Sensata Technologies, a leading industrial technology company, reported a robust financial performance for Q3 2023, with an adjusted EPS of 91 cents. This figure represents a significant increase from the previous year, surpassing market estimates. Despite the positive earnings, the company’s revenues fell slightly by 1.7% to $1,001.3 million due to currency changes.
The company’s Performance Sensing revenues saw an uptick of 2%, while its Sensing Solutions’ operating income took a hit due to slower industrial revenue growth. The heavy vehicle off-road business witnessed a decline in organic revenue growth, but this was offset by growth in the automotive and aerospace sectors.
Operating expenses for the quarter increased as a result of restructuring charges. However, Sensata Technologies managed to improve its free cash flow to $87.2 million and saw a slight increase in adjusted EBITDA compared to the previous year.
As for its liquidity position, the company reported having $889.7 million in cash and equivalents. In addition, it repurchased shares worth $35.2 million during the quarter.
Looking forward into Q4 2023, Sensata Technologies has projected an adjusted net income ranging between $120 million-$136 million.
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