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.
EBITDA margin of 21.4% was up from 20.3% in the fourth quarter of 2019.
Fourth quarter adjusted earnings per share of $0.43, were up 16% from $0.37 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 push that sourcing decisions in 2020.
Operating cash flow for 2020 was $77 million, up 19% and $64 million in 2019.
In the fourth quarter, our sales increased to $123 million, up 8% sequentially and up 7% from last year.
For full-year 2020 sales were down 10% from 2019, driven lower by the impact of the pandemic.
We are still planning to deliver an annualized earnings per share improvement in excess of $0.22 by the second half of 2022.
The annualized revenue is in the range of $6 million, the purchase price was slightly less than 2 times revenue.
New business awards were $104 million for the quarter, we added six new customers in the quarter; four in transportation; one in medical and one in telecom.
Total EV wins for the year were in the range of 20% of new business awarded.
In Europe, we continue to leverage our footprint and capabilities in Denmark and the Czech Republic with Tier 1 defense customers and are currently in sample qualification.
For the US light vehicle transportation market, volume is expected to improve in the 14 million to 16 million unit range.
On-hand days of supply are now at 59 days.
Approximately 9% below the five-year average of 65 days.
We currently see reasonable control of inventory levels, European sales are forecasted in the 18 million to 19 million unit level, though there is some uncertainty given the recent lockdowns throughout the region with some OEMs announcing volume reductions.
The Chinese market is expected to remain solid with volumes of 24 million to 26 million unit range this year.
In terms of guidance for full-year 2021, we expect sales to be in the range of $430 million to $490 million, and adjusted earnings are expected to be in the range of $1.20 to $1.60.
We expect to narrow the range as the year progresses.
Our 2025 initiatives is focused on four key areas: 10% annualized profitable growth with active portfolio management; working more closely with our customers, building relationships and aligning our technology and product road maps; number three building the foundation of CTS's operating system to execute globally on a consistent basis, while we enhance our continuous improvement capabilities; and finally, advancing organizational capability to leadership and culture aligned to our customers' needs, our business performance, our core values, supporting our communities and environmental priorities.
Fourth quarter sales were $123 million, up 7%, compared to last year and up 8% sequentially.
Sales to transportation customers increased by 12% versus the fourth quarter of 2019, sequentially we were up 17% in sales to transportation customers.
Our gross margin was 37% for the fourth quarter, up 230 basis points, compared to last quarter, and up 110 basis points, compared to last year.
Adjusted EBITDA in the fourth quarter was 21.4%, up 240 basis points sequentially and up 110 basis points from last year.
Fourth quarter 2020 earnings were $0.46 per diluted share, adjusted earnings per diluted share were $0.43, compared to $0.37 last year and $0.34 last quarter.
For full-year 2020, sales were $424 million, down 10% from 2019.
Sales to transportation customers declined 19% and sales to other end markets increased by 7%.
Medical end market was soft, but sales down 7%.
Our gross margin was 32.8% for the year, down from 33.6% last year.
Our focus is to drive improvements and move toward the higher end of our target range of 34% to 37% gross margin.
In the second half of 2020, we generated $0.05 of earnings per share and savings from our restructuring program announced in July 2020.
Foreign currency rates impacted gross margin favorably in 2020 by approximately $3 million.
Based on recent exchange rates currency could impact our 2021 gross margin unfavorably by approximately 100 basis points.
SG&A and R&D expenses were $92.1 million or 21.7% of sales for the year.
Our 2020 tax rate was 23.7%, we anticipate our 2021 tax rate to be in the range of 23% to 25%, excluding the discrete items.
2020 earnings were $1.06 per diluted share, adjusted earnings per diluted share were $1.12, compared to $1.45 last year.
Our controllable working capital as a percentage of sales was 15.5% in the fourth quarter, improved slightly from the third quarter.
Capex was $14.9 million for the full-year, down from $21.7 million in 2019.
In 2021, we are expecting capex to be in the range of 4% to 4.5% of sales.
Our operating cash flow in the quarter was $26 million, for the full-year operating cash flow was $77 million, compared to $64 million in 2019.
The end of the year with $92 million in cash, compared to $100 million in December 2019.
In the fourth quarter, we reduced our long-term debt balance to $55 million from $106 million at the end of the third quarter.
Our debt to capitalization ratio was at 11.4% at the end of 2020, compared to 19.7% at the end of 2019.
The combination of a strong balance sheet with a net cash position and access to over $240 million through our credit facility gives the flexibility to appropriately deploy capital toward our strategic objectives.
We are progressing on our SAP implementation as we communicated earlier, more than 80% of our revenue comes from sites that are running on SAP.

Summary:
Fourth quarter adjusted earnings per share of $0.43, were up 16% from $0.37 in the fourth quarter of 2019.
In terms of guidance for full-year 2021, we expect sales to be in the range of $430 million to $490 million, and adjusted earnings are expected to be in the range of $1.20 to $1.60.
We expect to narrow the range as the year progresses.
Fourth quarter sales were $123 million, up 7%, compared to last year and up 8% sequentially.
Fourth quarter 2020 earnings were $0.46 per diluted share, adjusted earnings per diluted share were $0.43, compared to $0.37 last year and $0.34 last quarter.