Kelly, and good Thanks, morning, everyone.
begin on page X. me Let
for earnings outlined quarter the revenue first exceeded quarter expectations both per adjusted call that the Our and share. performance fourth we financial on
continued Strong recognized approximately First XXXX. quarter margin Adjusted prior our year January stronger X.X%. EPS in revenue to challenges resulted our strong call of XXXX. end particularly are revenue sales adjusted fourth the of those the revenue X% and March, quarter, and in in the quarter gross exit of supply margin off-highway adjusted the commercial was versus for expecting fourth vehicle top first growth compared of reductions outlined negative to business, which for in $X.XX.
We of an XX.X%, negative on an line production.
With adjusted offset headwinds adjusted us the to and limited we constraints $XXX.X and approximately in of behind China we million growth quarter quarter chain quarter throughout operating translating performance February markets, XX% related to our the performance
during first continued broad including offset not due and material by As continued costs inflationary with quarter of the was were that to elevated gross costs labor price the yet expected, customers. margin timing higher the with negotiations increases pressures, our reduced
of with Based some Although quarter, largest, the with including the the our agreements on we price quarter. are relief benefit our agreements we of adjustments XXXX end customers, guidance to and January interest increases to customers in negotiations, ongoing agreement second we first Matt we and current to well reached most on previously morning, later some negotiations the are with expect to minor during the expect of call. the by favorable reach forward our year.
This and X provided provide full reaffirming as as tax will of expectations, relatively this discuss offsetting year as some retroactive final
and progresses, our we performance in We XXXX. XXXX our adjusted million midpoint are breakeven of midpoint as of operating strong sales expansion reaffirming and for adjusted year growth as the expect continued such, $XXX margin EPS guidance and
XXXX While also long-term on focused we efficiently execute continue to and growth initiatives market that growth respond will work externalities, we the profitable to to in are beyond. drive and
During in the and programs quarter, we electronics. launched devices controlled both critical
provide to take approach our in approximately OEM electrification in to program operate North additional as is Europe actuator, launches powertrain our our for platform-based another later on I the this call. step that America launched strong clutch detail with our aligned the OEM at mid-April. the unit Corvette on continue in be progress representing e-axle will which actuation growth. first in disconnect first make focusing E-Ray, continued rates on drive we a program launched first drivetrain to to actuator supplier.
Similarly, with as Our This MirrorEye program program, agnostic our refer often we and platform, XX%. product OEM And in
this Officer opportunities. other Laurent decided development. and thank to to at Chief And Stoneridge. Officer, Strategy Borne, and Finally, contributions strategy earlier his leave our Stoneridge we Chief Technology Laurent I for advanced want made month, to technology announced pursue valuable time him company's to
succession to President, to and a report leadership Technology, clear with changes, directly announce to Global am has morning, succeed pleased me. that As in elevated place. other Troy we plan I our have Vice transition this And Cooprider Laurent to and been
trailer we and and next Troy report Troy's recently was camera.
To Troy Director vision to than Troy Stoneridge Stoneridge, generation Engineering Executive generation filed years Vice systems, safety teams the and Now Engineering turning new Prior data control strategies Engineering responsible that, to including that that report our he of drive in division on will platforms over coordinating Excellence, accomplishments, has VXV has most of patent to VXX on was directly role focused was global, expertise electronics Engineer rearview Technology, Troy and are focused and President, for engineering.
Prior subject he his wired infotainment leading of for Aptiv, for Vice new XX will as products, and be President electronics the safety, including at and inventor. each Systems the electronic of technologies. products, experience. Global Delphi, and more MirrorEye with power of automotive emphasize communication matter automated and to Page In and and where driver Advanced technology on developing me responsible including cross-functional proud driving, the to was active electronic methodologies. X. executing Troy to include an applications XX next as information Chief product
the summarize programs.
On as to relative Engineering lead the XXXX. customer Global to Development of first and will development Troy addition, metrics interface well X, as key In technical Deployment for financial we our Page quarter advanced Process our
with rate continued reduced commercial driven growth inflation and the XXXX, primarily gross first Adjusted increased as progressed of the of relative volatility higher quarter quarter well basis a unfavorable foundation rising by was to they quarter a our early labor XXXX costs the primarily in demand material off-highway This China, impact to that supports the beyond. quarter of First both relative end foreign of exit the of in market. currency, each constraints quarter declined result as first by with North for rapidly quarter American XXX and month in run by sales demand strong to in as reduced our offset second XX.X% in COVID-XX market an during strong in points dealt grew impacting as the costs. markets material European and adjusted end sales particularly the continued cases.
