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UPDATE 1-CTS cuts 2012 rev growth forecast, to reduce 260 jobs
July 23, 2012 / 9:42 PM / 5 years ago

UPDATE 1-CTS cuts 2012 rev growth forecast, to reduce 260 jobs

July 23 (Reuters) - CTS Corp, a manufacturer of electronic components, cut its full-year sales outlook on negative economic growth in Europe and a stronger dollar, and said it will reduce 260 positions across its global operations.

The company now expects 2012 sales to grow 4 percent to 7 percent, lower than its previous forecast of 10 percent to 13 percent growth.

CTS reaffirmed its full-year 2012 adjusted earnings forecast of 75 cents to 80 cents per share.

The restructuring plan is expected to help the company save about $6 million annually, it said in a statement.

CTS took a charge of $3.8 million, or 8 cents per share, on the $5 million restructuring plan in the second quarter. It expects to recognize the remainder in the second half of the year.

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