First Quarter Results above Guidance
Sensata Technologies (NYSE: ST), a global industrial technology
company and leading provider of sensor-rich solutions that create
insights for customers, today announced financial results for its
first quarter ended March 31, 2022.
Operating results for the first quarter of 2022 compared to the
first quarter of 2021 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 $975.8 million, an increase of $33.2 million, or
3.5%, compared to $942.5 million in the first quarter of 2021.
- Revenue growth was flat on an organic basis, which excludes a
decrease of (0.6)% from foreign currency exchange rates and an
increase of 4.1% from acquisitions, each versus the prior-year
period.
- Sensata grew revenue above guidance provided in February 2022
due to effective execution of our plan: strong revenue outgrowth
and growth from acquisitions.
Operating income:
- Operating income was $125.9 million, or 12.9% of revenue, a
decrease of $31.5 million, or 20.0%, compared to operating income
of $157.5 million, or 16.7% of revenue, in the first quarter of
2021.
- Adjusted operating income was $182.5 million, or 18.7% of
revenue, a decrease of $15.6 million, or 7.9%, compared to adjusted
operating income of $198.1 million, or 21.0% of revenue, in the
first quarter of 2021.
- Sensata delivered adjusted operating income at the top end of
guidance. Pricing initiatives largely offset inflationary cost
pressures and investments in long term growth vectors through
R&D and acquisitions position Sensata well in high-growth
segments.
Earnings per share:
- Earnings per share was $0.14, a decrease of $0.20, or 58.8%,
compared to earnings per share of $0.34 in the first quarter of
2021.
- Adjusted earnings per share was $0.78, a decrease of $0.08, or
9.3%, compared to adjusted earnings per share of $0.86 in the first
quarter of 2021.
- Changes in foreign currency exchange rates increased Sensata's
adjusted earnings per share by $0.05 in the first quarter of 2022
compared to the prior-year period.
Sensata generated $47.4 million of operating cash flow in the
first quarter of 2022 compared to $104.5 million in the prior-year
period. The Company's free cash flow totaled $11.6 million in the
first quarter of 2022 compared to $77.3 million in the prior-year
period.
During the first quarter of 2022, Sensata repurchased
approximately 1.1 million ordinary shares for total consideration
of $67.3 million as part of its existing share repurchase
program.
“Sensata delivered higher than targeted revenue in the first
quarter due to strong market outgrowth and acquired growth of 7.9%
and 4.1% respectively, despite market headwinds of 5.8%. Lower
volumes and increased investments in our Megatrend growth areas are
weighing on margins, but these investments position Sensata for
growth as evidenced by our demonstrated outgrowth and record new
business wins.” said Jeff Cote, CEO and President of Sensata.
“Additionally, we are excited to announce the initiation of a
quarterly dividend and the acquisition of Dynapower."
Segment Performance
For the three months ended
March 31,
$ in 000s
2022
2021
Performance Sensing
Revenue
$
717,697
$
714,512
Operating income
$
180,638
$
195,844
% of Performance Sensing revenue
25.2
%
27.4
%
Sensing Solutions
Revenue
$
258,073
$
228,016
Operating income
$
72,515
$
66,894
% of Sensing Solutions revenue
28.1
%
29.3
%
New Quarterly Dividend
Sensata announced today that it intends to commence a quarterly
dividend of $0.11 per share, with the first payment expected to be
payable on May 25, 2022 for shareholders of record as of May 11,
2022.
Acquisition of Dynapower
Sensata also announced today that it had agreed to acquire
Dynapower Company, LLC (“Dynapower”), a leading provider of high
voltage power conversion solutions for clean energy market segments
from Pfingsten Partners for $580 million in cash. A trusted leader
with nearly 60 years of experience, Dynapower is a leader in power
conversion systems including inverters, converters, and rectifiers
for renewable energy generation, green hydrogen production,
electric vehicle charging stations, and microgrid applications, as
well as industrial and defense applications. The transaction is
subject to regulatory approvals and other customary closing
conditions and is expected to be completed early in the third
quarter of 2022.
