Sensata Technologies (NYSE:ST) today announced financial results for its first quarter ended March 31, 2017.
Revenue was $807.3 million in the first quarter of 2017, an increase of $10.7 million, or 1.3%, from revenue of $796.5 million in the first quarter of 2016. Excluding a 2.2% negative effect from changes in foreign exchange rates, Sensata reported organic revenue growth of 3.5% in the first quarter of 2017.
Net income was $71.7 million in the first quarter 2017, which was 8.9% of revenue or $0.42 per diluted share. This compares to net income of $60.6 million in the first quarter 2016, which was 7.6% of revenue or $0.35 per diluted share. Adjusted net income was $121.5 million in the first quarter of 2017, which was 15.0% of revenue or $0.71 per diluted share. This compares to adjusted net income of $113.2 million in the first quarter of 2016, which was 14.2% of revenue or $0.66 per diluted share. Changes in foreign exchange rates reduced Sensata’s adjusted earnings per share by ($0.03) in the first quarter of 2017 compared to the prior year period.
Sensata’s ending cash balance at March 31, 2017 was $431.7 million. In the first quarter of 2017 operating cash flow was $119.7 million, a decrease of 12.1% from the first quarter of 2016, and free cash flow was $86.6 million, a decrease of 15.0% from the prior year period. The Company’s net debt at March 31, 2017 was $2.882 billion, an improvement of $91 million from December 31, 2016.
“We started the year off strong, delivering solid organic revenue growth, margin expansion, and double-digit organic EPS growth during the first quarter of 2017,” said Martha Sullivan, President and Chief Executive Officer. “Our revenue growth was balanced between both segments, while China continues to be our strongest geographic region. We delivered impressive year-over-year margin expansion despite facing foreign exchange headwinds and higher integration costs. As we move ahead, we remain focused on pursuing strategic investments that will drive future growth, while continuing to expand margins and improve profitability.”
View the full press release here.
