ATTLEBORO – Industrial technology manufacturer Sensata Technologies Holding PLC posted a $310.7 million profit for 2022, a 14.6% decline from a year earlier, the company said Tuesday.
Earnings per diluted share were $1.99 for 2022, a decrease from $2.28 in 2021.
“During 2022, the company was awarded over $1 billion in new business wins, a new record that demonstrates the value of Sensata’s investments in the growth vectors of electrification and data insights,” said Jeff Cote, CEO and president of Sensata. “The significant business wins in the past two years underpin the future market outgrowth of the company and our strong long-term performance. Looking forward, given our established success in our electrification and insights businesses, Sensata will focus on integrating and growing these innovative platforms organically, and prioritize earnings growth and the resulting free cash flow toward strengthening the balance sheet and de-levering, including targeting a net leverage range of 1.5x to 2.5x within the next 2 to 3 years.”
The maker of sensing, electrical protection, control and power management products reported fourth-quarter earnings of $113.2 million per share, an increase from $111.9 million the year prior. Earnings for the fourth quarter were 70 cents per diluted share, down from 77 cents from the same period a year before.
The fourth-quarter results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 88 cents per share.
For the current quarter ending in March, Sensata expects its per-share earnings to range from 81 cents to 91 cents.
The company said it expects revenue in the range of $950 million to $1 billion for the fiscal first quarter.
