CTS(US:CTS)2023-05-01 06:29Financial Performance - Q1 2023 - Revenue was $146 million, a decrease of 1% compared to Q1 2022[3] - Adjusted gross margin was 354%, a decrease of 180 basis points from the prior year[3] - Adjusted diluted EPS was $061, a decrease of 9% compared to Q1 2022[3] - Non-transportation revenues increased by 5% compared to Q1 2022[12] - Acquisitions contributed $11 million in sales[12] - Organic revenue decreased by 8%[12] Business Highlights - New business wins totaled $152 million, including 6 EV platform wins[12] - The book-to-bill ratio was 096, with 9 new customers added[12] - The company generated $11 million in operating cash flow[12] - Transportation revenue decreased by 6% compared to Q1 2022, primarily due to semiconductor shortages[12, 38] Forward Looking Statements - The company is closely monitoring risks from interest rates, inflation, currency fluctuations, and the geopolitical landscape[34] - The company is maintaining a softer outlook in the industrial end market and distribution channel[20]