ATTLEBORO – Sensata Technologies Holding N.V. reported first-quarter earnings of $68.4 million, or 39 cents per diluted share, a 97.2 percent increase over the $34.7 million, or 19 cents per diluted share, reported for the same period in 2013.
The quarterly growth followed on a 5.5 percent decline in profit during the fourth quarter last year, and a 6 percent profit increase for the full year of 2013.
Sensata’s first-quarter net revenue rose as well, climbing 17.3 percent to $551.6 million during the three months ended March 31, compared with $470.4 million during the same period last year. First-quarter revenue included the impact of Sensata’s December acquisition of Michigan sensors manufacturer Wabash Technologies Inc., the company said.
The company spent $36.2 million, or roughly 6.6 percent of first-quarter revenue, on research-, development- and engineering-related costs, Sensata said.
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 $98.1 million, or 56 cents per diluted share, an increase of 13.1 percent compared with the first-quarter 2013 adjusted net income of $86.7 million, or 48 cents per diluted share.
“We are off to a good start in 2014 as the team’s execution drove better-than-expected net revenue growth and solid earnings performance,” said Martha Sullivan, president and CEO of Sensata Technologies. “For the balance of the year, we believe Sensata can achieve double-digit net revenue growth.”
For the three months ended March 31, Sensata’s sensor business accounted for 74.8 percent of total net revenue, while controls accounted for 25.2 percent, a slight change from the 70.7 percent of the market share sensors accounted for and 29.3 percent controls accounted for during the first quarter of 2013.
Revenue from the company’s three geographical regions was led by the Americas, which accounted for 39.2 percent of all first-quarter 2014 revenue, followed by Asia at 31.6 percent and Europe at 29.2 percent.
Sensata said it anticipates second-quarter net revenue to reach between $555 million and $575 million, which represents growth of 11.6 percent compared with the second-quarter 2013 revenue.