Sensata Technologies (NYSE: ST), a global industrial technology
company and a leading provider of sensors, today announced
financial results for its first quarter ended March 31, 2019.
Revenue in the first quarter of 2019 was $870.5 million, a
decrease of $15.8 million, or 1.8%, from revenue of $886.3 million
in the first quarter of 2018. Excluding a 1.2% negative effect from
changes in foreign currency exchange rates and a 1.4% decline from
the net effect of acquisitions and divestitures, Sensata reported
organic revenue growth of 0.8% in the first quarter of 2019.
Operating income in the first quarter of 2019 declined 3.4%,
totaling $142.6 million, or 16.4% of revenue in the first quarter
of 2019 compared to $147.7 million, or 16.7% of revenue, in the
first quarter of 2018. Adjusted operating income in the first
quarter of 2019 declined 3.2%, totaling $188.6 million, or 21.7% of
revenue in the first quarter of 2019 compared to $194.8 million, or
22.0% of revenue, in the first quarter of 2018.
Net income in the first quarter of 2019 declined 6.0%, totaling
$85.1 million, or $0.52 per diluted share, compared to net income
of $90.5 million, or $0.52 per diluted share in the first quarter
of 2018. Adjusted net income in the first quarter of 2019 declined
5.2%, totaling $139.3 million, or $0.85 per diluted share, compared
to adjusted net income of $147.0 million, or $0.85 per diluted
share in the first quarter of 2018.
Changes in foreign currency exchange rates increased Sensata's
adjusted operating margin by 70 basis points, and increased
Sensata's adjusted earnings per share by $0.03 in the first quarter
of 2019 compared to the prior year period. The net effect of
acquisitions and divestitures reduced Sensata's adjusted earnings
per share by $0.03 in the first quarter of 2019 compared to the
prior year period.
“We delivered strong content growth and significantly outgrew
our end markets in the first quarter of 2019,” said Martha
Sullivan, Chief Executive Officer of Sensata. “Our underlying
secular growth is being driven by legislative mandates and consumer
demand for products that are cleaner, more efficient, and more
electrified. Additionally, we advanced our Electrification and
Smart & Connected megatrend initiatives, including signing our
first customer agreements for our Wireless Battery Management
solution and our Wireless Gateway solution for on-road trucks and
trailers. While our first quarter revenues were above our guidance,
we expect production in the automotive and industrial end markets
to be incrementally weaker for the remainder of 2019.”
Sensata repurchased 3.0 million ordinary shares for total
consideration of approximately $150 million during the first
quarter of 2019. The Company currently has approximately $100
million remaining on its existing authorization to repurchase
additional ordinary shares.
Sensata’s ending cash balance at March 31, 2019 was $649.5
million, compared to $729.8 million as of December 31, 2018. During
the three months ended March 31, 2019, Sensata generated
operating cash flows of $112.7 million and free cash flow of $71.0
million.
Segment Performance
|
|
For the three months ended March
31, |
$ in 000s |
|
2019 |
|
2018 |
Performance Sensing
revenue |
|
$ |
640,028 |
|
|
$ |
662,829 |
|
Performance Sensing
operating income |
|
150,509 |
|
|
169,410 |
|
% of
Performance Sensing revenue |
|
23.5 |
% |
|
25.6 |
% |
|
|
|
|
|
Sensing Solutions
revenue |
|
$ |
230,471 |
|
|
$ |
223,464 |
|
Sensing Solutions
operating income |
|
74,969 |
|
|
71,884 |
|
% of
Sensing Solutions revenue |
|
32.5 |
% |
|
32.2 |
% |
Performance Sensing’s operating income as a percentage of
revenue totaled 23.5% in the first quarter of 2019. Excluding the
impact of changes in foreign currency exchange rates, Performance
Sensing’s profit as a percentage of revenue was 22.4%. Sensing
Solutions’ profit as a percentage of revenue totaled 32.5% in the
first quarter of 2019. Excluding the impact of changes in foreign
exchange rates, Sensing Solutions’ operating income as a percentage
of revenue was 33.6%.
