MTS Systems Corporation (NASDAQ:MTSC) shares were fairly flat on the release of quarterly earnings.
The company, out of Eden Prairie, Minnesota, claims to be a leading global supplier of advanced test systems, motion simulators and precision sensors.
For the fiscal year, MTS generated operating cash flow of $47.8 million. It also grew backlog to $457.6 million , an increase of 8.9% over prior year
MTS reported revenue of $828.6 million, a decline of 7.2% over prior year. Reported GAAP diluted loss per share of $14.16, including $15.16 of non-cash impairment of assets Delivered adjusted diluted earnings per share of $2.03, including $0.93 of amortization expense.
Late last week, MTS entered into a definitive agreement under which Amphenol Corporation (NYSE: 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, subject to certain regulatory approvals, shareholder approval and other customary closing conditions.
Test & Simulation orders during the quarter were $135.2 million , up 16.0% compared to the prior year primarily driven by the addition of wind energy orders from the acquisition of R&D and an increase in service orders as customers sites have resumed more normalized activities. The increase was partially offset by lower orders in our materials and structures sectors and our product rationalization efforts in China .
MTSC shares poked up 11 cents to $58.35, while shares in APH gained $1.35, or 1%, to $131.65.
