Sensata Technologies Holding N.V. (NYSE:ST) has announced the results of its 2Q2015, with revenues of $770.4 million and EPS of $0.24 for the current quarter. Additionally, the company has also acquired a portfolio of Custom Sensors and Technologies Inc, for an estimated cost of $1 billion.
The purchase from CST includes the various product lines of the company and a number of operating sites in North America, Europe and Asia. Currently, these sites employ a total of 2,500 workers, out of which 250 are engineers. The portfolio was responsible for the generation of $320 million in annual revenues by CST. Sensata expects to close the transaction by the end of 4Q2015 and is subjected to regulatory approvals. With the acquisition of this portfolio, ST can expect to greatly broaden its customer base and address a wide array of applications.
The 2Q2015 report filed by ST indicated that the company has experienced a growth of 33.8%, in terms of revenues, as compared to the same period in the preceding year. However, the EPS suffered a decline of $0.13, as compared to 2Q2014, with the adjusted EPS registered a rise of 16.6% for the same periods. These numbers bought the 1H2015 revenues to a total of $1,521.1 million, which was up by 34.9%, as compared to the 1H2014. The adjusted EPS was also up by 14.9%, for the same periods.
The CEO of Sensata, Martha Sullivan, stated that her company is right on track for achieving its targets for the current year, despite facing a number of setbacks in their current markets. She also highlighted her company’s efforts to reduce operational expenses and ensure that ST experiences double digit growth by the end of FY2015. Only 7.3% of the net revenues were utilized in the research, development and engineering costs of the current growth initiatives of the company.
Sensata Technologies Holding N.V. (NYSE:ST) traded a total of 6.46 million shares during the September 22 session, to register a decline of 3.02% and reach a close at a share price of $43.98.