ATTLEBORO – Sensata Technologies Holding PLC on Tuesday reported a $53.7 million profit in the first quarter of 2021, a rise from $8.4 million one year prior.
Earnings per diluted share were 34 cents, compared with 5 cents one year prior.
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The company, which manufactures sensing, electrical protection and control and power- management products, also reported record first quarter revenue of $942.5 million, a rise of 21.7% year over year.
“Sensata’s record first quarter revenue reflect a continuation of strong growth associated with recovery across our automotive, heavy vehicle and industrial markets. Beyond more robust end markets, Sensata’s growth significantly outpaced the automotive market by 910 basis points and the heavy vehicle market by 1,070 basis points during the quarter,” said Jeff Cote, CEO and president of Sensata. “Despite widespread supply chain challenges, we are pleased with how effectively we are adapting to evolving conditions, clearly positioning Sensata to benefit from the overall business recovery.”
The company’s performance-sensing segment revenue totaled $714.5 million in the first quarter, a rise from $568.7 million one year prior. Sensing-solutions segment revenue totaled $228 million, a rise from $205.6 million one year prior.
The company also noted that it had completed the acquisition of Xirgo Technologies, headquartered in Camarillo, Calif., for $400 million on April 1, 2021, the first day of the company’s second quarter. Xirgo is a telematics and data insights provider for fleet management across the transportation and logistics segments, Sensata said.
