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By Kimberley Donoghue
PBN Web Editor
ATTLEBORO – Sensata Technologies reported Wednesday a profit of $26.2 million, or 14 cents per diluted share in the third quarter, swinging into the black from a loss of $48.4 million reported during the same quarter 2010.
“Given the lower euro exchange rate and the macro pressure of our Controls’ end markets faced, we feel we executed well given the circumstances and we continue to have confidence in the pillars of our long-term financial model,” said Chairman and CEO Tom Wroe.
Net revenue for the three months ended Sept. 30, 2011 was $474.3 million, up 23.7 percent form the third quarter 2010.
The manufacturer also gave a breakdown of revenue by segment. Its controls segment saw net revenue slip 6.7 percent to $139.6 million; the sensors segment increased net revenue 41.2 percent to $243.7 million.
For the nine months, Sensata reported a net loss of $17.9 million, or 10 cents per diluted share, compared to a profit of $61.4 million or 36 cents per diluted share. Revenue was $1.37 billion for the nine months, up 19.2 percent from the same period 2010.
The company’s net debt was $1.8 billion on Sept. 30, resulting in a pro forma net leverage ratio of 3.3x.