You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: I'll begin by sharing a few thoughts on our Company and our business performance.
As we mentioned on our last earnings call, we expected the second quarter to be our most challenging quarter this year due to the impact of COVID-19.
Operationally, all of our plants are running, though, we continue to experience challenges at our Mexico locations.
The return to the appropriate production staffing levels has been impacted by state and local regulations.
Our leadership in global teams are prioritizing the safety of our employees and adapting quickly to serve our customers' needs.
Sales were $84 million, down 30% from the second quarter of 2019.
As expected, we saw significant challenges in the transportation end market, sales in the rest of our business were stable.
Second quarter gross margins were 31.6% compared to 34.1% in the same period in 2019.
We delivered an adjusted EBITDA margin of 16.7% despite a 30% drop in sales.
Second quarter adjusted earnings per share were $0.16.
We had a promising new sensor win in transportation for application in hybrid electric vehicles, and continue to make progress with RF product wins in defense.
We added 13 new customers in the quarter.
We ended the quarter with $146 million in cash, and $141 million in debt.
We expect a prolonged recovery from the COVID-19 impact.
As a result, we are implementing a restructuring plan to realign our cost structure to the new demand environment.
This plan will be completed over the next 24 months.
Ashish Agrawal, our CFO is with me for today's call and will take us through the safe harbor statement.
To the extent that today's discussion refers to any non-GAAP measures under Regulation G, the required explanations and reconciliations are available in the Investors section of the CTS website.
I will now turn the discussion back over to our CEO, Kieran O'Sullivan.
The challenges of the COVID-19 pandemic have been unprecedented.
I want to express our appreciation to all our employees, customers and partners for their support as we work to get our factories online this past quarter.
Our people demonstrated remarkable flexibility in our operations and supply chain.
Our first focus is the safety of our employees and compliance with state and local regulations while doing everything we can to meet our customers' requirements.
The temporary expense reduction measures we discussed in our last earnings call are still in effect.
As I mentioned in my opening comments, we are announcing a restructuring plan which we expect to be completed over two year timeframe.
This plan is necessary to realign our operating cost structure to the new demand environment as we transition through the prolonged impact of COVID-19.
More details of the plan will be shared in the quarters ahead.
At a macro level, it will involve site consolidations and streamlining other operating costs to leverage economies of scale across the Company.
The plan is expected to deliver an annualized earnings per share improvement of $0.22 to $0.26 by the second half of 2022.
We remain focused on our strategic growth investments.
Growing our business and expanding our range of sensing, connectivity, and motion products is the priority.
New business awards were $105 million for the quarter, a solid performance given several OEMs continue to push out business decisions due to the COVID-19 and the resulting wide scale shutdowns in Europe and in North America in the quarter.
As I said, we added 13 new customers in the quarter, six in industrial, three in medical, three in defense and one in telecom.
In Transportation, we had an exciting win for a new high load current sensor for a premium European OEM.
This is a new hybrid vehicle application.
Since it is a customized design, we're still evaluating broader market potential.
We also secured several wins for passive safety sensors with existing customers and with a new customer, a large chassis ride height sensor award with a North American OEM, as well as accelerated module brands with several OEMs across all the regions.
In defense, we were awarded two RF programs with existing customers.
We have multiple wins for military underwater applications, secured a contract with an European OEM, and we received our first order for textured ceramic material.
Textured ceramic provides enhanced piezoelectric electric performance at a lower cost point.
Over time, we expect this new material formulations to expand our available market.
It has the potential to grow at higher single digit levels.
With temperature sensing, we secured wins in industrial, defense and medical applications and added new customers.
Our precision frequency product was selected for a design win in a 5G small cell application.
We also had design wins in pro-audio and in medical applications for encoder products.
We continue to advance product innovations.
Our focus in the transportation market is to develop sensor solutions that are agnostic to the underlying propulsion technology.
Thereby strengthening our growth in the next decade as hybrid and electric vehicle penetration grows.
We are researching new material formulations as we target growth in defense, industrial, and medical markets.
We are also developing custom ASIC solutions to strengthen our frequency product portfolio.
We made more progress in our ceramic foundry operation this past quarter, and we expect further improvements this year.
We are also using our expertise in ceramic formulations to improve yields and margins in our temperature sensing acquisition.
In our focus 2025 initiatives, we are concentrating on four areas: Number one, driving profitable growth; number two, building stronger customer relationships; number three, improving operating systems and; four, strengthening talent and culture globally.
As part of our emphasis on profitable growth, we are evaluating the product portfolio for longer-term growth and margin expansion.
Our focus on M&A is to strengthen our pipeline as we seek to expand our range of technologies, products, customers and geographic reach.
We are sharpening our go-to-market strategy by adapting our sales and application engineering setup to build stronger customer relationships.
