Sensata profits soar in 2012

By PBN Staff
Twitter: @ProvBusNews

ATTLEBORO – Sensata Technologies N.V. reported a bottom line of $177.5 million, or 98 cents per diluted share, for 2012, versus profit of $6.5 million, or 4 cents per diluted share, reported during 2011.

The company’s revenue rose as well, by 4.8 percent during the year to $1.91 billion from $1.82 billion during 2011.

The company’s adjusted net income – a non-GAAP measure Sensata uses internally that adjusts net income and removes the effects of financing, investments, inventory re-valuing, depreciation, amortization and other adjustments – was a record $356.6 million, or $1.96 per diluted share, 5.7 percent greater than the adjusted net income of $355.5 million, or $1.96 per diluted share, during 2011.

During the fourth quarter alone, the company’s net income rose 191 percent to $70.9 million, or 39 cents per diluted share. In addition, the company’s revenue declined 1.77 percent to $445.4 million during the quarter.

Of the $445.4 million fourth quarter revenue, the company spent 6.4 percent on research-, development- and engineering-related costs.

The company’s adjusted net income for the fourth quarter was $85.3 million, or 47 cents per diluted share, a 4 percent increase from the $82 million, or 45 cents per diluted share, reported for the fourth quarter of 2011.

“We are satisfied by the performance of the business during a challenging fourth quarter of 2012,” Martha Sullivan, president and CEO, said in prepared remarks. “While our top line growth opportunities will continue to be challenged by near-term economic weakness in 2013, our disciplined focus on margin improvement will result in higher earnings growth.

“We remain confident our long-term growth drivers are still intact,” said Sullivan.