Sensata Technologies Q3 Profit Rises, Meets View - Update

(RTTNews) - Sensata Technologies Holding N.V. (ST), a maker of electronic sensors and controls, Tuesday reported a higher third-quarter profit, reflecting about 6 percent growth in revenues. Adjusted earnings met analysts' expectations, while revenues topped view.

According to the firm, the remainder of the year looks in line with its expectations for improved net revenue growth over last year. Martha Sullivan, president and chief executive officer of the company said, "We are pleased with our results for the third quarter which came in slightly better than expected with earnings growing at over twice the pace of Net revenue."

For the third quarter, the company posted net income of $66.02 million or $0.37 per share, higher than $41.51 million or $0.23 per share in the previous year.

On an adjusted basis, excluding items, earnings for the quarter were $0.55 per share, while the company posted $0.47 per share a year ago.

On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $0.55 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues for the quarter grew 5.7 percent to $498.89 million, and came in above analysts' estimate of $496.25 million.

Sensors segment net revenue increased to $358.16 million from $339.85 million a year ago. Net revenues from Controls were $140.73 million, up from $132.08 million inn the preceding year.

Looking ahead, for the fourth quarter, the company expects adjusted earnings per share to be in the range of $0.53 to $0.57 per share, on revenues of $485 million to $505 million.

Street expects the company to report earnings per share of $0.57, on revenue of $504.67 million for the quarter. ST closed Monday's regular trading at $40.36 on the NYSE.