ATTLEBORO – Sensata Technologies Holding PLC reported an $8.4 million profit in the first quarter, a sharp decline from $85.1 million one year prior, the company reported on Wednesday.
Earnings per diluted share for the quarter were 5 cents, compared with 52 cents one year prior.
A modernized health plan: Supporting cost management and the employee experience.
The Surest health plan came from a group of innovators wondering: What if health care…
Learn More
The company, which manufactures sensing, electrical protection and control and power management solutions, said revenue declined 11.1% year over year to $774.3 million.
The declines were attributed to shutdowns due to the COVID-19 pandemic.
“We are in a period of unprecedented market upheaval as individuals, communities and companies have implemented shelter-in-place protocols to prevent the spread of COVID-19,” said Jeff Cote, CEO and president of Sensata. “Our primary goals are to continue to protect our employees and our business, and deliver for our customers. We have significant financial flexibility, longstanding customer relationships and long-cycle designs, all of which will enable us to pass through this market turmoil and emerge stronger as markets normalize. Although we are facing challenging market conditions, looking ahead, our strong base of new-business wins will enable us to sustain attractive end-market outgrowth that we continued to generate in the first quarter and we will responsibly align our cost structure to the market-driven demand for our products.”
The company’s performance-sensing segment revenue was $568.7 million for the quarter, an 11.1% decline year over year. The company’s sensing-solutions segment revenue declined 10.8% year over year to $205.8 million.
“We are working closely with our customers to serve their essential production needs, and we have taken decisive actions to control and reduce operating costs while further enhancing our financial flexibility,” said Paul Vasington, chief financial officer of Sensata. “This included cutting discretionary spend and capital expenditures, instituting global indirect pay cuts and furloughs and drawing on our revolver to enhance our cash balances.”
The company also said that it suspended a stock buyback program on April 2 to enhance the company’s financial flexibility.
