SWINDON, England--(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 first quarter ended March 31, 2023.
"Sensata delivered strong results in the first quarter with revenues and adjusted earnings above the mid-point of our financial guidance for the quarter. Sensata remains on track to achieve its long-term goals within Electrification, including scaling its Electrification business to $2 billion in revenue by 2026,” said Jeff Cote, CEO and President of Sensata. "During the first quarter, the Company repaid $250 million of its outstanding Term Loan, reducing variable rate debt and interest expense in line with our capital deployment priorities.”
Operating results for the first quarter of 2023 compared to the first 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 $998.2 million, an increase of $22.4 million, or 2.3%, compared to $975.8 million in the first quarter of 2022.
- Revenue increased 4.7% on an organic basis, which excludes a decrease of (2.3)% from foreign currency exchange rates and a decrease of (0.1)% from acquisitions, net of divestitures, each versus the prior year period.
Read the full press release here.