CTS Corporation

Hello, everyone, and welcome to the CTS Q3 2022 earnings call. My name is Seb, and I will be the operator for your call today. There will be the opportunity to ask a question on today's call, and you may register your question by pressing star 1 on your telephone keypad or press star 2 if you wish to withdraw your question. I will now hand the floor over to Kieran O'Sullivan, CEO, to begin. Please go ahead.

Thanks, Seb. Good morning, and welcome, everyone, to our third quarter 2022 earnings call. we delivered another strong quarter and reported solid financial results that were propelled forward by our strategic focus on diversification. Sales in the third quarter were 152 million, up approximately 24% compared to the third quarter of 2021. Third quarter adjusted gross margin was 36.6%, down 70 basis points from 37.3% in the third quarter of last year. adjusted EBITDA margin of 22.3% was up 60 basis points from 21.7% in the same period in 2021. Third quarter adjusted earnings per diluted share of 62 cents were up 34% from 46 cents in the third quarter of 2021. Non-transportation sales accounted for approximately 48% of our overall revenue as we continue to advance our diversification strategy. Electrification progress was solid as we added six EV platform wins in the quarter and expanded our total available market with new electrification products. Last quarter, we completed the FIRR perm acquisition. The business is performing well with work in progress to consolidate the two facilities in Denmark. We are already seeing potential customer wins in North America using fair or firm proprietary material formulations. We expect the acquisition to be accretive in 2023. 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, Kirna Sullivan.