ATTLEBORO – Sensata Technologies Inc. reported increases in net income and revenue in the first quarter that ended March 31, the company said Tuesday.
Sensata, which manufactures sensing, electrical protection, and control and power management solutions, reported net income of $71.7 million, or 42 cents per diluted share, compared with net income of $60.6 million, or 35 cents per diluted share, a year ago, an 18.4 percent increase.
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Revenue grew 1.3 percent to $807.3 million from $796.5 million a year ago.
Martha Sullivan, president and CEO, said in a statement that the company has started off the year strong.
“Our revenue growth was balanced between both segments, while China continues to be our strongest geographic region. We delivered impressive year-over-year margin expansion despite facing foreign exchange headwinds and higher integration costs. As we move ahead, we remain focused on pursuing strategic investments that will drive future growth, while continuing to expand margins and improve profitability,” Sullivan said.
Sensata’s two business segments, performance sensing and sensing solutions, saw revenue and operating profit growth over the year in the first quarter.
Performance sensing revenue rose 0.5 percent to $600.1 million, while operating profit climbed 4.1 percent, to $151.7 million. Sensing solutions revenue climbed 3.9 percent to $207.1 million, and operating profit increased 6.6 percent to $67.4 million.
Performance sensing comprises the largest percentage of total revenue at 74.3 percent, compared with sensing solutions’ 25.7 percent.
The company said it expects revenue between $820 million and $844 million in the second quarter compared with revenue of $827.5 million in the second quarter of 2016, and also expects full-year revenue between $3.165 billion and $3.265 billion.
Lori Stabile is the PBN Web Editor.
