Sales were $113.8 million in the quarter, down 2% in the third quarter of 2019 and up 35% sequentially.
Third quarter gross margin was 32.4% compared to 32% in the same period in 2019, up 40 basis points and up 80 basis points sequentially from the second quarter of this year.
Third quarter adjusted earnings per share was $0.34, up 17% from $0.29 in the third quarter of last year and up from $0.18 in the second quarter of 2020.
We delivered an EBITDA -- an adjusted EBITDA margin of 19%, up 230 basis points from 16.7% in the second quarter of 2020.
New business wins were $127 million in the third quarter, and we added seven new customers.
We ended the quarter with $132 million in cash and $106 million in debt.
Since last quarter, those facilities have improved from approximately 60% capacity to more in the range of 90%.
The restructuring plan we announced on the last earnings call is progressing to plan and is expected to deliver an annualized earnings per share improvement of $0.22 to $0.26 by the second half of 2022.
More importantly, we are focused on returning to growth, targeting 10%, in line with our strategic plan, 5% organic and 5% through strategic acquisitions.
New business awards were $127 million for the quarter, the best quarterly performance this year.
Cumulative, EV and hybrid wins this year are approximately $75 million, and we expect further gains.
15 countries and two U.S. states have announced phase outs of internal combustion engines in the 2030 to 2040 time period, with Norway aiming for 2025.
We expect EV penetration to reach 9% by 2025 and 22% by 2030.
The developments for ultra-low life high frequency TCXOs and OCXOs for millimeter wave and sub-6 gigahertz systems are progressing as we continue to gain design awards through a major telecom OEM.
In the U.S., the seasonally adjusted growth rate for 2020 is closer to 13 million units, down 21% for last year.
We expect next year to be in the 14 million unit range.
On-hand days of supply are now at 55 days, down from 65 days of supply in the third quarter of 2019.
European sales are forecasted to decline 24% from last year, and we expect 18.7 million unit levels in 2021.
The China market continues to be more robust, with volumes predicted to be down 9%, in the 21 million to 22 million range for this year and up to 24 million units next year.
Third quarter sales were $113.8 million, down 2% compared to last year.
Sequentially, sales rebounded strongly, up 35% from the second quarter.
Sales to transportation customers decreased by 9% year-over-year.
However, sequentially, we grew by 71%.
Sales to other end markets increased by 10% versus Q3 of 2019 and 5%, sequentially.
Our temperature sensing acquisition had solid growth and added $6.6 million.
Organic sales to non-transportation customers were up 4% versus last year.
Our gross margin was 32.4% for the third quarter, up 80 basis points compared to last quarter and up 40 basis points compared to last year.
Conditions remain uncertain due to the impact of COVID.
As a result of improved revenue and careful cost management, adjusted operating earnings were 13%, up 170 basis points from last year and up 450 basis points sequentially.
Our year-to-date tax rate was approximately 24%, and we expect the full year rate to be in the range of 23% to 25%, excluding discrete items.
Third quarter 2020 earnings were $0.34 per diluted share.
Adjusted earnings per diluted share were also $0.34 compared to $0.16 last quarter and $0.29 in the third quarter of 2019.
Our working capital -- our controllable working capital as a percentage of sales was 15.6% at the end of the third quarter.
This represents a significant improvement from 21.2% last quarter, and the team recognizes that we still have much work ahead of us to further improve our working capital performance.
We generated $25.6 million in operating cash flow in the third quarter.
Year-to-date, we have generated $49 million in operating cash flow, up 21% compared to 2019.
The strong cash performance in the third quarter enabled us to reduce debt by $35 million.
capex was $3.2 million.
For the full year, we are expecting capital expenditures to be below 4% of sales.
On liquidity, our net cash position was $25 million, an improvement of approximately $20 million from the second quarter.
We have access to an additional $192 million through our revolving credit facility.
As we communicated earlier, more than 80% of our revenues come from sites that are running on SAP.

Summary:
Third quarter adjusted earnings per share was $0.34, up 17% from $0.29 in the third quarter of last year and up from $0.18 in the second quarter of 2020.
Third quarter sales were $113.8 million, down 2% compared to last year.
Conditions remain uncertain due to the impact of COVID.
Third quarter 2020 earnings were $0.34 per diluted share.
Adjusted earnings per diluted share were also $0.34 compared to $0.16 last quarter and $0.29 in the third quarter of 2019.