Guidance
"Sensata delivered solid financial performance in a challenging
first quarter, posting 3.5% revenue growth and 18.7% adjusted
operating income margin," said Paul Vasington, EVP and CFO of
Sensata. “For the second quarter of 2022, we expect revenue of $990
to $1,030 million and adjusted EPS of $0.79 to $0.87. For the
fiscal year 2022, we are maintaining our annual financial guidance
calling for revenue of $4,175 to $4,275 million and adjusted EPS of
$3.80 to $4.06."
Fiscal Year 2022 Guidance
$ in millions, except EPS
FY-22 Guidance
FY-21
Y/Y Change
Revenue
$4,125- $4,275
$3,820.8
8% - 12%
organic growth
6% - 9%
Adjusted Operating Income
$848 - $892
$806.0
5% - 11%
Adjusted Net Income
$600 - $640
$566.8
6% - 13%
Adjusted EPS
$3.80 - $4.06
$3.56
7% - 14%
Versus the prior year, Sensata expects that changes in foreign
currency exchange rates will decrease revenue by approximately $21
million at the midpoint and increase adjusted EPS by approximately
$0.06 at the midpoint for fiscal year 2022.
Q2 2022 Guidance
$ in millions, except EPS
Q2-22 Guidance
Q2-21
Y/Y Change
Revenue
$990 - $1,030
$992.7
0% - 4%
organic growth
(2%) - 2%
Adjusted Operating Income
$186 - $198
$209.3
(11%) - (5%)
Adjusted Net Income
$125 - $137
$151.4
(17%) - (10%)
Adjusted EPS
$0.79 - $0.87
$0.95
(17%) - (8%)
Versus the prior-year period, Sensata expects that changes in
foreign currency exchange rates will decrease revenue by
approximately $8 million at the midpoint and increase adjusted EPS
by approximately $0.01 at the midpoint in the second quarter of
2022.
Conference Call and Webcast
Sensata will conduct a conference call today at 8:00 a.m.
Eastern Time to discuss its first quarter 2022 financial results
and its outlook for the second quarter and full year 2022. The
dial-in numbers for the call are 1-844-784-1726 or 1-412-380-7411.
Callers should reference the "Sensata Q1 2022 Financial Results
Conference Call." A live webcast of the conference call will also
be available on the investor relations page of Sensata’s website at
http://investors.sensata.com.
Additionally, a replay of the call will be available until May 3,
2022. To access the replay, dial 1-877-344-7529 or 1-412-317-0088
and enter confirmation code: 8713067.
About Sensata Technologies
Sensata Technologies is a leading industrial technology company
that develops sensors, sensor-based solutions, including
controllers and software, and other mission-critical products to
create valuable business insights for customers and end users. For
more than 100 years, Sensata has provided a wide range of
customized, sensor-rich solutions that address complex engineering
requirements to help customers solve difficult challenges in the
automotive, heavy vehicle & off-road, industrial, and aerospace
industries. With more than 21,000 employees and operations in 13
countries, Sensata’s solutions help to make products safer, cleaner
and more efficient, more electrified, and more connected. For more
information, please visit Sensata’s website at www.sensata.com.
Non-GAAP Financial Measures
We supplement the reporting of our financial information
determined in accordance with U.S. generally accepted accounting
principles (“GAAP”) with certain non-GAAP financial measures. We
use these non-GAAP financial measures internally to make operating
and strategic decisions, including the preparation of our annual
operating plan, evaluation of our overall business performance, and
as a factor in determining compensation for certain employees. We
believe presenting non-GAAP financial measures is useful for
period-over-period comparisons of underlying business trends and
our ongoing business performance. We also believe presenting these
non-GAAP measures provides additional transparency into how
management evaluates the business.
