Sensata Technologies (NYSE: ST) reported Q2 EPS of $0.18, $0.04 better than the analyst estimate of $0.14. Revenue for the quarter came in at $576.5 million versus the consensus estimate of $569.18 million.

Revenue:

• Revenue was $576.5 million, a decrease of $307.2 million, or 34.8%, compared to $883.7 million in the second quarter of 2019.
• Revenue declined 33.9% from the second quarter of 2019 on an organic basis, which excludes a (0.9%) effect from foreign currency exchange rates versus the prior year period.

Operating (loss)/income:

• Operating loss was $(1.9) million ((0.3%) of revenue), a decrease of $149.3 million, or 101.3%, compared to operating income of $147.4 million (16.7% of revenue) in the second quarter of 2019.
• Adjusted operating income was $75.0 million (13.0% of revenue), a decrease of $130.2 million, or 63.4%, compared to adjusted operating income of $205.1 million (23.2% of revenue) in the second quarter of 2019.

Earnings/(loss) per share:

• Loss per share was $(0.27), a decrease of 160.0% compared to earnings per share of $0.45 in the second quarter of 2019.
• Adjusted earnings per share was $0.18, a decrease of 80.6% compared to adjusted earnings per share of $0.93 in the second quarter of 2019.
• Changes in foreign currency exchange rates increased Sensata's adjusted earnings per share by $0.04 in the second quarter of 2020 compared to the prior year period.

"During this unprecedented time, we continue to prioritize the health of our employees and the communities in which we operate. We are committed to help prevent the spread of COVID-19 and to delivering mission-critical products to our customers," said Jeff Cote, CEO and President of Sensata. "Despite end-market challenges in the quarter, our performance demonstrates the long-term potential of our company. Several first half 2020 successes include:

• End market outgrowth of 750bps in our Automotive business and 840bps in our Heavy Vehicle Off Road business;
• New business awards of over $225 million, including $108 million in electrification, a key growth area for Sensata;
• Free cash flow of $114 million, demonstrating our flexible cost structure; and,
• The acquisition of PRECO Electronics that significantly enhances our image and object sensing capabilities, further strengthening the foundation for our efforts in Autonomy."

GUIDANCE:

Sensata Technologies sees Q3 2020 EPS of $0.38-$0.46, versus the consensus of $0.46. Sensata Technologies sees Q3 2020 revenue of $675-705 million, versus the consensus of $699.69 million.

For earnings history and earnings-related data on Sensata Technologies (ST) click here.