Q2 2024 Sensata Technologies Holding PLC Earnings Call Transcript
Key Points
- Sensata Technologies Holding PLC (ST) reported a solid quarter with results in line with expectations across key metrics.
- The company achieved a 30 basis point improvement in adjusted operating margin from the first quarter of 2024.
- Sensata's automotive business outgrew the market by more than 700 basis points, growing 6% year over year.
- The company is actively exiting underperforming products, which is expected to improve margins and overall performance.
- Sensata remains well-positioned in the electrification market, with significant progress in high-voltage contactors and other key products.
- Revenue for the second quarter of 2024 was approximately $1,036 million, down from $1,062 million in the second quarter of 2023.
- The company is preparing for an automotive slowdown in the back half of 2024, with significant reductions in production forecasts.
- Sensing solutions revenue decreased by approximately 19% year over year due to continued destocking and a slow housing construction market.
- The company is experiencing market volatility, particularly in electric vehicles, with production forecasts dropping by 10% compared to earlier in the year.
- Sensata is facing macro headwinds and is taking steps to improve margins despite these challenges.
Good day, and welcome to the Sensata Technologies Q2 2024 earnings call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Mr. Andrew Lynch, VP of Finance. Please go ahead.
Thank you, operator, and good afternoon, everyone. I'm Andrew Lynch, Vice President of Finance for Sensata. And I would like to welcome you to Sensata's second-quarter 2024 earnings conference call.
Joining me on today's call are Martha Sullivan, Sensata's Interim President and CEO; and Brian Roberts, Sensata's Chief Financial Officer. In addition to the financial results press release we issued earlier today, we will be referencing a slide presentation during today's conference call. The PDF of this presentation can be downloaded from Sensata's Investor Relations website. This call is being recorded, and we will post a replay on our Investor Relations website shortly after the
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