Sensata reports increase in profit, revenue in 1Q

SENSATA TECHNOLOGIES reported first-quarter net income of $60.6 million, or 35 cents per diluted share, compared with $35.4 million, or 21 cents per diluted share, a year ago.  / COURTESY SENSATA TECHNOLOGIES
SENSATA TECHNOLOGIES reported first-quarter net income of $60.6 million, or 35 cents per diluted share, compared with $35.4 million, or 21 cents per diluted share, a year ago. / COURTESY SENSATA TECHNOLOGIES

ATTLEBORO – Sensata Technologies Holding N.V. reported increases in profit and revenue in the first quarter that ended March 31.
The maker of sensing, electrical protection, and control and power management solutions said Tuesday that first-quarter profit was $60.6 million, or 35 cents per diluted share, a 71 percent increase from $35.4 million, or 21 cents per diluted share, in first quarter 2015.
Revenue was $796.5 million, a 6.1 percent increase from $750.7 million a year ago.
Martha Sullivan, Sensata president and CEO, said in a statement that the company delivered “solid financial performance in the first quarter.” Sullivan said Sensata remains on track for margin expansion through successful acquisition integration.
“We are also very excited about our strategic partnership with Quanergy in LiDAR sensing, a key enabling technology for autonomous driving,” she said.
The company spent $61.6 million or nearly 8 percent of revenue, on research, development and engineering-related costs to fund growth initiatives.
Adjusted profit – a company-generated metric that reverses out restructuring, financing, hedging, changes in the fair value of fixed and intangible assets, deferred income tax and other tax expense and amortization of financing costs – was $113.2 million, or 66 cents per diluted share, in the first quarter compared with adjusted profit of $110.9 million, or 65 cents per diluted share in first quarter 2015.
Among business segments, performance sensing profit and revenue grew over the year, to $145.8 million, a 1.3 percent increase, and $597.2 million, a 0.9 percent increase, respectively.
Sensing solutions profit rose 28.5 percent over the year, to $63.2 million, while sensing solutions revenue climbed 25.1 percent, to $199.4 million.
For the year, the company anticipates revenue of $3.14 billion to $3.28 billion, above 2015’s revenue of $2.975 billion, and adjusted profit between $470 million and $515 million, or $2.74 to $3 per diluted share. Adjusted profit per diluted share was $2.75 in 2015, the company said.

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