Sensata(US:ST)2025-02-11 21:05Revenue Performance - Fourth quarter revenue was $907.7 million, a decrease of $84.8 million, or 8.5%, compared to $992.5 million in Q4 2023[5] - Full year revenue was $3,932.8 million, a decrease of $121.3 million, or 3.0%, compared to $4,054.1 million in 2023[9] - Net revenue for Q4 2024 was $907.69 million, a decrease of 8.5% from $992.49 million in Q4 2023[34] - Sensing Solutions revenue for the full year 2024 was $1.06 billion, a decrease of 8.2% from $1.16 billion in 2023[41] - Performance Sensing revenue for Q4 2024 was $646.70 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 $73.8 million, or 8.1% of revenue, an increase of $275.2 million compared to an operating loss of $201.4 million in Q4 2023[6] - Full year adjusted operating income was $748.5 million, or 19.0% of revenue, a decrease of $25.5 million, or 3.3%, compared to $774.0 million in 2023[10] - Operating income for the full year 2024 was $149.28 million, down 17.8% from $181.68 million in 2023[34] - Non-GAAP adjusted operating income for the same period was $174,886 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 $138.9 million, with total cash on hand at $593.7 million[6] - Cash and cash equivalents increased to $593.67 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 $138.9 million compared to $56.7 million in the same period of 2023[55] - Total gross indebtedness decreased to $3.2 billion as of December 31, 2024, from $3.4 billion in 2023[58] - Net debt as of December 31, 2024, was $2.6 billion, down from $2.9 billion in 2023[58] Earnings and Shareholder Returns - Adjusted earnings per share for Q4 2024 was $0.76, a decrease of $0.05, or 6.2%, compared to $0.81 in Q4 2023[6] - The company repurchased shares valued at approximately $21.6 million in Q4 2024 and $68.9 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 $519,061 thousand and an EPS of $3.44[47] Guidance and Future Expectations - For 2025, the company expects full year revenue to be approximately $3.6 billion, reflecting organic flat growth compared to 2024[12] - Guidance for Q1 2025 includes expected revenue of $870 million to $890 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 $53.1 million, with EPS projected between $0.32 and $0.34[59] Asset and Expense Management - Total assets decreased to $7.14 billion in 2024 from $7.68 billion in 2023, a decline of 7.1%[37] - Research and development expenses decreased to $35.95 million in Q4 2024 from $42.62 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 $263.1 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 $150.10 million in 2024, down from $321.70 million in 2023[40] - The company incurred a goodwill impairment charge of $321.7 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 $133,066 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]