Sensata reports $149M profit in Q3

ATTLEBORO – Sensata Technologies Inc. reported a net income of $149.1 million in the third quarter of 2018, or 88 cents per diluted share, a 69.4 percent increase year over year from $88 million, or 51 cents per diluted share, in the third quarter of 2017, according to the company Tuesday.

Reported revenue was $873.6 million, a 6.7 percent increase from $819.1 million the previous year.

The company’s performance sensing segment reported a $649.6 million revenue for the quarter, compared with $603.9 million the year prior. The company’s sensing solutions segment reported a $223.9 million revenue, compared with $215.1 million in the third quarter of 2017.

The company also said it completed the sale of its valves business in late August for cash considerations of approximately $165.5 million, which the company said resulted in a pre-tax gain of $63.7 million.

- Advertisement -

The company also reached an agreement to purchase the company GIGAVAC LLC for $233 million, which it will buy with cash on hand. The acquisition is expected to close in the fourth quarter of 2018.

In a release announcing the quarterly results, the company noted that its board of directors also authorized a $250 million share repurchase program in October.

“Our strong top-line performance in 2018 is being driven by long-term secular growth as we continue to outgrow our markets,” said Martha Sullivan, president and CEO of Sensata, in a statement. “Over the past four months, we have returned approximately $400 million in cash to shareholders through our share repurchase program. Today, we are announcing a new $250 million share repurchase authorization, which reflects our continued commitment to a balanced capital deployment strategy and our confidence in the future performance of the company.”

Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.