CTS Corporation

Good day, everyone, and thank you for standing by. Welcome to the CTS Corporation fourth quarter and full year 2020 earnings call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Kieran O'Sullivan. Please go ahead.

Thank you, Hannah. Good morning, and thank you for joining us today, and welcome to CTS's fourth quarter and full year 2020 conference call. Sales in the fourth quarter were $123 million, up 7% compared to the same period in 2019. Full year sales were $424 million compared to $469 million last year impacted by the pandemic in 2020. Today, all of our plants are operational with varying levels of capacity from 85% to 100%. Fourth quarter gross margin was up 110 basis points to 34.7% from the same period last year, Even the margin of 21.4% was up from 20.3% in the fourth quarter of 2019. Fourth quarter adjusted earnings per share of 43 cents were up 16% from 37 cents in the fourth quarter of 2019. Full year adjusted earnings per share of $1.12 were down from $1.45 last year. New business wins for the year were $442 million. down from the prior year as several OEMs pushed outsourcing decisions in 2020. Operating cash flow for 2020 was $77 million, up 19% from $64 million in 2019. In the fourth quarter, we acquired Sensor Scientific, a temperature sensing company primarily serving medical customers. Ashish Agarwal, our CFO, was with me for today's call as usual, and will take us through the safe harbor statement.

Ashish. I would like to remind our listeners that this conference call contains forward-looking statements. These statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Additional information regarding these risks and uncertainties is contained in the press release issued today, and more information can be found in the company's SEC filings. To the extent that today's discussion refers to any non-GAAP measures under Regulation G, the required explanations and reconciliations are available in the investor section of the CTS website. I will now turn the discussion back over to our CEO, Kiran.