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Sensata(ST) - 2024 Q4 - Annual Results
STSensata(ST)2025-02-11 21:05

Revenue Performance - Fourth quarter revenue was 907.7million,adecreaseof907.7 million, a decrease of 84.8 million, or 8.5%, compared to 992.5millioninQ42023[5]−Fullyearrevenuewas992.5 million in Q4 2023[5] - Full year revenue was 3,932.8 million, a decrease of 121.3million,or3.0121.3 million, or 3.0%, compared to 4,054.1 million in 2023[9] - Net revenue for Q4 2024 was 907.69million,adecreaseof8.5907.69 million, a decrease of 8.5% from 992.49 million in Q4 2023[34] - Sensing Solutions revenue for the full year 2024 was 1.06billion,adecreaseof8.21.06 billion, a decrease of 8.2% from 1.16 billion in 2023[41] - Performance Sensing revenue for Q4 2024 was 646.70million,down6.5646.70 million, down 6.5% from 691.76 million in Q4 2023[41] - The Americas accounted for 39.1% of total revenue in Q4 2024, down from 43.3% in Q4 2023[42] Operating Income and Profitability - Operating income was 73.8million,or8.173.8 million, or 8.1% of revenue, an increase of 275.2 million compared to an operating loss of 201.4millioninQ42023[6]−Fullyearadjustedoperatingincomewas201.4 million in Q4 2023[6] - Full year adjusted operating income was 748.5 million, or 19.0% of revenue, a decrease of 25.5million,or3.325.5 million, or 3.3%, compared to 774.0 million in 2023[10] - Operating income for the full year 2024 was 149.28million,down17.8149.28 million, down 17.8% from 181.68 million in 2023[34] - Non-GAAP adjusted operating income for the same period was 174,886thousand,reflectinganoperatingmarginof19.3174,886 thousand, reflecting an operating margin of 19.3%[46] - The company reported a restructuring-related charge of 321,415 thousand for the year ended December 31, 2024, contributing to a significant increase in operating income[48] Cash Flow and Financial Position - Free cash flow for Q4 2024 was 138.9million,withtotalcashonhandat138.9 million, with total cash on hand at 593.7 million[6] - Cash and cash equivalents increased to 593.67millionin2024from593.67 million in 2024 from 508.10 million in 2023, an increase of 16.8%[39] - Free cash flow for the three months ended December 31, 2024, increased by 144.9% to 138.9millioncomparedto138.9 million compared to 56.7 million in the same period of 2023[55] - Total gross indebtedness decreased to 3.2billionasofDecember31,2024,from3.2 billion as of December 31, 2024, from 3.4 billion in 2023[58] - Net debt as of December 31, 2024, was 2.6billion,downfrom2.6 billion, down from 2.9 billion in 2023[58] Earnings and Shareholder Returns - Adjusted earnings per share for Q4 2024 was 0.76,adecreaseof0.76, a decrease of 0.05, or 6.2%, compared to 0.81inQ42023[6]−Thecompanyrepurchasedsharesvaluedatapproximately0.81 in Q4 2023[6] - The company repurchased shares valued at approximately 21.6 million in Q4 2024 and 68.9millionforthefullyear[7][11]−FortheyearendedDecember31,2024,theadjustednon−GAAPoperatingincomewas68.9 million for the full year[7][11] - For the year ended December 31, 2024, the adjusted non-GAAP operating income was 748,482 thousand, with a net income of 519,061thousandandanEPSof519,061 thousand and an EPS of 3.44[47] Guidance and Future Expectations - For 2025, the company expects full year revenue to be approximately 3.6billion,reflectingorganicflatgrowthcomparedto2024[12]−GuidanceforQ12025includesexpectedrevenueof3.6 billion, reflecting organic flat growth compared to 2024[12] - Guidance for Q1 2025 includes expected revenue of 870 million to 890million,withadjustedoperatingmarginanticipatedtobearound18.4890 million, with adjusted operating margin anticipated to be around 18.4%[13] - The company expects GAAP net income for the three months ending March 31, 2025, to be between 50.1 million and 53.1million,withEPSprojectedbetween53.1 million, with EPS projected between 0.32 and 0.34[59]AssetandExpenseManagement−Totalassetsdecreasedto0.34[59] Asset and Expense Management - Total assets decreased to 7.14 billion in 2024 from 7.68billionin2023,adeclineof7.17.68 billion in 2023, a decline of 7.1%[37] - Research and development expenses decreased to 35.95 million in Q4 2024 from 42.62millioninQ42023,areductionof15.742.62 million in Q4 2023, a reduction of 15.7%[34] - Adjusted corporate and other expenses for the full year ended December 31, 2024, were 263.9 million, consistent with 263.1millionin2023[56]−Thecompanyincurred263.1 million in 2023[56] - The company incurred 22.7 million in costs related to the 2H 2024 Plan for the year ended December 31, 2024[54] Impairments and Charges - The company reported a goodwill impairment charge of 150.10millionin2024,downfrom150.10 million in 2024, down from 321.70 million in 2023[40] - The company incurred a goodwill impairment charge of 321.7millioninthefourthquarterof2023[50]−Thecompanyrecordedadeferredtaxbenefitof321.7 million in the fourth quarter of 2023[50] - The company recorded a deferred tax benefit of 257.7 million related to the transfer of certain intellectual property for the year ended December 31, 2024[54] - The financing and other transaction costs for the year ended December 31, 2024, were reported at 133,066thousand,impactingoverallprofitability[47]−FortheyearendedDecember31,2024,thecompanyreportedalossof133,066 thousand, impacting overall profitability[47] - For the year ended December 31, 2024, the company reported a loss of 98.8 million on the sale of its Insights business in Q3 2024[54]