Sensata Technologies Holding plc (NYSE:ST) reported stronger-than-expected results for its first quarter on Monday.
Sensata posted adjusted earnings of 89 cents per share, beating market estimates of 85 cents per share. The company's quarterly sales came in at $1.007 billion, topping expectations of $986.521 million, according to data from Benzinga Pro.
"We are pleased to report a solid start to 2024, with first quarter revenue and adjusted operating margins towards the high end of our guidance range," said Jeff Cote, CEO and President of Sensata. "We are the trusted electrification partner of choice as evidenced by more than $1.3 billion in electrification wins during the past three years and our safe and efficient capabilities remain a durable, proven, and profitable business driving value for our shareholders."
The company said Jeff Cote will retire as CEO and President. The company's board named Martha Sullivan as Interim President and CEO.
Sensata said it sees second-quarter adjusted earnings of 89 cents to 95 cents per share on revenue of $1.025 billion to $1.055 billion.
Sensata Technologies shares rose 8.5% to trade at $38.80 on Tuesday.
These analysts made changes to their price targets on Sensata Technologies following earnings announcement.
- Stifel raised the price target on Sensata Technologies from $36 to $43. Stifel analyst Matthew Sheerin maintained a Hold rating.
- Evercore ISI Group increased the price target on Sensata Technologies from $36 to $44. Evercore ISI Group analyst Amit Daryanani maintained an In-Line rating.
- Baird increased the price target on Sensata Technologies from $37 to $47. Baird analyst Luke Junk maintained a Neutral rating.
- Truist Securities boosted the price target on Sensata Technologies $36 to $46. Truist Securities analyst William Stein maintained a Hold rating.
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