Non-GAAP financial measures should be considered as supplemental
in nature and are not meant to be considered in isolation or as a
substitute for the related financial information prepared in
accordance with U.S. GAAP. In addition, our non-GAAP financial
measures may not be the same as, or comparable to, similar non-GAAP
measures presented by other companies.
The non-GAAP financial measures referenced by Sensata in this
release include: adjusted net income, adjusted earnings per share
(“EPS”), adjusted operating income, adjusted operating margin, free
cash flow, organic revenue growth, market outgrowth, adjusted
earnings before interest, taxes, depreciation and amortization
("EBITDA"), net debt, and net leverage ratio. We also refer to
changes in certain non-GAAP measures, usually reported either as a
percentage or number of basis points, between two periods and
measured on either a reported, constant currency, or an organic
basis, the latter of which excludes the net impact of acquisitions
and divestitures for the 12-month period following the respective
transaction date(s) and the effect of foreign currency exchange
rate differences between the comparative periods. Such changes are
also considered non-GAAP measures.
Adjusted net income (or loss) is defined as net income
(or loss), determined in accordance with U.S. GAAP, excluding
certain non-GAAP adjustments which are described in the
accompanying reconciliation tables. Adjusted EPS is
calculated by dividing adjusted net income (or loss) by the number
of diluted weighted-average ordinary shares outstanding in the
period. We believe that these measures are useful to investors and
management in understanding our ongoing operations and in analysis
of ongoing operating trends.
Adjusted operating income (or loss) is defined as
operating income (or loss), determined in accordance with U.S.
GAAP, excluding certain non-GAAP adjustments which are described in
the accompanying reconciliation tables. Adjusted operating
margin is calculated by dividing adjusted operating income (or
loss) by net revenue. We believe that these measures are useful to
investors and management in understanding our ongoing operations
and in analysis of ongoing operating trends.
Free cash flow is defined as net cash provided by/(used
in) operating activities less additions to property, plant and
equipment and capitalized software. We believe that this measure is
useful to investors and management as a measure of cash generated
by business operations that will be used to repay scheduled debt
maturities and can be used to fund acquisitions, repurchase
ordinary shares, or for the accelerated repayment of debt
obligations.
Organic revenue growth (or decline) is defined as the
reported percentage change in net revenue calculated in accordance
with U.S. GAAP, excluding the period-over-period impact of foreign
exchange rate differences as well as the net impact of material
acquisitions and divestitures for the 12-month period following the
respective transaction date(s). We believe that this measure is
useful to investors and management in understanding our ongoing
operations and in analysis of ongoing operating trends.
Adjusted EBITDA is defined as net income (or loss),
determined in accordance with U.S. GAAP, excluding interest
expense, net, provision for (or benefit from) income taxes,
depreciation expense, amortization of intangible assets, and the
following non-GAAP adjustments, if applicable: (1) restructuring
related and other, (2) financing and other transaction costs, (3)
deferred gain or loss on derivative instruments, and (4) step-up
inventory amortization.
Net debt is defined as total debt, finance lease, and
other financing obligations less cash and cash equivalents. We
believe net debt is a useful measure to management and investors in
understanding trends in our overall financial condition.
Net leverage ratio is defined as net debt divided by last
twelve months (LTM) adjusted EBITDA. We believe the net leverage
ratio is a useful measure to management and investors in
understanding trends in our overall financial condition.
Safe Harbor Statement
This earnings release includes "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements may be identified by
terminology such as "may," "will," "could," "should," "expect,"
"anticipate," "believe," "estimate," "predict," "project,"
"forecast," "continue," "intend," "plan," "potential,"
"opportunity," "guidance," and similar terms or phrases.