Guidance
For the full year 2019, the Company anticipates revenue to be
between $3.540 and $3.640 million representing year-over-year
revenue growth of approximately 1 to 3 percent. Excluding changes
in foreign currency exchange rates and the net effect of
acquisitions and divestitures, Sensata expects to report organic
revenue growth of approximately 1 to 4 percent for the full year
2019. For full year 2019, Sensata expects adjusted operating income
to be between $846 and $874 million. Additionally, the Company
expects adjusted net income to be between $632 and $658 million and
adjusted earnings per share to be between $3.87 and $4.03 for full
year 2019, representing growth of 6 to 10 percent. Sensata expects
that changes in foreign currency exchange rates will decrease
revenues between $8 and $20 million and will increase adjusted
earnings per share by $0.09 to $0.11 for full year 2019.
For the second quarter of 2019, Sensata anticipates revenue to
be between $890 and $914 million compared to $913.9 million in the
second quarter of 2018, representing a revenue decline of between 3
and 0 percent. Excluding changes in foreign currency exchange rates
and the net effect of acquisitions and divestitures, Sensata
expects to report organic revenue decline of 1 percent to growth of
2 percent in the second quarter. Additionally, the Company expects
adjusted net income to be between $150 and $156 million and
adjusted earnings per share to be between $0.92 and $0.96 in the
second quarter of 2019, representing adjusted EPS between a decline
of 1 percent and growth of 3 percent.
Conference Call & Webcast
Sensata will conduct a conference call today at 8:00 AM eastern
time to discuss its first quarter financial results and its outlook
for the second quarter and full year 2019. The dial-in numbers for
the call are 1-844-784-1726 or +1-412-380-7411 and callers can
reference the Sensata first quarter 2019 earnings call. A live
webcast and a replay 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 8, 2019. To access the replay dial
1-877-344-7529 or 1-412-317-0088 and enter confirmation code:
10130572.
About Sensata Technologies
Sensata Technologies is one of the world's leading suppliers of
sensing, electrical protection, control and power management
solutions with operations and business centers in 11 countries.
Sensata's products improve safety, efficiency, and comfort for
millions of people every day in automotive, appliance, aircraft,
industrial, military, heavy vehicle, heating, ventilation and air
conditioning, data, telecommunications, recreational vehicle, and
marine applications. 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, and segment profit margin
measured on a constant currency basis. 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 is defined as net income, 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 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 is defined as operating income,
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 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 operating
activities, determined in accordance with U.S. GAAP, 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 repayment of
debt obligations.
Organic revenue growth 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 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.
Safe Harbor Statement
This earnings release contains "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Sensata
believes that its expectations are based on reasonable assumptions.
No assurance, however, can be given that such expectations will
prove to have been correct. A number of factors could cause actual
results to differ materially from the projections, anticipated
results, or other expectations expressed in this earnings release,
including, without limitation, risks associated with regulatory,
legal, governmental, political, economic, and military matters;
adverse conditions in the automotive industry; competition in our
industry, including pressure from customers to reduce prices;
supplier interruptions, which could limit access to manufactured
components or raw materials; business disruptions due to natural
disasters; labor disruptions; difficulties with or failures
integrating acquired businesses; market acceptance of new products;
fluctuations in foreign exchange rates; and our level of
indebtedness. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak to results only as of
the date the statements were made; and we undertake no obligation
to publicly update or revise any forward-looking statements,
whether to reflect any future events or circumstances or otherwise.
See "Risk Factors" in the Company's 2018 Annual Report on Form 10-K
and other public filings and press releases. Copies of our filings
are available from our Investor Relations department or from the
SEC website, www.sec.gov.
