ATTLEBORO – Sensata Technologies Holding PLC on Tuesday reported an $86.4 million profit in the first quarter of 2023, a sharp rise from $22.4 million one year prior.
Earnings per diluted share were 56 cents, compared with 14 cents one year prior.
The company, which manufactures sensing, electrical protection and control and power- management products, also reported record first quarter revenue of $998.2 million, a rise of 2.3% year over year, beating Wall Street forecasts. Four analysts surveyed by Zacks expected $981 million.
“Sensata delivered strong results in the first quarter with revenue and adjusted earnings above the midpoint of our financial guidance for the quarter. Sensata remains on track to achieve its long-term goals within Electrification, including scaling its Electrification business to $2 billion in revenue by 2026,” said Jeff Cote, CEO and president of Sensata. “During the first quarter, the company repaid $250 million of its outstanding Term Loan, reducing variable rate debt and interest expense in line with our capital deployment priorities.”
The company’s performance-sensing segment revenue totaled $751.5 million in the first quarter, a rise from $717.6 million one year prior. Sensing-solutions segment revenue totaled $246 million, a decline from $258 million one year prior.
The company expects revenue in the range of $1 billion to $1.04 billion for the fiscal second quarter.
(Material from The Associated Press was used in this report.)
