LISLE, Ill., March 05, 2020 (GLOBE NEWSWIRE) -- CTS Corporation (NYSE:CTS) announced today that as a result of the COVID-19 outbreak the Company is assessing the impact on its full year 2020 sales and adjusted diluted EPS guidance provided on February 4, 2020. The outbreak is having a material unfavorable impact on our first quarter results. The situation continues to evolve, and we are currently unable to quantify the full year financial impact.
Our teams at our China facilities are diligently working to get back to normal operations. However, the potential impact of further outbreaks, logistics, and customer schedules make it difficult to forecast demand.
"Our first priorities are the safety of our employees and the supply of product to our customers. Our thoughts are with the individuals who are most directly affected by the outbreak, and we are taking steps to ensure the safety of all of our employees," said Kieran O'Sullivan, CEO of CTS Corporation. "We know first quarter results are being negatively impacted, and we are still assessing the impact over the balance of 2020. We currently expect first quarter results to be in range of $95 to $105 million for sales and $0.15 to $0.23 for adjusted diluted EPS. We will provide an update to our annual guidance in our first quarter earnings release."