Forward-looking statements involve, among other things,
expectations, projections, and assumptions about future financial
and operating results, objectives, business and market outlook,
megatrends, priorities, growth, shareholder value, capital
expenditures, cash flows, demand for products and services, share
repurchases, and Sensata’s strategic initiatives, including those
relating to acquisitions and dispositions and the impact of such
transactions on our strategic and operational plans and financial
results. These statements are subject to risks, uncertainties, and
other important factors relating to our operations and business
environment, and we can give no assurances that these
forward-looking statements will prove to be correct.
A wide variety of potential risks, uncertainties, and other
factors could materially affect our ability to achieve the results
either expressed or implied by these forward-looking statements,
including, but not limited to, risks related to public health
crises, instability and changes in the global markets, supplier
interruption or non-performance, the acquisition of disposition of
businesses, adverse conditions or competition in the industries
upon which we are dependent, intellectual property, product
liability, warranty, and recall claims, market acceptance of new
product introductions and product innovations, labor disruptions or
increased labor costs, and changes in existing environmental or
safety laws, regulations, and programs.
Investors and others should carefully consider the foregoing
factors and other uncertainties, risks and potential events
including, but not limited to, those described in Item 1A: Risk
Factors in our most recent Annual Report on Form 10-K and as may be
updated from time to time in Item 1A: Risk Factors in our quarterly
reports on Form 10-Q or other subsequent filings with the United
States ("U.S.") Securities and Exchange Commission (the "SEC"). All
such forward-looking statements speak only as of the date they are
made, and we do not undertake any obligation to update these
statements other than as required by law.
SENSATA TECHNOLOGIES HOLDING
PLC Condensed Consolidated Statements of Operations (In
thousands, except per share amounts) (Unaudited)
For the three months ended
March 31,
2022
2021
Net revenue
$
975,770
$
942,528
Operating costs and expenses:
Cost of revenue
657,080
635,349
Research and development
45,980
35,956
Selling, general and administrative
95,680
77,123
Amortization of intangible assets
37,367
32,064
Restructuring and other charges, net
13,733
4,582
Total operating costs and expenses
849,840
785,074
Operating income
125,930
157,454
Interest expense, net
(45,445
)
(44,043
)
Other, net
(50,456
)
(39,397
)
Income before taxes
30,029
74,014
Provision for income taxes
7,588
20,281
Net Income
22,441
53,733
Net income per share:
Basic
$
0.14
$
0.34
Diluted
$
0.14
$
0.34
Weighted-average ordinary shares
outstanding:
Basic
157,422
157,764
Diluted
158,630
159,230
SENSATA TECHNOLOGIES HOLDING
PLC Condensed Consolidated Balance Sheets (In thousands)
(Unaudited)
March 31, 2022
December 31, 2021
Assets
Current assets:
Cash and cash equivalents
$
1,608,481
$
1,708,955
Accounts receivable, net of allowances
693,568
653,438
Inventories
641,709
588,231
Prepaid expenses and other current
assets
146,342
126,370
Total current assets
3,090,100
3,076,994
Property, plant and equipment, net
822,633
820,933
Goodwill
3,555,369
3,502,063
Other intangible assets, net
907,315
946,731
Deferred income tax assets
104,226
105,028
Other assets
131,745
162,017
Total assets
$
8,611,388
$
8,613,766
Liabilities and shareholders'
equity
Current liabilities:
Current portion of long-term debt, finance
lease and other financing obligations
