By PBN Staff
By PBN Staff
ATTLEBORO – Sensata Technologies Holding N.V. reported second-quarter net income of $63.9 million, or 37 cents per diluted share, more than three times the $20.4 million, or 11 cents per diluted share, reported for the same period last year.
The 214 percent earnings increase followed a 97.2 percent increase in profit during the first quarter. Net revenue also improved for the period, rising 13.7 percent to $575.9 million from $506.4 million in the second quarter of 2013.
Sensata had anticipated second-quarter net revenue to reach between $555 million and $575 million.
The company spent $37.1 million, or roughly 6.4 percent of second-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 $106.8 million, or 62 cents per diluted share, an increase of 11.6 percent compared with the second-quarter 2013 adjusted net income of $95.7 million, or 54 cents per diluted share.
“We are pleased with our results for the second quarter with net revenue and earnings near the top end of expectations thanks in part to strong organic growth in the business,” said Martha Sullivan, president and CEO of Sensata.
For the three months ended June 30, Sensata’s sensor business accounted for 72.9 percent of total net revenue, while controls accounted for 27.1 percent. By division, the European automotive market represented the largest portion of Sensata’s net revenue, at 24 percent, followed by Asian automotive (20.1 percent), North American automotive (16.2 percent) and heavy vehicle off-road (11.3 percent).
Revenue from the company’s three geographical regions was led by the Americas, which accounted for 38.2 percent of all second-quarter 2014 revenue, followed by Asia at 32.8 percent and Europe at 29 percent.
During the first six months of 2014, the company’s profit rose 140 percent to $131 million, or 76 cents per diluted share, from $55 million, or 31 cents per diluted share, during the first six months of 2013.
Net revenue also increased during the first six months ended in June to a total of $1.1 billion, 15.4 percent more than the $976.8 million reported for the first six months of 2013.
Sensata said it anticipates third-quarter net revenue to reach between $535 million and $555 million, which represents growth of 9.2 percent compared with the third-quarter 2013 revenue.