ATTLEBORO – Sensata Technologies Inc. which supplies sensors and controls for a variety of applications in diverse industries, reported net income of $105.3 million, or 61 cents per diluted share, in the second quarter, according to an earnings release Tuesday.
The second-quarter earnings reflected a 32.5 percent increase year over year from the 2017 second-quarter earnings of $79.5 million, or 46 cents per diluted share.
Second-quarter revenue totaled $913.9 million, an 8.8 percent increase from the same previous-year period. The company said that part of the increase was from favorable exchange rates, which resulted in an additional $20.4 million of revenue.
Both of the company’s segments increased their profits year over year, with the Performance Sensing segment reporting profit of $187.4 million profit, an increase from $169.1 million one year prior. Revenue for the segment increased as well, to $676.2 million from $621.8 million in the second quarter of 2017.
The company’s Sensing Solutions segment reported a $79.1 million profit for the quarter, compared with $70.1 million a year ago. Revenue also increased, from $218 million to $237.6 million.
“We are growing faster than our markets as we continue to capture attractive secular growth opportunities in our industrial, automotive, and heavy vehicle & off road businesses,” said Martha Sullivan, Sensata Technologies president and CEO, in a statement. “China remains our fastest-growing region as a result of strong content growth and represents 15 percent of our revenues. … Finally, we kicked off a $400 million share repurchase program that we expect to complete within the next six months, as part of our returns-driven capital deployment strategy.”
Chris Bergenheim is the PBN web editor.
