CTS Corporation

Good day and welcome to the CTS Corporation third 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, CEO. Please go ahead, sir.

Thank you, Tracy. Good morning and welcome everyone to our third quarter 2021 earnings call. We reported solid financial results that were propelled by our ongoing diversification efforts. Sales in the third quarter were $122 million, up 8% compared to the same period in 2020. Customer demand remains robust, while supply challenges persist, especially for transportation products. Third quarter gross margin was 37.3%, up 490 basis points from 32.4% in the third quarter of 2020. Even the margin of 21.7%, was up 270 basis points from 19% in the same period last year. Third quarter adjusted earnings per share of 46 cents were up 35% from 34 cents in the third quarter of 2020. Later, Ashish Agarwal, our CFO who was with me for today's call, will speak to the GAAP performance. Operating cash flow of 21 million was down from 26 million in the third quarter of 2020. New business awards of $179 million were solid, and up from $127 million in the same period last year. Ashish 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, Kirno Sullivan.