SENSATA TECHNOLOGIES reported third-quarter net income of $66 million, or 37 cents per diluted share, up 59 percent from the $41.5 million, or 23 cents per diluted share, reported during the third quarter of 2012.
ATTLEBORO – Sensata Technologies Holding N.V. reported third-quarter earnings of $66 million, or 37 cents per diluted share, a 59 percent increase over the $41.5 million, or 23 cents per diluted share, reported for the third quarter of 2012.
The third-quarter growth follows an 11 percent decline in profits during the first quarter of 2013 and a 22 percent decline during the second quarter.
The company’s third-quarter net revenue rose as well, climbing 5.7 percent to $498.9 million during the three months ended Sept. 30, compared with $471.9 million during the same period last year.
Of the $498.9 million in third-quarter revenue, the company spent $30.6 million, or roughly 6.1 percent, on research-, development- and engineering-related costs.
The company’s adjusted net income – a non-GAAP measure Sensata uses internally that adjusts net income and removes the effects of financing, investments, inventory re-valuing, depreciation, amortization and other adjustments – was $97.9 million, or 55 cents per diluted share, an increase of 15.6 percent compared with the third-quarter 2012 adjusted net income of $84.7 million, or 47 cents per diluted share.
“We are pleased with our results for the third quarter, which came in slightly better than expected, with earnings growing at over twice the pace of net revenue,” said Martha Sullivan, Sensata’s president and CEO, in a release. “The balance of the year looks in line with our expectations for improved net revenue growth over last year.”
For the three months ended Sept. 30, Sensata’s sensor business accounted for 71.8 percent of total net revenue, while controls accounted for 28.2 percent, a slight change from the 72 percent of the market share sensors accounted for and 28 percent controls accounted for during the third quarter of 2012.
Revenue from company’s three geographical regions were split relatively evenly during the third quarter, with the Americas accounting for 37.8 percent, Asia accounting for 33.2 percent and Europe accounting for 29 percent.
During the first nine months of 2013, the company’s profit rose 13.7 percent to $121.1 million, or 67 cents per diluted share, from $106.5 million, or 59 cents per diluted share, during the first nine months of 2012.
Net revenue also increased during the first nine months of 2013 to a total of $1.48 billion, 0.5 percent more than the $1.47 billion reported for the first nine months of 2012.
During the same nine-month period in 2013, the company reported adjusted net income of $280.3 million, or $1.56 per diluted share, a 3.3 percent increase over the adjusted net income of $271.2 million, or $1.49 per diluted share, reported during the first three quarters of 2012.
Sensata said it anticipates fourth-quarter net revenue to reach between $485 million and $505 million, which represents growth of 11.1 percent compared with the fourth-quarter 2012 revenue.