MirrorEye was selected as a partner for all four Super Truck II teams to help achieve significant increases in freight efficiency with the application of the MirrorEye and resulting in improved fuel economy. MirrorEye continues to gain momentum in North America. MirrorEye launched with Kenworth in North America in the second quarter of this year and is expected to launch on the Peterbilt nameplate soon. In addition, two additional North American OEMs are expected to launch in 2025. In Europe, we are anticipating our largest OEM program to launch in the first-half of 2024. As we continue to expand awareness of the system through our expanding fleet trials and retrofit applications as well as through the highly visible programs like Super Truck II, we expect take rates to continue to improve along with incremental program launches.
Stoneridge remains well-positioned as the industry continues to focus on both vehicle efficiency as well as vehicle safety. Now turning to page eight, and in summary, we are so very pleased with our performance in the third quarter as we demonstrated our ability to execute yet another quarter-over-quarter improvement in financial performance. We continue to be laser-focused on operating performance. And as a result, we have continued to deliver on our commitment set at the beginning of the year. This is driven by an unwavering focus to both execute on our long-term strategy and drive continuous operational excellence through our all other functions within the company. Our third quarter performance, which builds upon improved results last quarter, continues to establish a strong foundation to drive operating performance as we continue to grow the company.
Stoneridge remains well-positioned with a strong backlog of awarded business and a robust portfolio of innovative technologies aligned with the key industry megatrends. We will remain focused on execution to ensure that we not only significantly outgrow our underlying end markets but we optimize earnings as we do so. With that, I will turn it over to Matt and he’ll discuss our financial results in more detail. Matt?
Matthew Horvath: Great. Thanks, Jim. Before I begin on slide 10, our third quarter financial performance, as well as our expectations of continued growth and earning expansion going forward, enabled us to complete the refinancing of our credit facility this morning, which we announced with an 8-K and press release shortly before our call. The refinance facility is a three-year, $275 million revolving credit facility with a $150 million recording feature. The refinance facility has similar leverage and interest coverage ratio covenants as our current facility. Despite a more turbulent macroeconomic backdrop, we were able to achieve pricing that is only slightly higher than our current facility across the pricing grid. We were able to offset this slightly increased pricing with a slightly smaller overall facility and less fees associated with undrawn commitments.
The complete credit facility detail can be found in the 8-K we issued this morning. This refinance facility extends our maturity date and provides the company with ample liquidity to continue to support our growth while also limiting total interest expense. Turning to slide 10, adjusted sales in the third quarter were approximately $237.2 million. Adjusted operating income was $7.3 million or 3.1% of adjusted sales, which was an increase of approximately 70 basis points from the prior quarter. Each of our segments performed well in the quarter, with Control Devices expanding operating margin by approximately 40 basis points over the second quarter and electronics expanding operating margin by 80 basis points over the prior quarter. I will provide additional detail on segment level performance on the subsequent slides.
As Jim discussed earlier in the call, we are updating our full-year 2023 guidance ranges. Our implied fourth quarter guidance based on the mid points of our updated full-year ranges implies stable revenue performance quarter-to-quarter even after consideration of the impact of the UAW strike, which is expected to be approximately $6.5 million in the fourth quarter. We expect gross margin performance relatively in line with the third quarter and continued expansion of our operating margin as increased customer engineering reimbursements are expected to drive at least 80 basis points of operating margin improvement versus the third quarter. Excluding the estimated impact of the UAW strike, the midpoint of our updated full-year guidance is in line with our previously provided guidance.
