Sensata Technologies Holding N.V. Announces Fourth Quarter And Full Year 2014 Results

Feb 3, 2015
- Full year 2014 net revenue was $2.41 billion.
- Full year 2014 net income was $283.7 million, or $1.65 per diluted share.
- Full year 2014 Adjusted net income1 was $410.3 million, or $2.38 per diluted share.

ALMELO, Netherlands, Feb. 3, 2015 /PRNewswire/ -- Sensata Technologies Holding N.V. (NYSE: ST) (the "Company") announces results of its operations for the fourth quarter and full year ended December 31, 2014.

Sensata Technologies Logo.

Highlights of the Fourth Quarter and Full Year Ended December 31, 2014

Net revenue for the fourth quarter 2014 was $705.3 million, an increase of $200.2 million, or 39.7%, from net revenue for the fourth quarter 2013 of $505.0 million.  Net income for the fourth quarter 2014 was $69.5 million, or $0.41 per diluted share.  This compares to net income for the fourth quarter 2013 of $67.1 million, or $0.38 per diluted share.  Adjusted net income1 for the fourth quarter 2014 of $97.7 million was 13.9% of net revenue, or $0.57 per diluted share.  This compares to Adjusted net income1 for the fourth quarter 2013 of $104.5 million which was 20.7% of net revenue, or $0.59 per diluted share.  Integration charges related to acquisitions were $15.9 million in the fourth quarter of 2014.

Net revenue for the full year ended December 31, 2014 was $2.41 billion, an increase of $429.1 million, or 21.7%, from $1.98 billion for the full year ended December 31, 2013.  Net income for the full year ended December 31, 2014 was $283.7 million, or $1.65 per diluted share.  This compares to net income for the full year ended December 31, 2013 of $188.1 million, or $1.05 per diluted share.  Adjusted net income1 for the full year ended December 31, 2014 of $410.3 million was 17.0% of net revenue, or $2.38 per diluted share.  This compares to Adjusted net income1 for the full year ended December 31, 2013 of $384.8 million which was 19.4% of net revenue, or $2.15 per diluted share.

"We are pleased with our results for the fourth quarter with better than expected revenue and earnings primarily driven by outperformance within Schrader," said Martha Sullivan, President and Chief Executive Officer.  "We anticipate continuing to deliver increased value to shareholders in 2015 through expansion of our prospects in sensing by way of acquisition and by leveraging existing sensing product families into new, mission-critical applications."

The Company incurred $52.0 million, or 7.4% of net revenue, in the fourth quarter of 2014 and $163.2 million, or 6.8% of net revenue, in the full year ended December 31, 2014 related to research, development and engineering related costs.  These costs reside in the Cost of revenue and the Research and development lines of the Condensed Consolidated Statements of Operations. 

The Company recorded an income tax provision of $(37.2) million for the fourth quarter 2014.  Approximately $8.4 million of the provision, or 6.1% of Adjusted EBIT, related to taxes that are payable in cash and approximately $(45.6) million related to deferred income tax expense and other income tax expense. For the full year ended December 31, 2014, cash taxes were approximately $31.3 million, or 5.8% of Adjusted EBIT.

The Company's ending cash balance at December 31, 2014 was $211.3 million.  During the full year 2014, the Company generated cash of $382.6 million from operations, used cash of $1.43 billion for investing activities, and generated cash of $940.9 million from financing activities. 

The Company's total indebtedness at December 31, 2014 was $2.8 billion.  The Company's Net debt2 was $2.6 billion resulting in a Net leverage ratio2 of 4.4X.

Segment Performance



For the three months ended
December 31,

For the full year ended
December 31,

$ in 000s

2014

2013

2014

2013

Sensors net revenue

$

549,308


$

354,617


$

1,755,857


$

1,358,238


Sensors profit from operations

$

142,672


$

108,282


$

475,943


$

401,595


% of Sensors net revenue

26.0

%

30.5

%

27.1

%

29.6

%










Controls net revenue

$

155,953


$

150,398


$

653,946


$

622,494


Controls profit from operations

$

48,546


$

46,479


$

202,115


$

195,822


% of Controls net revenue

31.1

%

30.9

%

30.9

%

31.5

%

In the fourth quarter of 2014, we realigned our segments as a result of organizational changes that better allocate our resources to support our ongoing business strategy.  The portion of the Sensors segment that has historically served the HVAC and industrial end-markets has been moved to the Controls segment to enable improved focus on content growth with existing channels and OEMs.  We have recast amounts in the segment performance table above to reflect this change.  A historical comparison of Segment Performance is included later in this press release.

Guidance

For the full year 2015, the Company anticipates net revenue of $2.985 to $3.145 billion which, at the midpoint, represents growth of 27.2% compared to the full year 2014 net revenue of $2.41 billion.  The Company further anticipates Adjusted EBITDA of $725 to $775 million for the full year 2015.  In addition, the Company expects Adjusted net income1 of $481 million to $521 million, or $2.80 to $3.04 per diluted share for the full year 2015.  At the midpoint, this represents 22.7% growth compared to full year 2014 Adjusted net income1 per diluted share of $2.38.  This guidance assumes a diluted share count of 171.7 million for the full year 2015.

