ATTLEBORO – Sensata Technologies Inc.’s second-quarter earnings rose 21.3 percent to $79.5 million on revenue of $839.9 million, which was a 1.5 percent increase on the same 2016 period. Diluted earnings per share totaled 46 cents, compare with 38 cents a year earlier. Adjusting for foreign exchange rate volatility, the company reported organic revenue growth of 3.6 percent for the April-June period.
Through the first six months of the year, profit rose 19.9 percent to $151.2 million on net revenue of $1.6 billion, an increase of 1.4 percent.
“We were pleased with the organic revenue growth and robust margin expansion we delivered in the second quarter of 2017,” said Martha Sullivan, president and CEO. “Our performance was driven by double-digit organic revenue growth in our heavy vehicle and off-road business and strong demand in Asia across both of our segments.”
Over the last year Sensata has increased its balance of cash and cash equivalents from $309.1 million to to $511.5 million.
Sensata also upgraded its revenue prediction for the year in response to second-quarter performance. “For the first half of 2017, we have generated 3.6 percent organic revenue growth, expanded adjusted EBIT margins by 100 basis points, and reported 12 percent organic growth in adjusted EPS. As a result, we are raising our full-year 2017 guidance for revenue and adjusted EPS,” said Sullivan.
The company now anticipates full-year revenue for 2017 of between $3.2 billion and $3.3 billion, which would be growth of 2-3 percent on a constant-currency basis. At the same time, the company expects adjusted earnings per share of $3.12-$3.20, which would represent organic growth of 9-12 percent.
Sensata Technologies specializes in sensors and electrical protection technology solutions.
Chris Bergenheim is the PBN web editor.
