ATTLEBORO – Sensata Technologies Holdings PLC earned a profit of $49.1 million in the second quarter of 2023, compared to a $34.8 million gain one year prior, the company reported Tuesday.
Earnings per diluted share were 32 cents, compared with 22 cents per diluted share one year prior.
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Revenue totaled $1.06 billion for the quarter, a rise from $1.02 billion a year ago and exceeding Wall Street’s forecast. Four analysts surveyed by Zacks Investment Research expected $1.03 billion.
“Sensata delivered robust results in the second quarter with record revenue for the quarter. The sustained performance we are generating demonstrates that Sensata remains on track to achieve its long-term growth goals, including scaling its electrification business to $2 billion in revenue by 2026,” said Jeff Cote, CEO and president of Sensata. “During the second quarter, the company repaid its outstanding term loan, removing variable rate debt from our balance sheet at a time of rising rates, with the effect of lowering interest expense and amplifying earnings per share growth.”
The company’s performance-sensing segment revenue totaled $757.4 million in the quarter, a rise from $731.6 million one year prior. Sensing solutions segment revenue totaled $304.6 million, a rise from $288.9 million in the second quarter of 2022.
(The Associated Press contributed to this report.)
