Shares of Sensata Technologies Holding N.V. (NYSE: ST) plummeted 5.8% on Friday after the company reported disappointing third-quarter results and issued weak guidance for the fourth quarter.
The sensor manufacturer reported revenue of $982.8 million for the third quarter, down 1.8% year-over-year and missing Wall Street's expectations of $984.5 million. Adjusted earnings per share of $0.86 were in line with analyst estimates but down from $0.91 a year ago.
The company's performance was impacted by challenging macroeconomic conditions, including weaker automotive and heavy vehicle production. Sensata also took several charges related to restructuring and product line discontinuations, as well as a $150.1 million non-cash goodwill impairment charge related to its Dynapower business.
Looking ahead, Sensata provided a disappointing outlook for the fourth quarter. The company expects revenue of $870 million to $900 million, well below the consensus estimate of $962.9 million. Adjusted earnings per share guidance of $0.71 to $0.76 also missed analyst expectations of $0.86.
The weak guidance reflects ongoing headwinds in the automotive and heavy vehicle markets, as well as the impact of product line exits and the sale of Sensata's Insights business.
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