Sales in the second quarter were $129.6 million, up 54% compared to the same period in 2020.
Second quarter gross margin was 36.8%, up 525 basis points from 31.6% in the second quarter of 2020.
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 $0.52 were up 225% from $0.16 in the second quarter of 2020.
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.
In the second quarter, our sales were $129.6 million, up 54% from the second quarter of 2020.
Excluding sales from the acquisition of Sensor Scientific, sales were up 52% organically.
Transportation sales while up 88% from the same period last year would have been stronger by a few million dollars if we did not have these supply challenges.
New business awards were $174 million for the quarter, up from $105 million in the same period last year.
With passive safety sensors, we had wins with existing Tier 1 customers across all three regions with one of the wins for an EV application.
This past quarter we announced the $50 million stock buyback program.
For the second quarter, transportation sales represented 55% of our total company revenues as we made progress in Industrial, Medical, and Defense sales.
The previously announced restructuring savings of $0.22 to $0.26 by the second half of 2022 are tracking close to the target range.
Transitioning to end markets, the semiconductor shortage is expected to reduce vehicle builds by 6 million units this year.
We still expect approximately a 15 million to 16 million unit range this year, up double digits year-over-year.
On-hand days of supply are between 25 and 30 days, the lowest in recent history, and down 50% since January of this year.
European production is forecasted in the 16 million to 18 million unit range with some uncertainty persisting due to the extended COVID lockdowns.
China volumes are expected in the range of 23 million to 25 million unit range for this year.
Our previous guidance was for sales in the range of $445 million to $500 million, and adjusted earnings in the range of $1.35 to $1.70.
We are now updating our guidance for sales to be in the range of $480 million to $500 million, and adjusted earnings are expected to be in the range of $1.70 to $1.90.
Phase 2 of our journey and our biggest priority as we advance toward our 2025 goals is layering on a more robust sales growth profile.
Second quarter sales were $129.6 million, up 54% compared to the second quarter of 2020 and up 1% sequentially from the first quarter.
Sales to transportation customers bounced back 88% compared with the pandemic-driven lows in the second quarter of 2020.
However, we were down 6% sequentially as we saw the impact of supply challenges on global production volumes.
Sales to other end markets increased 26% year-over-year and were up 10% sequentially.
Sales to the transportation end market represented 55% of our total revenue.
Changes in foreign exchange rates impacted our revenue favorably by approximately $2.7 million.
Our gross margin was 36.8% in the second quarter, up 525 basis points compared to the second quarter of 2020 and up 360 basis points sequentially from the first quarter of 2021.
These improvements reflect the progress in operational efficiency in our foundry operations over the last 12 months, as well as improvements in other parts of our business.
In the last quarter, we generated $0.03 of earnings per share in savings from our restructuring program announced in the third quarter of 2020, bringing the total savings to $0.12 of earnings per share so far.
We are still on track to achieve the targeted annualized savings of $0.22 to $0.26 by the end of 2022.
SG&A and R&D expenses were $27 million or 21% for the second quarter.
In the second quarter, we recorded a non-cash charge of $20.1 million related to the termination of the U.S. pension plan.
We are expecting the remaining non-cash charge of approximately $101 million to be booked in the third quarter when we complete the settlement process.
Second quarter tax rate was 246% as a result of the impact of the pension settlement charge on our income statement.
We anticipate our 2021 tax rate to be in the range of 19% to 21% excluding the impact of the pension settlement and other discrete items.
Second quarter 2021 earnings were $0.03 per diluted share.
Adjusted earnings per diluted share were $0.52 compared to $0.16 for the same period last year and $0.46 last quarter.
Our operating cash flow was $19 million for the second quarter which is an improvement from $12 million in the second quarter of 2020.
We generated $16 million in free cash flow.
In 2021, we expect capex to be in the range of 4% to 4.5% of sales.
Our cash balance on June 30, 2021 was $117 million, up from $92 million on December 31, 2020.
Our long-term debt balance was $50 million, down from $55 million on December 31, 2020.
Our debt to capitalization ratio was at 9.9% at the end of the second quarter compared to 11.4% at the end of 2020.
The combination of a strong balance sheet with a net cash position and access to approximately $250 million through our credit facility gives us the liquidity to make progress on the right M&A transactions.
As we had previously mentioned, more than 90% of our revenue now comes from sites that are running on SAP.

Summary:
Second quarter adjusted earnings per share of $0.52 were up 225% from $0.16 in the second quarter of 2020.
We are now updating our guidance for sales to be in the range of $480 million to $500 million, and adjusted earnings are expected to be in the range of $1.70 to $1.90.
Second quarter sales were $129.6 million, up 54% compared to the second quarter of 2020 and up 1% sequentially from the first quarter.
In the last quarter, we generated $0.03 of earnings per share in savings from our restructuring program announced in the third quarter of 2020, bringing the total savings to $0.12 of earnings per share so far.
Second quarter 2021 earnings were $0.03 per diluted share.
Adjusted earnings per diluted share were $0.52 compared to $0.16 for the same period last year and $0.46 last quarter.