ATTLEBORO – Sensata Technologies Holding PLC on Tuesday reported a $76 million profit in the first quarter of 2024, a decline from $86.4 million one year prior, and announced that CEO and President Jeff Cote is retiring.
Martha Sullivan, who served as the company’s CEO and president from 2013 to 2020, was named interim CEO and president effective Tuesday, while a search committee seeks a permanent leader. She has served on the board of directors since being replaced by Cote in 2020.
“Sensata is a strong, profitable business that is well-positioned for a bright future in an increasingly electrified world,” Sensata Chairman Andrew C. Teich said. “The board is grateful for Jeff’s dedication and leadership in positioning the Company to benefit from these opportunities, and we wish him the best in his retirement.”
The company, which manufactures sensing, electrical protection and control and power- management products, reported earnings per diluted share of 50 cents. That compares with 56 cents in the first quarter of 2023.
The company also reported record first quarter revenue of $1.01 billion, a rise of 0.8% year over year, beating Wall Street forecasts. Four analysts surveyed by Zacks expected $987.9 million.
“We are pleased to report a solid start to 2024, with first quarter revenue and adjusted operating margins towards the high end of our guidance range,” Cote said. "We are the trusted electrification partner of choice as evidenced by more than $1.3 billion in electrification wins during the past three years and our safe and efficient capabilities remain a durable, proven, and profitable business driving value for our shareholders."
The company’s performance-sensing segment revenue totaled $713.3 million in the first quarter, a rise from $667.7 million one year prior. Sensing-solutions segment revenue totaled $257.8 million, a decline from $283 million one year prior.
The company said it expects revenue in the range of $1.02 billion to $1.06 billion for the fiscal second quarter.
Sensata also announced that Phillip Eyler will join the board of directors and serve on the CEO Search Committee and the Nominating and Governance Committee effective July 1. With his appointment, Sensata’s board will consist of 11 directors, 10 of whom are independent.
Since 2017, Eyler has served as president and CEO of Gentherm Inc., a maker of innovative thermal management and pneumatic comfort technologies for the automotive industry and a leader in medical patient temperature management systems.
“We are pleased to welcome Phil to the board. He brings valuable insights and expertise, as a successful sitting CEO in an adjacent technology space with a proven track record of technology innovation and value creation,” Teich said. “The board looks forward to benefiting from his perspectives as we work to drive further shareholder value creation.”
Material from The Associated Press was used in this report.
