Sensata Technologies on track to achieve goal of $2 billion from electrification by 2026

Sensata Technologies Holding Plc's stock (ST) fell 1.6% early Tuesday, after the maker of sensors and senor-based technology for the automotive and aerospace industries, lowered full-year guidance to reflect the impact of the UAW strike. The company posted net income of $62.8 million, or 41 cents a share, for the third quarter, down from $140.3 million, or 91 cents a share, in the year-earlier period. Adjusted per-share earnings came to 91 cents, just ahead of the 90 cent FactSet consensus. Revenue fell to $1.001 billion from $1.018 billion a year ago, compared with a FactSet consensus of $1.004 billion. "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, in a statement. Cote said the third-quarter numbers were in line with the company's own guidance. However, it adjusted its fourth-quarter guidance "to reflect updated third-party estimates for automotive production in the quarter due to the UAW strike.' While the impact is likely temporary, the impact on the company's numbers may vary from current expectations, said Cote. The company is now expecting revenue of $950 million to $1.000 billion, down 6% to 1% from a year ago. It expects adjusted EPS of 79 cents to 89 cents, down 18% to 8% from a year ago. The FactSet consensus is for EPS of 94 cents and revenue of $1.008 billion. The stock has fallen 15.6% in the year to date, while the S&P 500 has gained 8.5%.

-Ciara Linnane

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10-31-23 0615ET

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