Record Quarterly Revenue of $1,062 Million
SWINDON, United Kingdom--(BUSINESS WIRE)-- Sensata Technologies (NYSE: ST), a global industrial technology company and leading provider of sensors, sensor-rich solutions and electrical protection devices used in mission-critical systems that create valuable business insights for customers, today announced financial results for its second quarter ended June 30, 2023.
"Sensata delivered robust results in the second quarter with record revenues for the quarter. The sustained performance we are generating demonstrates that 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 and President of Sensata. "During the second quarter, the Company repaid its outstanding Term Loan, removing variable rate debt from our balance sheet at a time of rising rates, with the effect of lowering interest expense and amplifying earnings per share growth.”
Investor Event on Sensata's Innovation
Sensata plans to host an investor event in New York City on September 27, 2023 from 9 AM to noon EST to highlight Sensata's rich history of innovation on behalf of customers and how that innovation drives its transition to providing solutions for an Electrified World. The event will be in-person and virtual; registration details are now available on Sensata's Investor Relations website.
Operating Results
Operating results for the second quarter of 2023 compared to the second quarter of 2022 are summarized below. These results include non-GAAP financial measures, each of which is defined and reconciled to the most directly comparable GAAP measure later in this press release.
Revenue:
- Revenue was a record $1,062.1 million, an increase of $41.6 million, or 4.1%, compared to $1,020.5 million in the second quarter of 2022.
- Revenue increased 3.4% on an organic basis, which excludes a decrease of (1.4%) from foreign currency exchange rates and an increase of 2.1% from acquisitions, net of divestitures, each versus the prior year period.
Read the full press release here.