CTS Corporation

Good day and welcome to the CTS Corporation second quarter 2021 earnings call. Today's conference is being recorded. At this time, I would like to turn the conference over to Kieran O'Sullivan. Please go ahead, sir.

Thank you, Tracy. Good morning. Thank you for joining us today and welcome to CTS's second quarter 2021 conference call. Sales in the second quarter were $129.6 million, up 54% compared to the same period in 2020. Customer demand remains robust while supply challenges persist, especially for automotive products. Second quarter gross margin was 36.8%, up 525 basis points from 31.6% in the second quarter of 2020. Though improved, gross margin performance continues to be impacted by semiconductor and commodity price increases, as well as increased logistics costs. EBITDA margin of 21.5% was up 480 basis points from 16.7% in the same period last year. Second quarter adjusted earnings per share of 52 cents were up 225% from 16 cents in the second quarter of 2020. Later, Ashish will add color to the GAAP performance including a non-cash charge related to the U.S. pension plan termination. Operating cash flow of $19 million was up from $12 million in the second quarter of 2020. New business awards of $174 million were solid and up from $105 million in the same period last year. Ashish Agarwal, our CFO, is with me for today's call 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 investors section of the CTS website. I will now turn the discussion back over to our CEO, Karen O'Sullivan.