ATTLEBORO – Sensata Technologies Inc. reported net income for 2017 of $408.4 million, a 55.6 percent increase year over year from 2016. Earnings per diluted share for the year totaled $2.37 compared with $1.53 one year prior.
Net revenue for the year for the maker of sensors and control systems was $3.3 billion, a 3.3 percent year-over-year increase.
Martha Sullivan, president and CEO of Sensata, said in a statement, “Our full-year 2017 revenue growth exceeded our initial guidance and was driven by 14 percent organic revenue growth in our heavy vehicle & off-road business, strength in China, and solid demand from our industrial customers.”
The company’s Performance Sensing segment profit increased 7.9 percent year over year to $664.2 million. The Sensing Solutions segment reported profit of $277.4 million, a 5.9 percent year-over-year increase.
The company reported that revenue from Asia/Rest of World increased as a percentage of total revenue to 27.3 percent from 25.3 percent. Revenue from the Americas fell to 41.3 percent from 42.7 percent, and revenue from Europe fell to 31.4 percent from 32 percent.
Automotive equipment manufacturing accounted for 61.7 percent of all company revenue, a decline from 63.1 percent in 2016. Other product types showed year-over-year changes as well.
- Heavy vehicle off-road, 14.3 percent (2017) from 12.8 percent (2016)
- Appliance and heating, ventilation and air-conditioning, 6.3 percent from 5.9 percent
- Industrial, 9.4 percent from 9 percent
- Aerospace, 4.6 percent from 4.7 percent
- All other, 3.7 percent from 4.5 percent
The company said it expected 3-5 percent revenue growth in the upcoming fiscal year as well as 11-15 percent growth in adjusted net income.