$
6,694
$
6,833
Accounts payable
486,432
459,093
Income taxes payable
19,249
26,517
Accrued expenses and other current
liabilities
327,670
343,816
Total current liabilities
840,045
836,259
Deferred income tax liabilities
339,332
339,273
Pension and other post-retirement benefit
obligations
39,089
38,758
Finance lease and other financing
obligations, less current portion
26,347
26,564
Long-term debt, net
4,215,505
4,214,946
Other long-term liabilities
78,753
63,232
Total liabilities
5,539,071
5,519,032
Total shareholders' equity
3,072,317
3,094,734
Total liabilities and shareholders'
equity
$
8,611,388
$
8,613,766
SENSATA TECHNOLOGIES HOLDING
PLC Condensed Consolidated Statements of Cash Flows (In
thousands) (Unaudited)
For the three months ended
March 31,
2022
2021
Cash flows from operating
activities:
Net income
$
22,441
$
53,733
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
31,531
31,197
Amortization of debt issuance costs
1,716
1,711
Share-based compensation
6,540
5,099
Loss on debt financing
—
30,066
Amortization of intangible assets
37,367
32,064
Deferred income taxes
(340
)
130
Acquisition-related deferred compensation
payments
(7,500
)
—
Mark-to-market loss on equity
investments
59,279
—
Unrealized loss on derivative instruments
and other
(517
)
8,797
Changes in operating assets and
liabilities, net of effects of acquisitions
(103,162
)
(58,286
)
Net cash provided by operating
activities
47,355
104,511
Cash flows from investing
activities:
Acquisitions, net of cash received
(48,441
)
(20,406
)
Additions to property, plant and equipment
and capitalized software
(35,711
)
(27,172
)
Investment in debt and equity
securities
(6,853
)
(1,799
)
Other
152
340
Net cash used in investing activities
(90,853
)
(49,037
)
Cash flows from financing
activities:
Proceeds from exercise of stock options
and issuance of ordinary shares
13,348
10,556
Payment of employee restricted stock tax
withholdings
(135
)
(221
)
Proceeds from borrowings on debt
—
750,000
Payments on debt
(2,931
)
(752,753
)
Payments to repurchase ordinary shares
(67,258
)
—
Payments of debt financing costs
—
(31,110
)
Net cash used in financing activities
(56,976
)
(23,528
)
Net change in cash and cash
equivalents
(100,474
)
31,946
Cash and cash equivalents, beginning of
year
1,708,955
1,861,980
Cash and cash equivalents, end of
period
$
1,608,481
$
1,893,926
Revenue by Business, Geography, and End Market
(Unaudited)
(percent of total revenue)
Three months ended March
31,
2022
2021
Performance Sensing
73.6 %
75.8 %
Sensing Solutions
26.4 %
24.2 %
Total
100.0 %
100.0 %
(percent of total revenue)
Three months ended March
31,
2022
2021
Americas
39.8 %
36.5 %
Europe
26.2 %
28.3 %
Asia/Rest of World
34.0 %
35.2 %
Total
100.0 %
100.0 %
(percent of total revenue)
Three months ended March
31,
2022
2021
Automotive (1)
52.4 %
58.2 %
Heavy vehicle and off-road
22.1 %
18.9 %
Industrial
11.7 %
9.6 %
Appliance and heating, ventilation and
air-conditioning
6.0 %
6.4 %
Aerospace
3.4 %
3.5 %
All other
4.4 %
3.4 %
Total
100.0 %
100.0 %
(1) Includes amounts reflected in the Sensing Solutions segment
as follows: $9.3 million and $11.5 million of revenue in the three
months ended March 31, 2022 and 2021, respectively.
Market Outgrowth (Unaudited)
For the three months ended
March 31, 2022
Reported Growth
Organic Growth
End Market Growth
Automotive
(6.4%)
(5.8%)
(6.2%)
Heavy vehicle and off-road
21.1%
2.5%
(10.9%)
GAAP to Non-GAAP Reconciliations
The following unaudited tables provide a reconciliation of the
difference between each of the non-GAAP financial measures
referenced herein and the most directly comparable U.S. GAAP
financial measure. Amounts presented in these tables may not appear
to recalculate due to the effect of rounding.
