technology

Sensata profits fall 11% in 1Q

COURTESY SENSATA TECHNOLOGIES
SENSATA TECHNOLOGIES N.V. reported first-quarter net income of $34.7 million, or 19 cents per diluted share, a 10.9 percent drop from the profit reported during the first quarter of 2012.
Posted 4/23/13

ATTLEBORO – Sensata Technologies Holding N.V. reported a bottom line of $34.7 million, or 19 cents per diluted share, for the first quarter of 2013, a 10.9 percent decline from the $38.9 million, or 21 cents per diluted share, reported during the first quarter of 2012.

The company’s revenue also fell year over year during the first quarter by 4.4 percent to $470.4 million from $492 million during first quarter of 2012.

Of the $470.4 million first-quarter revenue, the company spent $29.6 million, roughly 6.3 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 $86.7 million, or 48 cents per diluted share, a 2.6 percent decline from the first quarter 2012 adjusted net income of $89 million, or 49 cents per diluted share.

“We are pleased with our results for the first quarter as we delivered net revenue and adjusted net income per diluted share at or above the high end of our guidance for the quarter,” Martha Sullivan, Sensata president and CEO, said in prepared remarks.

“The global end markets continue to be dynamic, and while there are a number of unknown risks that may impact our full-year financial performance, we remain confident in our original financial guidance for 2013,” added Sullivan.

For the three months ended March 31, 2013, Sensata’s sensor business accounted for 70.7 percent of net revenue, while controls accounted for 29.3 percent. These are a slight change from the 73.1 percent of the market share sensors accounted for and 26.9 percent controls accounted for during the first quarter of 2012.

Revenue from company’s three geographical regions were split relatively evenly during the first quarter, with the Americas accounting for 37.4 percent, Asia accounting for 32.8 percent and Europe accounting for 29.8 percent.

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