Year to Date New Business Awards in 2022 Have Already Surpassed Previous Record Full Year Awards Achieved in 2021
SWINDON, England--(BUSINESS WIRE)-- Sensata Technologies (NYSE: ST), a global industrial technology company and leading provider of sensor-rich solutions that create insights for customers, today announced financial results for its third quarter ended September 30, 2022.
"Sensata delivered solid third quarter financial results due to strong market outgrowth of 650 basis points, improving markets, and growth from M&A despite increased foreign exchange and inventory headwinds compared to the prior-year quarter,” said Jeff Cote, CEO and President of Sensata. “We continued to invest in growth and improve our execution during the quarter and margins rose sequentially toward our medium-term target level."
He continued: “Importantly, the strong underlying megatrends of electrification and insights continue to propel our new business win momentum. In the first nine months of 2022 we have already surpassed our record full year new business awards achieved last year.”
Operating results for the third quarter of 2022 compared to the third quarter of 2021 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 was $1,018.3 million, an increase of $67.2 million, or 7.1%, compared to $951.0 million in the third quarter of 2021.
- Revenue increased 7.1% on an organic basis, which excludes a decrease of (3.3%) from foreign currency exchange rates and an increase of 3.3% from acquisitions, net of divestitures, each versus the prior-year period.
Read the complete press release here.