SENSATA TECHNOLOGIES
HOLDING PLC |
Condensed Consolidated
Statements of Operations |
(Amounts in thousands, except
per share amounts) |
(Unaudited) |
|
|
For the three months ended |
|
|
March 31, 2019 |
|
March 31, 2018 |
Net
revenue |
|
$ |
870,499 |
|
|
$ |
886,293 |
|
Operating costs and
expenses: |
|
|
|
|
Cost of
revenue |
|
580,806 |
|
|
582,457 |
|
Research
and development |
|
35,096 |
|
|
36,001 |
|
Selling,
general and administrative |
|
70,549 |
|
|
81,322 |
|
Amortization of intangible assets |
|
36,143 |
|
|
35,069 |
|
Restructuring and other charges, net |
|
5,309 |
|
|
3,766 |
|
Total
operating costs and expenses |
|
727,903 |
|
|
738,615 |
|
Operating
income |
|
142,596 |
|
|
147,678 |
|
Interest expense,
net |
|
(39,253 |
) |
|
(38,429 |
) |
Other,
net |
|
3,189 |
|
|
(4,633 |
) |
Income before
taxes |
|
106,532 |
|
|
104,616 |
|
Provision for income
taxes |
|
21,467 |
|
|
14,126 |
|
Net income |
|
$ |
85,065 |
|
|
$ |
90,490 |
|
|
|
|
|
|
Net income per
share: |
|
|
|
|
Basic |
|
$ |
0.52 |
|
|
$ |
0.53 |
|
Diluted |
|
$ |
0.52 |
|
|
$ |
0.52 |
|
|
|
|
|
|
Weighted-average ordinary shares outstanding: |
|
|
Basic |
|
163,247 |
|
|
171,404 |
|
Diluted |
|
164,521 |
|
|
172,856 |
|
SENSATA TECHNOLOGIES
HOLDING PLC |
Condensed Consolidated
Balance Sheets |
(In thousands) |
(Unaudited) |
|
|
March 31, 2019 |
|
December 31, 2018 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash
equivalents |
|
$ |
649,518 |
|
|
$ |
729,833 |
|
Accounts
receivable, net of allowances |
|
633,006 |
|
|
581,769 |
|
Inventories |
|
484,136 |
|
|
492,319 |
|
Prepaid expenses and other current assets |
|
118,413 |
|
|
113,234 |
|
Total current
assets |
|
1,885,073 |
|
|
1,917,155 |
|
Property, plant and
equipment, net |
|
798,001 |
|
|
787,178 |
|
Goodwill |
|
3,080,395 |
|
|
3,081,302 |
|
Other intangible
assets, net |
|
861,527 |
|
|
897,191 |
|
Deferred income tax
assets |
|
26,185 |
|
|
27,971 |
|
Other assets |
|
142,330 |
|
|
86,890 |
|
Total assets |
|
$ |
6,793,511 |
|
|
$ |
6,797,687 |
|
|
|
|
|
|
Liabilities and
shareholders’ equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Current
portion of long-term debt, finance lease and other financing
obligations |
|
$ |
13,660 |
|
|
$ |
14,561 |
|
Accounts
payable |
|
366,407 |
|
|
379,824 |
|
Income
taxes payable |
|
26,648 |
|
|
27,429 |
|
Accrued expenses and other current liabilities |
|
229,581 |
|
|
218,130 |
|
Total current
liabilities |
|
636,296 |
|
|
639,944 |
|
Deferred income tax
liabilities |
|
230,849 |
|
|
225,694 |
|
Pension and other
post-retirement benefit obligations |
|
33,837 |
|
|
33,958 |
|
Finance lease and other
financing obligations, less current portion |
|
30,864 |
|
|
30,618 |
|
Long-term debt,
net |
|
3,216,729 |
|
|
3,219,762 |
|
Other
long-term liabilities |
|
80,565 |
|
|
39,277 |
|
Total
liabilities |
|
4,229,140 |
|
|
4,189,253 |
|
Total shareholders’
equity |
|
2,564,371 |
|
|
2,608,434 |
|
Total liabilities and shareholders’ equity |
|
$ |
6,793,511 |
|
|
$ |
6,797,687 |
|
SENSATA TECHNOLOGIES
HOLDING PLC |
Condensed Consolidated
Statements of Cash Flows |
(In thousands) |
(Unaudited) |
|
|
For the three months ended |
|
|
March 31, 2019 |
|
March 31, 2018 |
Cash flows from
