ATTLEBORO – Industrial technology manufacturer Sensata Technologies Holding PLC posted $363.6 million in net income for 2021, more than double the profit from a year earlier, the company said Tuesday.
The improved annual results come despite the fourth quarter in which net income declined 8.0% to $112.0 million.
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Earnings per diluted share were $2.28 for 2021, an increase from $1.04 in 2020. Earnings for the fourth quarter were 70 cents per diluted shared, down from 77 cents from the same period a year before.
Jeffrey Cote, Sensata CEO and president, pointed to the fourth-quarter revenue as a positive indicator. The company recorded $934.6 million in revenue for the last three-month period of 2021, up 3.1% from the fourth quarter of 2020. Offsetting that gain was a 4.3% year-over-year increase in operating costs and expenses for the quarter to $784.9 million.
Still, the revenue reported by the Attleboro-based maker of sensing, electrical protection, control and power management products exceeded Wall Street forecasts. Five analysts surveyed by Zacks expected $916.5 million.
Additionally, quarterly earnings, adjusted for one-time gains and costs, were 87 cents per share, which also beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 81 cents per share.
“Fourth-quarter results were stronger than expected,” Cote said in a statement. “Sensata’s revenue growth outpaced markets by 800 basis points offsetting meaningful declines in automotive production versus the prior-year quarter. While 2021 posed supply chain challenges around the world, we are pleased with how quickly and effectively we adapted to rapidly changing conditions, delivering record annual revenue for Sensata. We are continuing to execute on our long-term growth strategy as evidenced by the recent acquisition of Sendyne.”
