ATTLEBORO – Sensata Technologies Inc. said on Thursday that its net income tumbled to a loss of $9.53 million in the first quarter from a profit of $27.31 million a year earlier.
The manufacturer of sensors and controls reported earnings per share was a loss of 5 cents, as compared to the first quarter of 2010, when the company reported a positive EPS of 17 cents.
Tom Wroe, chairman and CEO of Sensata, warned that events in Japan, the tsumani and its sequela on the nation’s economy, is expected to negatively impact Sensata’s second quarter revenue by $25 million.
For the three months ended March 31, revenue was $444.2 million, up from $377.1 million. Sensata spent $25.2 million, or 5.7 percent, of net revenue on research, development and engineering related costs in the first quarter of 2011.
“Our profitability, cash generation and leverage levels are in line with, or slightly ahead of, our expectations. The integration of our most acquisition [of Honeywell International’s automotive on-board sensors business] is off to a great start and we continue to believe we can achieve or exceed our investment case which will drive a strong return for shareholders,” said Jeff Cote, chief administrative and financial officer.
Taking into account the impact of events in Japan, Sensata said it expects revenue to be reduced by about $25 million; with that factored into the guidance for the second quarter, Sensata expects $440 million to $460 million.
The acquisition of the Honeywell Automotive on Board business closed on Jan. 28 for $136.9 million.