Working more closely with our customers on next generation products and applications is more important than ever as we emerge from the COVID-19 pandemic.
To advance CTS operating systems, we have added a senior resource to lead this initiative.
We aim to build capability and drive continuous improvements.
Our goal is to eliminate waste and enhance profitability, and this will be a multi-year initiative.
Strengthening our talent pipeline and leadership bench while aligning our culture globally will enable us to achieve our vision of being a leading supplier of sensing and motion devices and connectivity components, and they bring in intelligence and seamless work.
We remained cautious on the broader economic environment in the second half of 2020.
From a light vehicle view, it is still too early to close the book on the pandemic.
Premium brands are expected to rebound faster than volume brands.
In the US, sales of used cars increased while the SAAR for 2020 is closer to 13 million, down 23% from last year.
On-hand days of supply are at 54 days, down 20% from the five-year average, which should help short-term demand.
We expect an improving sales trend in the third quarter, providing operations run normally.
European sales are forecasted to decline 26% from last year.
The China market continues to recover with volumes predicted to be down 14% in the $21 million to $22 million range for the year.
We continue to see growth in medical and defense markets.
We suspended guidance for 2020 earlier this year due to continued market uncertainty.
Our liquidity remains solid with a positive net cash position.
We aim to emerge from this crisis as a stronger Company.
Now, Ashish will walk us through the financial performance in more detail.
Our second quarter sales were $84.2 million, down 30% compared to the prior year.
Sales to transportation customers decreased by 53%, and sales to other end markets increased by 14%.
Our temperature sensing acquisition added $5.4 million and organic sales to non-transportation customers were up 1%.
We continue to get traction in the aerospace and defense, as well as medical end markets and saw a robust double-digit sales growth rates to customers in these markets.
Our gross margin was 31.6% for the second quarter, impacted substantially by lower sales.
We are making progress on various actions to improve our tax rate.
As a result, we expect to be closer to the lower end of our previously communicated range of 23% to 25% excluding discrete items.
As we complete our work on this effort, we expect some further improvements in the tax rate in 2021.
Our second quarter 2020 earnings were $0.15 per diluted share, adjusted earnings per diluted share were $0.16.
As we communicated back in April, due to lower volume expectations, we implemented measures to reduce cost through temporary payroll reduction, suspension of 401 k contributions, furloughs, plant shutdown, reduced Board compensation and control over all discretionary spending.
Revenue in the second quarter was significantly lower and conditions remain uncertain.
We will regularly evaluate market conditions to determine the extent and duration of these temporary measures.
As Kieran mentioned, we have started implementing a restructuring plan due to the prolonged impact of COVID-19.
We expect restructuring costs to be in the range of $10 million to $12 million over the next two years.
Anticipated annualized savings are in the range of $0.22 per share to $0.26 per share by the end of 2022.
Savings from the restructuring, once fully implemented will help offset the impact of the temporary cost reduction measures as those costs return.
Timing for some aspects of the restructuring project is being finalized, and we will communicate more on the timing of savings and cost in the coming quarters.
In terms of cash, we were net cash positive by approximately $5 million, which is an improvement from zero net cash at the end of first quarter.
We have access to an additional $157 million through our revolving credit facility.
In March, we borrowed $50 million from our credit facility.
We are continuing to maintain this position to ensure adequate liquidity for the next several quarters at all our sites globally.
Including this debt, we remain well within our debt covenants.
And at this time, it is our expectation that we will remain compliant.
Our controllable working capital as a percent of sales was 21.2% at the end of the second quarter.
The increase was driven primarily due to the sharp reduction in revenue in the second quarter.
In dollar terms, controllable working capital increased slightly from Q1 to Q2, and our focus remains on improvements in the coming quarters.
Our teams are maintaining emphasis on reducing inventory levels across our operations, and on receivables collection.
We generated $11.8 million in operating cash flow in the second quarter.
Capex was $2.7 million.
For the full year, we are expecting capital expenditures to be approximately 4% of sales.
We are committed to investing in programs that help us progress our strategic growth objectives.
We are continuing to implement SAP, and went live successfully at another large manufacturing location at the beginning of July.
This go-live was accomplished despite most of the implementation team working remotely due to COVID-19 related travel constraints.
This is a significant accomplishment by our team in Matamoros as well as the SAP implementation team.
With the go-live in Matamoros, we have completed the rollout to plants that provide approximately 80% of the Company's revenue.
We are on track to complete the SAP implementation around the middle of 2021.
This concludes our prepared comments.

user
compname posts q2 adjusted earnings per share $0.16.
q2 adjusted earnings per share $0.16.
q2 earnings per share $0.15.
q2 sales $84.2 million versus refinitiv ibes estimate of $89 million.
not providing revenue or earnings guidance at this time.

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