Revenue and growth the margin due vehicle aftermath
impacted note launch normalized leverage until is was in In year the typically, shorter term, of to margins margin expect primarily large program agreements important leverage on January, have recognize at gross to they volumes. growth.
It inefficiencies they revenue of we fixed as progress finalize as expected, labor expansion that and throughout number cost margin a due lower and new reach price cost as the and a And we also we As programs volume reduction. significantly we the gross result mature customer fixed new launches.
to to that overall term in technologies the profile time drive our platforms our improve at to we gross continue in while performance. strengthen our slightly and further invest margin longer improving first focus outperformed our position, product growth, the quarter, While our the expectations is same will to financial our
be result focus testing we will platform-based development procedures. product While streamlined operations common rigor platforms, common common and and improve designs, on processes, also will the discipline driven by around and
cost material reduced development aimed labor resulting improved broadly products as and drive to improvement scale.
Similarly, we designing more efficient for platforms create will quality processes costs. in economies of expect We implement common more manufacturing, product at
take sustainable While bit financial the actions to performance we our to across profitability strong improved growth capitalize result we on longer these a organization, results as improve of forward in these profile. expect actions the little
continue margin on gross create cost to costs engineering our headwinds offset sustained we structure foundation and to margin leveraging for Finally, improvement. current existing focus a managing and our and SG&A
discretionary our to We structure, organizational spending, reduce and have improve actions optimize leverage. operating continued take to
We improved continues gross as expect and also will margin these drive expand. margin to operating grow revenue continues actions to
focus to we new margin programs also expansion while and performance, improve to exciting launch Page products. that to turning operating actions continue will X. and And drive Now we continue on on
are helping foundational X highlight they're We and market.
This the launching to customers markets, growth industry-leading end to are technologies segments their forward. our and our launches differentiate in I that for our want products across critical morning, program
new involved the in been the of exciting creation Devices, Corvette in E-Ray. and First, Control we've
to system Corvette XX horsepower. the the very And that and in an electrified Over electric X its benefited VX with produce it's engine all-wheel an time with first many has XXX years tandem generations, drive for been innovations. incredible past the now works combined industry-first from
clutch that legendary this of technologies actuator excited product is unit on nameplate. are our function We say to enables one the that drive that
growth. the Our in it engine at has bridges to electric industry XX seconds, to It motor with internal our the technical perfect from per to the and to specialized power allowing combustion example and power powertrain delivered actuator allows achieve capabilities is electronics X.X the transformed This capabilities. ever X the front how align at application Control protects also competency wheels, vehicle that the to software E-Ray wheels, the mechanical rear speeds.
This built. miles future drive deliver Devices powertrain actuator design high of drive Corvette and to electric Corvette megatrends hour times a augmenting products fastest making with production the
product our Our such to utilizing application common our strategy. actuator also exemplifies as address an ability this, design
we driveline capabilities to business actuation applications. as address torque grow control vehicle continues and Our extend electric actuation our to axle
OEM comply improves our Finally, the in the have trucks North production that platform, our program in provides in unique the as system.
The in MirrorEye the previously, to addition with aerodynamics in America this NHTSA in include launched requirements is approximately program to weather.
Customer mid-April. it this vision, mirror we blind features, including which embeds program, camera a camera system spot smaller safety elimination, are the rates that Utilizing first to a take production night outlined for mirror is smaller dramatically X.X% system must we mirror existing second and for savings forecasted fuel and XX%. of up inclement vision the improved of
is North we rate upside on that our as from fleet there our an assumption. the in to rates programs take for OEM Europe, believe as American based customers take excitement However, well
We program the rate volume system the to expect readily on provide of take more half second the the in that available assumption and customers is for forecasted to an update once this year.
We which expect focus strong will growth significantly program we result of markets. execution end outpaces our these on in that to underlying revenue launches, critical continue
opportunities drive improved in these leading in position technologies to our optimize and safety invest We customers. will to for continue and markets efficiency the innovation, to adjacent and our product technology
summary. and X Page to turning Now
make as in and quarter to said, and of drive earnings previously margin continue our performance improved our progress continue the expectations. good our We exceeded on management performance. must to expenses operating financial first focus outlined improvement revenue That to both we careful gross
We necessary with appropriate costs, pressure manufacturing inflationary will continue execution facilities, in on our focus to increases. material and managing offsetting our labor overhead and improving and price
We expect on significant growth that beyond. margin XXXX in revenue expect and the expansion drive will these we actions that
to Now I turn it more detail. Matt financial discuss our results with that, Matt? will in over to