ATTLEBORO – Sensata Technologies Inc., reported net income of $85.1 million in the first quarter of 2019, or 52 cents per diluted share, a 6% decline from $90.5 million one year prior, or 52 cents per diluted share, according to a filing Wednesday with the U.S. Securities and Exchange Commission.
The international industrial technology company reported revenue of $870.5 million for the quarter, a 1.8% decline year over year.
“We delivered strong content growth and significantly outgrew our end markets in the first quarter of 2019,” said Martha Sullivan, CEO of Sensata Technologies, in a release. “Our underlying secular growth is being driven by legislative mandates and consumer demand for products that are cleaner, more efficient, and more electrified. Additionally, we advanced our Electrification and Smart & Connected megatrend initiatives, including signing our first customer agreements for our wireless battery management solution and our wireless gateway solution for on-road trucks and trailers. While our first-quarter revenues were above our guidance, we expect production in the automotive and industrial end markets to be incrementally weaker for the remainder of 2019.”
The company also noted that it had repurchased roughly $150 million worth of shares during the first quarter. The company had $649.5 million in cash at the end of the first quarter a decline from $729.8 million one year prior.
Segment figures:
The company’s Performance Sensing segment reported revenue of $640 million in the first quarter a decline 3.4% year over year. Operating income for the segment fell 11.2% to $150.5 million over the year.
The Sensing Solutions segment reported revenue of $230.5 million, a 3.1% year-over-year increase. Segment operating income increased 4.3% to $75 million year over year.
Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.
