CTS Corporation (CTS) Q4 2023 Earnings Call

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WEBVTT 00:00:01.050 -- 00:00:05.073 If you would like to register a question, please press star followed by one on your telephone 00:00:05.073 -- 00:00:06.534 keypad. 00:00:06.534 -- 00:00:10.097 I would now like to hand over to your host, Ciaran O'Sullivan, the CEO, to begin. 00:00:10.097 -- 00:00:13.138 So, Ciaran, please go ahead. 00:00:13.480 -- 00:00:17.623 Great. Thank you, Daisy. Good morning and thank you for joining our fourth quarter and 00:00:17.623 -- 00:00:22.987 full year 2023 earnings call. We continue to experience soft demand 00:00:22.987 -- 00:00:28.011 in the industrial, distribution and commercial vehicle markets as outlined in 00:00:28.011 -- 00:00:32.519 our last earnings call. The light vehicle market is more stable. 00:00:32.519 -- 00:00:37.583 Across medical and defense, we saw good growth and see continued momentum in the year 00:00:37.583 -- 00:00:39.004 ahead. 00:00:39.004 -- 00:00:44.649 We are committed to a disciplined capital structure focused on supporting organic growth, 00:00:44.649 -- 00:00:49.393 strategic acquisitions, and returning cash to shareholders. 00:00:49.393 -- 00:00:54.537 Our board recently approved a $100 million share repurchase program 00:00:54.537 -- 00:00:59.890 that replaces our existing program authorized in February 2023. 00:01:00.069 -- 00:01:02.391 Ashish will now take us through the Safe Harbor Statement. 00:01:02.391 -- 00:01:03.471 Ashish? 00:01:03.471 -- 00:01:07.734 I would like to remind our listeners that this conference call contains forward-looking 00:01:07.734 -- 00:01:13.258 statements. These statements are subject to a number of risks and uncertainties 00:01:13.258 -- 00:01:18.782 that could cause actual results to differ materially from those expressed in the forward-looking 00:01:18.782 -- 00:01...