ATTLEBORO – Sensata Technologies Holding PLC reported a profit of $73.4 million in the second quarter, a 30.3% decline year over year, according to an earnings report released Tuesday. Earnings per diluted share for the quarter were 45 cents, compared with 61 cents one year prior.
Sensata, which manufactures sensing, electrical protection, and control and power management solutions, reported revenue of $883.7 million, a 3.3% decline from the second quarter of 2018.
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The company reported $16.3 million in “restructuring and other charges” for the second quarter, including $14.6 million in severance costs, bringing year-to-date restructuring and other charges costs to $21.6 million, including $17.5 million in severance costs.
The company said that a majority of the severance payments were part of a voluntary retirement incentive program offered to a limited number of eligible employees in the United States.
“As we look ahead this year, we expect our end markets will decline below the projections we contemplated in our most recent full year 2019 guidance, and are implementing additional initiatives to further align our costs with the lower volumes we are now anticipating,” said Martha Sullivan, CEO of Sensata, in remarks included in the earnings report.
The company’s performance sensing segment revenue declined 4.7% to $644.5 million. Segment operating profit was $168.1 million, a 10.3% decline year over year.
The sensing solutions segment of the company reported a revenue of $239.2 million, a 0.7% increase year over year. Segment operating profit was $77.1 million a 2.5% decline year over year.
Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.
