Home Economy Economic Activity Sensata Technologies ends 2023 with $3.9M loss

Sensata Technologies ends 2023 with $3.9M loss

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PBN Staff

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02/06/2024

Sensata (1) — SENSATA TECHNOLOGIES Holding PLC posted a $3.9 million loss for 2023, a 98.7% decline from the $310.7 million profit it reported a year earlier. / COURTESY SENSATA TECHNOLOGIES

ATTLEBORO – Industrial technology manufacturer Sensata Technologies Holding PLC posted a $3.9 million loss for 2023, a year after posting a $310.7 million profit. The company reported a loss of 3 cents per diluted share, compared to earnings of $1.99 per diluted share in 2022. “We anticipate our end markets to be relatively flat year

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ATTLEBORO – Industrial technology manufacturer Sensata Technologies Holding PLC posted a $3.9 million loss for 2023, a year after posting a $310.7 million profit. The company reported a loss of 3 cents per diluted share, compared to earnings of $1.99 per diluted share in 2022. "We anticipate our end markets to be relatively flat year over year given the current IHS automotive outlook, weakness in Europe and North America heavy vehicle and off-road production, and continued destocking in industrials," said Brian Roberts, chief financial officer and executive vice president of Sensata. "Given that market backdrop, we expect revenue to be flat to down slightly in the first and second quarters of 2024 before rebounding in the second half of the year as new and ramping product launches drive growth. We expect adjusted operating margins to be flat in the first quarter and then increase sequentially by approximately 20 to 30 basis points per quarter." The maker of sensing, electrical protection, control and power management products reported a fourth-quarter loss of $202.2 million, after a $112.2 million quarterly profit reported a year prior. The company reported a loss of $1.34 per diluted share compared to a profit of 74 cents per diluted share in 2022. Sensata posted revenue of $992.5 million in the period, which topped Wall Street forecasts. Four analysts surveyed by Zacks Investment Research expected $978.8 million. For the current quarter ending in March, Sensata expects its per-share earnings to range from 82 cents to 88 cents. The company expects revenue in the range of $970 million to $1.01 billion for the fiscal first quarter. "Our ability to deliver solutions for our customers in an increasingly electrified world represents an unprecedented opportunity for Sensata and we are well-positioned for success," said Jeff Cote, CEO and president of Sensata. “Over the last three years, we have won over $1.3 billion in electrification opportunities, much of it in our long-cycle businesses, giving me great confidence that electrification will drive Sensata’s growth in the coming years.” (Material from The Associated Press was used in this report.)