Sensata Technologies Announces Q1 Results
ALMELO, Netherlands, April 28, 2015 /PRNewswire/ — Sensata Technologies Holding N.V. (NYSE: ST) (the “Company”) announces results of its operations for the first quarter ended March 31, 2015.
Highlights of the First Quarter ended March 31, 2015
Net revenue for the first quarter 2015 was $750.7 million, an increase of $199.1 million, or 36.1%, from $551.6 million for the first quarter 2014. Net income for the first quarter 2015 was $35.4 million, or $0.21 per diluted share. This compares to Net income for the first quarter 2014 of $68.4 million, or $0.39 per diluted share. Adjusted net income1 for the first quarter 2015 was $110.9 million which was 14.8% of Net revenue, or $0.65 per diluted share. This was an increase of 13.1% compared to Adjusted net income1 for the first quarter 2014 of $98.1 million which was 17.8% of Net revenue, or $0.56 per diluted share. Integration charges related to acquisitions were $3.6 million for the first quarter of 2015.
“We are pleased with our results for the first quarter with Net revenue and Adjusted net income in line with our expectations,” said Martha Sullivan, President and Chief Executive Officer. “Despite increased foreign exchange headwinds, we remain on-track for 2015 to be a year of strong double-digit growth.”
The Company spent $58.1 million, or 7.7% of Net revenue, on research, development and engineering related costs in the first quarter of 2015 to fund growth initiatives. These costs reside in both the Cost of revenue and the Research and development lines of the Condensed Consolidated Statements of Operations.
The Company’s ending cash balance at March 31, 2015 was $195.6 million. During the first quarter of 2015, the Company generated cash of $103.1 million from operations, used cash of $35.0 million in investing activities and used cash of $83.9 million in financing activities.
The Company recorded a provision for income taxes of $10.5 million for the first quarter 2015. Approximately $9.0 million of the provision, or 5.9% of Adjusted EBIT, related to taxes that are payable in cash and approximately $1.5 million related to deferred and other income tax expense.
The Company’s total indebtedness at March 31, 2015 was $2.8 billion. The Company’s Net debt2 was $2.6 billion, resulting in a Net leverage ratio2 of 4.1x as of March 31, 2015. In connection with the Company’s refinancing of its 6.5% Senior Notes due 2019, the last $79.1 million of these notes has been classified as short-term debt and notice has been given for these to be called on April 29, 2015.