operating activities: |
|
|
|
|
Net income |
|
$ |
85,065 |
|
|
$ |
90,490 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
|
Depreciation |
|
27,208 |
|
|
27,855 |
|
Amortization of debt issuance costs |
|
1,836 |
|
|
1,805 |
|
Share-based compensation |
|
5,940 |
|
|
5,090 |
|
Loss on
debt financing |
|
— |
|
|
2,350 |
|
Amortization of intangible assets |
|
36,143 |
|
|
35,069 |
|
Deferred
income taxes |
|
5,113 |
|
|
636 |
|
Unrealized loss on derivative instruments and other |
|
6,204 |
|
|
8,819 |
|
Changes in operating assets and liabilities |
|
(54,816 |
) |
|
(48,859 |
) |
Net cash provided by
operating activities |
|
112,693 |
|
|
123,255 |
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
Acquisitions, net of
cash received |
|
(1,681 |
) |
|
— |
|
Additions to property,
plant and equipment and capitalized software |
|
(41,690 |
) |
|
(30,938 |
) |
Other |
|
1,000 |
|
|
— |
|
Net cash used in
investing activities |
|
(42,371 |
) |
|
(30,938 |
) |
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
Proceeds from exercise
of stock options and issuance of ordinary shares |
|
5,813 |
|
|
2,219 |
|
Payments of employee
restricted stock tax withholdings |
|
(275 |
) |
|
— |
|
Payments on debt |
|
(4,157 |
) |
|
(11,325 |
) |
Payments to repurchase
ordinary shares |
|
(150,749 |
) |
|
— |
|
Payments of debt and
equity issuance costs |
|
(1,269 |
) |
|
(8,034 |
) |
Net cash used in financing activities |
|
(150,637 |
) |
|
(17,140 |
) |
Net change in cash and
cash equivalents |
|
(80,315 |
) |
|
75,177 |
|
Cash and cash
equivalents, beginning of period |
|
729,833 |
|
|
753,089 |
|
Cash and cash equivalents, end of period |
|
$ |
649,518 |
|
|
$ |
828,266 |
|
Revenue by Business, Geography, and End Market
(Unaudited)
(percent
of total revenue) |
|
Three months ended March 31, |
|
|
2019 |
|
2018 |
Performance Sensing |
|
73.5 |
% |
|
74.8 |
% |
Sensing Solutions |
|
26.5 |
% |
|
25.2 |
% |
Total |
|
100.0 |
% |
|
100.0 |
% |
(percent
of total revenue) |
|
Three months ended March 31, |
|
|
2019 |
|
2018 |
Americas |
|
43.1 |
% |
|
42.0 |
% |
Europe |
|
29.4 |
% |
|
30.3 |
% |
Asia/Rest of World |
|
27.5 |
% |
|
27.7 |
% |
Total |
|
100.0 |
% |
|
100.0 |
% |
(percent of total
revenue) |
|
Three months ended March 31, |
|
|
2019 |
|
2018 |
Automotive* |
|
57.8 |
% |
|
61.3 |
% |
Heavy vehicle and
off-road |
|
17.0 |
% |
|
15.0 |
% |
Appliance and heating,
ventilation and air-conditioning |
|
5.9 |
% |
|
6.1 |
% |
Industrial |
|
10.6 |
% |
|
9.3 |
% |
Aerospace |
|
4.9 |
% |
|
4.7 |
% |
All other |
|
3.8 |
% |
|
3.6 |
% |
Total |
|
100.0 |
% |
|
100.0 |
% |
* Includes $11.4 million and $13.9 million of revenue in three
months ended March 31, 2019 and 2018, respectively, reflected in
the Sensing Solutions segment.
End Market Growth
|
|
Three months ended March 31, 2019 |
|
|
Reported Growth |
|
Organic Growth |
|
End Market Growth |
Automotive |
|
(7.1 |
%) |
|
(1.1 |
%) |
|
(6.0%)* |
Heavy vehicle and
off-road |
|
11.3 |
% |
|
11.0 |
% |
|
2.5 |
% |
* Excludes Toyota, adjusted for Sensata's geographic mix.
The following unaudited table reconciles Sensata’s GAAP to
non-GAAP financial measures for the three months ended
March 31, 2019 and 2018.
