Sensata Technologies Holding PLC (NYSE:ST), a leading provider of sensors and sensor-rich solutions, reported a challenging third quarter of 2024, with revenue declining 1.8% year-over-year to $982.8 million. The company's performance was impacted by weak automotive and heavy vehicle production due to macroeconomic headwinds.

The company recorded several significant charges in the quarter, including:

• A non-cash goodwill impairment charge of $150 million related to its Dynapower business, acquired in 2021, due to project delays.
• A loss of approximately $110 million from the sale of its Insights business, as part of efforts to streamline operations.
• Charges of approximately $58 million associated with restructuring actions to improve operational efficiency and product lifecycle management, including discontinuing certain product lines.

On an adjusted basis, excluding these charges and other one-time items, Sensata reported operating income of $188.4 million, a 1.7% decrease from the prior year, with an operating margin of 19.2%. Adjusted earnings per share came in at $0.86, down from $0.91 a year earlier.

The company's Performance Sensing segment, which accounts for around 67% of total revenue, saw a 5% year-over-year decline in revenue to $660 million, reflecting weakness in the automotive and heavy vehicle off-road markets. However, the Sensing Solutions segment stabilized, with revenue remaining flat at $274 million.

Sensata generated free cash flow of $91.3 million in the quarter, representing a 70% conversion rate. The company's net leverage ratio stood at 3.0 times trailing 12-month EBITDA as of September 30, 2024.