ATTLEBORO – Sensata Technologies Holding N.V. reported earnings of $20.4 million, or 11 cents per diluted share, for the second quarter, a 22 percent decline from the $26.1 million, or 14 cents per diluted share, reported during the second quarter of 2012.
Although the company’s net income fell, Sensata’s revenue rose 0.36 percent to a record $506.4 million during the three months ended June 30.
Of the $506.4 million second-quarter revenue, the company spent $29.8 million, roughly 5.9 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 $95.7 million, or 54 cents per diluted share, a 1.8 percent decline from the second-quarter 2012 adjusted net income of $97.5 million, or 54 cents per diluted share.
“We are pleased with our results as we delivered record net revenue for the second quarter and adjusted net income per diluted share at the high end of our guidance,” Martha Sullivan, Sensata president and CEO, said in a statement. “While markets continue to be dynamic, we expect to see improvement in the second half as compared to last year.”
For the three months ended June 30, 2013, Sensata’s sensor business accounted for 30.1 percent of net revenue, while controls accounted for 31.5 percent. These are a slight change from the 28 percent of the market share sensors accounted for and 33 percent controls accounted for during the second quarter of 2012.
Revenue from company’s three geographical regions were split relatively evenly during the second quarter, with the Americas accounting for 38.5 percent, Asia accounting for 31.6 percent and Europe accounting for 29.9 percent.
During the first six months of 2013, the company’s profit fell 15.4 percent to $55 million, or 31 cents per diluted share, from $65 million, or 36 cents per diluted share, during the first six months of 2012.
During the same six-month period, the company reported adjusted net income of $182.4 million, or $1.01 per diluted share, a 2.2 percent decline from the adjusted net income of $186.4 million, or $1.03 per diluted share, reported during the first half of 2012.
For the full year of 2013, Sensata said it anticipates net revenue of $1.9 billion to $2 billion, which represents growth of 2.9 percent compared with the 2012 revenue.