Non-GAAP Reconciliation - 2019
($ in
thousands, except per share amounts) |
|
Three Months Ended March 31,
2019 |
|
|
Operating Income |
|
Operating Margin |
|
Income Tax Expense |
|
Net Income |
|
Diluted EPS |
Reported (GAAP) |
|
$ |
142,596 |
|
|
16.4 |
% |
|
$ |
21,467 |
|
|
$ |
85,065 |
|
|
$ |
0.52 |
|
Non-GAAP
adjustments: |
|
|
|
|
|
|
|
|
|
|
Restructuring related and other (1) |
|
8,046 |
|
|
0.9 |
% |
|
(400 |
) |
|
7,646 |
|
|
0.05 |
|
Financing
and other transaction costs (2) |
|
2,954 |
|
|
0.3 |
% |
|
— |
|
|
2,954 |
|
|
0.02 |
|
Step-up
depreciation and amortization (3) |
|
35,501 |
|
|
4.1 |
% |
|
— |
|
|
35,501 |
|
|
0.22 |
|
Deferred
gain on derivative instruments (4) |
|
(545 |
) |
|
(0.1 |
%) |
|
— |
|
|
(1,668 |
) |
|
(0.01 |
) |
Amortization of debt issuance costs |
|
— |
|
|
0.0 |
% |
|
— |
|
|
1,836 |
|
|
0.01 |
|
Deferred
taxes and other tax related |
|
— |
|
|
0.0 |
% |
|
7,953 |
|
|
7,953 |
|
|
0.05 |
|
Total adjustments |
|
45,956 |
|
|
5.3 |
% |
|
7,553 |
|
|
54,222 |
|
|
0.33 |
|
Adjusted
(non-GAAP) |
|
$ |
188,552 |
|
|
21.7 |
% |
|
$ |
13,914 |
|
|
$ |
139,287 |
|
|
$ |
0.85 |
|
__________________
(1) Restructuring related and other - includes $4.2
million in cost of revenue, $1.0 million in selling, general and
administrative (SG&A) expense, and $2.9 million in
restructuring and other charges, net.(2) Financing and other
transaction costs - includes $0.5 million in SG&A expense and
$2.5 million in restructuring and other charges, net.(3)
Step-up depreciation and amortization - includes $1.1 million in
cost of revenue and $34.4 million in amortization of
intangibles.(4) Deferred gain on commodities and other
derivatives - includes ($0.5) million in cost of revenue and ($1.1)
million in other, net.
Non-GAAP Reconciliation - 2018
($ in
thousands, except per share amounts) |
|
Three Months Ended March 31,
2018 |
|
|
Operating Income |
|
Operating Margin |
|
Income Tax Expense |
|
Net Income |
|
Diluted EPS |
Reported (GAAP) |
|
$ |
147,678 |
|
|
16.7 |
% |
|
$ |
14,126 |
|
|
$ |
90,490 |
|
|
$ |
0.52 |
|
Non-GAAP
adjustments: |
|
|
|
|
|
|
|
|
|
|
Restructuring related and other (1) |
|
6,664 |
|
|
0.8 |
% |
|
— |
|
|
6,664 |
|
|
0.04 |
|
Financing
and other transaction costs (2) |
|
3,340 |
|
|
0.4 |
% |
|
— |
|
|
5,690 |
|
|
0.03 |
|
Step-up
depreciation and amortization (3) |
|
35,630 |
|
|
4.0 |
% |
|
— |
|
|
35,630 |
|
|
0.21 |
|
Deferred
loss on derivative instruments (4) |
|
1,491 |
|
|
0.2 |
% |
|
— |
|
|
6,062 |
|
|
0.04 |
|
Amortization of debt issuance costs |
|
— |
|
|
0.0 |
% |
|
— |
|
|
1,805 |
|
|
0.01 |
|
Deferred taxes and other tax related |
|
— |
|
|
0.0 |
% |
|
636 |
|
|
636 |
|
|
— |
|
Total adjustments |
|
47,125 |
|
|
5.3 |
% |
|
636 |
|
|
56,487 |
|
|
0.33 |
|
Adjusted
(non-GAAP) |
|
$ |
194,803 |
|
|
22.0 |
% |
|
$ |
13,490 |
|
|
$ |
146,977 |
|
|
$ |
0.85 |
|
__________________
(1) Restructuring related and other - includes $2.1
million in cost of revenue, $0.9 million in SG&A expense, and
$3.6 million in restructuring and other charges, net.(2)
Financing and other transaction costs - includes $3.3 million in
SG&A expense and $2.4 million in other, net.(3) Step-up
depreciation and amortization - includes $2.2 million in cost of
revenue and $33.4 million in amortization of intangibles.(4)
Deferred loss on commodities and other derivatives - includes $1.5
million in cost of revenue and $4.6 million in other, net.