Operating income and margin, income tax,
net income, and earnings per share
($ in thousands, except per share
amounts)
For the three months ended
March 31, 2022
Operating Income
Operating Margin
Income Taxes
Net Income
Diluted EPS
Reported (GAAP)
$
125,930
12.9
%
$
7,588
$
22,441
$
0.14
Non-GAAP adjustments:
Restructuring related and other
4,149
0.4
%
(100
)
4,049
0.03
Financing and other transaction costs
15,825
1.6
%
(544
)
74,560
0.47
Step-up depreciation and amortization
35,945
3.7
%
—
35,945
0.23
Deferred loss/(gain) on derivative
instruments
652
0.1
%
1,811
(6,961
)
(0.04
)
Amortization of debt issuance costs
—
—
%
—
1,716
0.01
Deferred taxes and other tax related
—
—
%
(8,335
)
(8,335
)
(0.05
)
Total adjustments
56,571
5.8
%
(7,168
)
100,974
0.64
Adjusted (non-GAAP)
$
182,501
18.7
%
$
14,756
$
123,415
$
0.78
($ in thousands, except per share
amounts)
For the three months ended
March 31, 2021
Operating Income
Operating Margin
Income Tax
Net Income
Diluted EPS
Reported (GAAP)
$
157,454
16.7
%
$
20,281
$
53,733
$
0.34
Non-GAAP adjustments:
Restructuring related and other
4,525
0.5
%
(201
)
7,291
0.05
Financing and other transaction costs
4,571
0.5
%
(3,103
)
32,805
0.21
Step-up depreciation and amortization
29,696
3.2
%
—
29,696
0.19
Deferred loss on derivative
instruments
1,840
0.2
%
(748
)
2,245
0.01
Amortization of debt issuance costs
—
—
%
—
1,711
0.01
Deferred taxes and other tax related
—
—
%
10,122
10,122
0.06
Total adjustments
40,632
4.3
%
6,070
83,870
0.53
Adjusted (non-GAAP)
$
198,086
21.0
%
$
14,211
$
137,603
$
0.86
Non-GAAP adjustments by location in
statements of operations
(in thousands)
For the three months ended
March 31,
2022
2021
Cost of revenue
$
2,160
$
2,415
Selling, general and administrative
5,031
4,388
Amortization of intangible assets
35,647
29,247
Restructuring and other charges, net
(1)
13,733
4,582
Operating income adjustments
56,571
40,632
Interest expense, net
1,716
1,711
Other, net (2)
49,855
35,457
Provision for income taxes (3)
(7,168
)
6,070
Net income adjustments
$
100,974
$
83,870
(1)
The first quarter of 2022 includes a
charge of $15.0 million related to acquisition-related incentive
compensation earned by Elastic M2M in the first quarter, partially
offset by a gain of $6.2 million related to a reduced expectation
of contingent consideration to be paid as a result of the
acquisition of Spear.
(2)
The first quarter of 2022 includes a $59.9
million mark-to-market loss on our investment in Quanergy Systems,
Inc. Refer to our first quarter Quarterly Report on Form 10-Q for
additional information. The first quarter of 2021 includes a $30.1
million loss recognized in the first quarter of 2021 related to the
early redemption of our 6.25% Senior Notes due 2026 at 103.125%.
The loss primarily includes the payment of $23.4 million for the
early redemption premium, with the remaining loss representing
write-off of debt discounts and deferred financing costs.
(3)
The first quarter of 2021 includes $10.1
million of current tax expense related to the repatriation of
profit from certain Asian subsidiaries to their parent company in
the Netherlands. The decision to repatriate these profits was the
result of our goal to reduce our balance sheet exposure and
corresponding earnings volatility related to changes in foreign
currency exchange rates as well as to fund our deployment of
capital.
