Home Investing.com: Stock Market News Sensata Technologies posts higher Q3 earnings, projects adjusted net income for Q4 By Investing.com

Sensata Technologies posts higher Q3 earnings, projects adjusted net income for Q4 By Investing.com

by Hataf Finance
1 minutes read

© Reuters.

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.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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