Amounts in the table above may not sum due to the effect of
rounding.
We treat deferred taxes as a non-GAAP adjustment. Accordingly,
the tax effect of the non-GAAP adjustments
above refers only to the current tax effect, if applicable. With
respect to the three months ended March 31, 2018, the current tax
effect of the related non-GAAP adjustments was not material.
The following unaudited table reconciles the Company’s net cash
provided by operating activities to free cash flow.
Free Cash Flow Reconciliation
(Dollars in
thousands) |
|
Three months ended March 31, |
|
% Change |
|
|
2019 |
|
2018 |
|
|
Net cash provided by
operating activities |
|
$ |
112,693 |
|
|
$ |
123,255 |
|
|
(8.6 |
%) |
Additions to property,
plant and equipment and capitalized software |
|
(41,690 |
) |
|
(30,938 |
) |
|
(34.8 |
)% |
Free cash flow |
|
$ |
71,003 |
|
|
$ |
92,317 |
|
|
(23.1 |
%) |
The following unaudited table reconciles Sensata’s projected
(GAAP) diluted EPS per share to its projected adjusted EPS for the
second quarter ended June 30, 2019 and full year ended December 31,
2019. The amounts in the table below have been calculated based on
unrounded numbers. Accordingly, certain amounts may not sum due to
the effect of rounding.
Non-GAAP Reconciliation of EPS Guidance
|
|
Three months ending June 30, 2019 |
|
Full year ending December 31, 2019 |
|
|
Low End |
|
High End |
|
Low End |
|
High End |
|
|
|
|
|
|
|
|
|
Projected GAAP Earnings
per diluted share |
|
$ |
0.51 |
|
|
$ |
0.52 |
|
|
$ |
2.47 |
|
|
$ |
2.56 |
|
Restructuring related and other |
|
0.10 |
|
|
0.11 |
|
|
0.17 |
|
|
0.19 |
|
Financing
and other transaction costs |
|
— |
|
|
0.01 |
|
|
0.03 |
|
|
0.04 |
|
Deferred
gain on derivative instruments* |
|
— |
|
|
— |
|
|
(0.02 |
) |
|
(0.02 |
) |
Step-up
depreciation and amortization |
|
0.22 |
|
|
0.22 |
|
|
0.86 |
|
|
0.86 |
|
Deferred
taxes and other tax related |
|
0.08 |
|
|
0.09 |
|
|
0.31 |
|
|
0.35 |
|
Amortization of debt issuance costs |
|
0.01 |
|
|
0.01 |
|
|
0.05 |
|
|
0.05 |
|
Projected adjusted EPS per diluted share |
|
$ |
0.92 |
|
|
$ |
0.96 |
|
|
$ |
3.87 |
|
|
$ |
4.03 |
|
Weighted-average diluted shares outstanding (in 000s) |
|
162.8 |
|
|
162.8 |
|
|
163.3 |
|
|
163.3 |
|
* 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 2019 diluted net
income per share. In prior periods, such adjustments have been
significant to our reported GAAP earnings.
Contacts: |
|
|
|
|
|
Investors: |
|
Media: |
Joshua Young |
|
Alexia Taxiarchos |
(508) 236-2196 |
|
(508) 236-1761 |
joshua.young@sensata.com |
|
ataxiarchos@sensata.com |
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