Free cash flow
($ in thousands)
Three months ended March
31,
2022
2021
% Change
Net cash provided by operating
activities
$
47,355
$
104,511
(54.7%)
Additions to property, plant and equipment
and capitalized software
(35,711)
(27,172)
(31.4%)
Free cash flow
$
11,644
$
77,339
(84.9%)
Adjusted EBITDA
Three months ended March
31,
(in thousands)
LTM
2022
2021
Net income
$
332,288
$
22,441
$
53,733
Interest expense, net
180,693
45,445
44,043
Provision for income taxes
37,644
7,588
20,281
Depreciation expense
125,293
31,531
31,197
Amortization of intangible assets
139,432
37,367
32,064
EBITDA
815,350
144,372
181,318
Non-GAAP Adjustments
Restructuring related and other
20,427
4,149
7,366
Financing and other transaction costs
80,238
75,104
35,908
Deferred (gain)/loss on derivative
instruments
(471
)
(8,772
)
2,993
Adjusted EBITDA
$
915,544
$
214,853
$
227,585
Net debt and leverage
As of
($ in thousands)
March 31, 2022
December 31, 2021
Current portion of long-term debt, finance
lease and other financing obligations
$
6,694
$
6,833
Finance lease and other financing
obligations, less current portion
26,347
26,564
Long-term debt, net
4,215,505
4,214,946
Total debt, finance lease, and other
financing obligations
4,248,546
4,248,343
Less: Discount, net of premium
(4,763
)
(5,207
)
Less: Deferred financing costs
(25,410
)
(26,682
)
Total Gross indebtedness
4,278,719
4,280,232
Less: Cash and cash equivalents
1,608,481
1,708,955
Net Debt
$
2,670,238
$
2,571,277
Adjusted EBITDA (LTM)
$
915,544
$
928,276
Net leverage ratio
2.9
2.8
Guidance
For the three months ending
June 30, 2022
($ in millions, except per share
amounts)
Operating Income
Net Income
EPS
Low
High
Low
High
Low
High
GAAP
$
142.0
$
151.5
$
57.8
$
66.3
$
0.37
$
0.41
Restructuring related and other
3.0
4.0
3.0
4.0
0.02
0.03
Financing and other transaction costs
6.0
6.5
5.5
6.0
0.03
0.04
Step-up depreciation and amortization
35.0
36.0
35.0
36.0
0.22
0.23
Deferred (gain)/loss on derivative
instruments(1)
—
—
—
—
—
—
Amortization of debt issuance costs
—
—
1.7
1.7
0.01
0.01
Deferred taxes and other tax related
—
—
22.0
23.0
0.14
0.15
Non-GAAP
$
186.0
$
198.0
$
125.0
$
137.0
$
0.79
$
0.87
Weighted-average diluted shares
outstanding (in millions)
158.6
158.6
For the full year ending
December 31, 2022
($ in millions, except per share
amounts)
Operating Income
Net Income
EPS
Low
High
Low
High
Low
High
GAAP
$ 676.3
$ 708.3
$ 314.5
$ 339.5
$ 1.99
$ 2.15
Restructuring related and other
10.0
13.0
9.5
12.5
0.06
0.08
Financing and other transaction costs
25.0
30.0
85.0
90.0
0.54
0.57
Step-up depreciation and amortization
136.0
140.0
136.0
140.0
0.86
0.89
Deferred (gain)/loss on derivative
instruments(1)
0.7
0.7
(7.0)
(7.0)
(0.04)
(0.04)
Amortization of debt issuance costs
—
—
7.0
7.0
0.04
0.04
Deferred taxes and other tax related
—
—
55.0
58.0
0.35
0.37
Non-GAAP
$ 848.0
$ 892.0
$ 600.0
$ 640.0
$ 3.80
$ 4.06
Weighted-average diluted shares
outstanding (in millions)
157.8
157.8
(1)
We are unable to predict movements in
commodity prices and, therefore, the impact of mark-to-market
adjustments on our commodity forward contracts to our projected
operating results. In prior periods such adjustments have been
significant to our reported GAAP earnings.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220426005439/en/
Investors: Jacob Sayer (508) 236-1666 jsayer@sensata.com
Media: Alexia Taxiarchos (508) 236-1761
ataxiarchos@sensata.com
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