CTS Corporation (CTS)

Gross profit margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Gross profit	US$ in thousands	190,859	210,538	184,619	139,063	157,575
Revenue	US$ in thousands	550,422	586,869	512,925	424,066	468,999
Gross profit margin		34.68%	35.87%	35.99%	32.79%	33.60%

December 31, 2023 calculation

Gross profit margin = Gross profit ÷ Revenue
= $190,859K ÷ $550,422K
= 34.68%

CTS Corp.'s gross profit margin has exhibited some fluctuations over the past five years. In 2023, the gross profit margin decreased to 34.68% from 35.87% in 2022, which indicates a slight decline in the company's ability to generate profits from its core business activities. Despite this decrease, the gross profit margin in 2023 remains relatively consistent with the levels observed in 2021 and 2019. It is worth noting that the gross profit margin experienced a notable increase in 2021 compared to 2020, indicating improvement in the company's efficiency in managing production costs and generating revenue. Overall, CTS Corp. should continue to monitor its gross profit margin closely to ensure sustainable profitability and operational efficiency.