f) We determine the tax effect of non-GAAP adjustments by considering the tax laws and statutory income tax rates applicable in the tax jurisdictions of the underlying non-GAAP adjustments. For all periods presented, we applied the statutory income tax rates to the taxable portion of all of our adjustments. Our acquisition costs and foreign currency gains and losses included in our non-GAAP adjustments were not deductible for income tax purposes; therefore, no statutory income tax rate was applied to such costs. NOTE: CTS believes that adjusted gross margin, adjusted operating earnings, adjusted EBITDA margin, adjusted net earnings and adjusted diluted earnings per share provide useful information to investors regarding its operational performance because they enhance an investor’s overall understanding of CTS’ core financial performance and facilitate comparisons to historical results of operations, by excluding items that are not related directly to the underlying performance of CTS’ fundamental business operations (such as those items noted above in the paragraph titled “Non-GAAP Financial Measures”) or were not part of CTS’ business operations during a comparable period. Controllable Working Capital June 30, December 31, 2025 2024 2024 2023 2022 Net accounts receivable$85.6 $85.4 $77.6 $78.6 $90.9 Net inventory$57.1 $51.7 $52.3 $60.0 $62.3 Accounts payable$(47.3) $(40.9) $(42.6) $(43.5) $(53.2) Controllable working capital$95.4 $96.2 $87.3 $95.1 $100.0 Quarter sales$135.3 $130.2 $126.4 $124.7 $142.3 Multiplied by 4 4 4 4 4 4 Annualized sales$541.2 $520.6 $505.6 $498.8 $569.1 Controllable working capital as a % of annualized sales 17.6% 18.5% 17.3% 19.1% 17.6% NOTE: CTS believes the controllable working capital ratio is a useful measure because it provides an objective measure of the efficiency with which CTS manages its short-term capital needs. Free Cash Flow Three Months EndedJune 30, Six Months EndedJune 30, Twelve Months EndedDecember 31, 2025 2024 2025 2024 2024 2023 2022 Net cash provided by operating activities$28.4 $19.6 $43.9 $37.9 $98.2 $88.8 $121.2 Capital expenditures (3.3) (4.6) (7.7) (8.7) (18.6) (14.7) (14.3)Free cash flow$25.1 $15.0 $36.2 $29.3 $79.6 $74.1 $106.9 Operating cash flow as a percentage of net earnings 153% 133% 138% 147% 177% 147% 203%Free cash flow as a percentage of adjusted net earnings 145% 91% 119% 94% 122% 106% 135% NOTE: CTS believes that free cash flow is a useful measure because it demonstrates the company’s ability to generate cash. Free cash flow is a non-GAAP measure and should be considered in addition to, but not as a substitute for, information contained in the company's condensed consolidated statement of cash flows as a measure of liquidity. Capital Expenditures Three Months Ended June 30, Six Months Ended June 30, Twelve Months Ended December 31, 2025 2024 2025 2024 2024 2023 2022 Capital expenditures$3.3 $4.6 $7.7 $8.7 $18.6 $14.7 $14.3 Net sales$135.3 $130.2 $261.1 $255.9 $514.8 $550.4 $586.9 Capex as % of net sales 2.4% 3.6% 2.9% 3.4% 3.6% 2.7% 2.4% Additional Information The following table includes other financial information not presented in the preceding financial statements. Three Months EndedJune 30, Six Months EndedJune 30, Twelve Months EndedDecember 31, 2025 2024 2025 2024 2024 2023 2022 Depreciation and amortization expense$8.6 $7.3 $17.0 $14.7 $30.9 $28.7 $29.8 Stock-based compensation expense$0.6 $1.3 $2.3 $2.5 $5.7 $5.2 $7.7 The Company updated certain previously furnished 2024 amounts due to immaterial errors identified. Refer to Note 1, "Basis of Presentation" in the Quarterly Report on Form 10-Q as of June 30, 2025 for more information.

CTS Announces Second Quarter 2025 Results

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