MTS Systems Q4 Adj. Profit Rises

(RTTNews) - MTS Systems Corp. (MTSC) reported fourth quarter adjusted earnings per share of $0.95 compared to $0.37, a year ago. Analysts polled by Thomson Reuters expected the company to report profit per share of $0.28, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA was $31.3 million, up 5.6% compared to the prior year.

Fourth quarter revenue declined to $215.05 million from $224.08 million, prior year. Analysts expected revenue of $203.15 million, for the quarter. Revenue was down 4.0% compared to the same prior year period, due to volume declines in Test & Simulation and Sensors.

On December 8, the company entered into a definitive agreement under which Amphenol Corporation (APH) will acquire MTS for $58.50 per share in cash, or approximately $1.7 billion, including the assumption of outstanding debt and liabilities, net of cash. The acquisition is expected to close by the middle of 2021.