The Company anticipates net revenue of $730 million to $770 million for the first quarter 2015, which, at the midpoint, represents growth of 36.0% compared to the first quarter 2014 net revenue of $551.6 million. The Company further anticipates Adjusted EBITDA of $165 to $177 million for the first quarter of 2015.  In addition, the Company expects Adjusted net income1 of $105 million to $115 million, or $0.61 to $0.67 per diluted share, for the first quarter 2015.  At the midpoint, this represents 14.3% growth compared to first quarter 2014 Adjusted net income per diluted share of $0.56.  This guidance assumes a diluted share count of 171.2 million for the first quarter of 2015.

1See Non-GAAP Measures for discussion of Adjusted net income which includes a reconciliation of this measure to Net income.

2Net debt represents total indebtedness including capital lease and other financing obligations, less cash and cash equivalents.  The Net leverage ratio represents Net debt divided by Adjusted EBITDA for the last twelve months.

Company Earnings Conference Call

The Company will conduct a conference call today at 8:00 AM eastern time to discuss the financial results for its fourth quarter and full year ended December 31, 2014.  The U.S. dial in number is 877-486-0682 and the non-U.S. dial in number is 706-634-5536.  The passcode is 67724583.  A live webcast and replay of the conference call will also be available on the investor relations page of the Company's website at http://investors.sensata.com.

About Sensata Technologies Holding N.V.

Sensata Technologies Holding N.V. is one of the world's leading suppliers of sensing, electrical protection, control and power management solutions with operations and business centers in thirteen countries.  Sensata's products improve safety, efficiency and comfort for millions of people every day in automotive, appliance, aircraft, industrial, military, heavy vehicle, heating, air-conditioning and ventilation, data, telecommunications, recreational vehicle and marine applications. For more information, please visit Sensata's website at www.sensata.com.

Safe Harbor Statement

This earnings release contains forward-looking statements within the meaning of the federal securities laws.  These statements relate to analyses and other information, which are based on forecasts of future results and estimates of amounts not yet determinable, and our future prospects, developments and business strategies.  Such forward-looking statements include, among other things, the Company's anticipated results for the first quarter and full year of 2015 and any future actions relating to our share repurchase authorization.  Such statements involve risks or uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements.  Factors that might cause these differences include, but are not limited to, risks associated with: adverse developments in the automotive industry; competitive pressures that could require the Company to lower prices or result in reduced demand for the Company's products; integration of acquired companies, including Schrader; the assumption of known and unknown liabilities in the acquisition of Schrader; risks associated with the Company's non-US operations and international business; litigation and disputes involving the Company, including the extent of product liability and warranty claims asserted against the Company; risks associated with the Company's historical and future tax positions; and risks associated with the Company's substantial indebtedness.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak to results only as of the date the statements were made; and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether to reflect any future events or circumstances or otherwise.  For a discussion of potential risks and uncertainties, please refer to the risk factors listed in the Company's SEC filings.  Copies of the Company's filings are available from its Investor Relations department or from the SEC website, www.sec.gov.

Contact:




Investors


News Media

Jacob Sayer


Linda Megathlin

(508) 236-3800


(508) 236-1761

investors@sensata.com


lmegathlin@sensata.com

 

 

SENSATA TECHNOLOGIES HOLDING N.V.
Condensed Consolidated Statements of Operations
(Unaudited)










(In 000s, except per share amounts)










For the three months ended

For the full year ended


December 31,
2014

December 31,
2013

December 31,
2014

December 31,
2013

Net revenue

$

705,261


$

505,015


$

2,409,803


$

1,980,732


Operating costs and expenses:









Cost of revenue

469,749


315,807


1,567,334


1,256,249


Research and development

26,497


14,837


82,178


57,950


Selling, general and administrative

71,810


41,715


220,105


163,145


Amortization of intangible assets

46,142


33,681


146,704


134,387


Restructuring and special charges

14,745


982


21,893


5,520


Total operating costs and expenses

628,943


407,022


2,038,214


1,617,251


Profit from operations

76,318


97,993


371,589


363,481


Interest expense

(36,237)


(23,528)


(107,210)


(95,101)


Interest income

196


406


1,106


1,186


Other, net

(7,951)


(10,218)


(12,059)


(35,629)


Income before taxes

32,326


64,653


253,426


233,937


(Benefit from)/provision for income taxes

(37,194)


(2,414)


(30,323)


45,812


Net income

$

69,520


$

67,067


$

283,749


$

188,125











Net income per share:









Basic

$

0.41


$

0.38


$

1.67


$

1.07


Diluted

$

0.41


$

0.38


$

1.65


$

1.05











Weighted-average ordinary shares outstanding:









Basic

169,063


175,276


170,113


176,091


Diluted

171,032


177,538


172,217


179,024











 

SENSATA TECHNOLOGIES HOLDING N.V.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)


($ in 000s)










For the three months ended

For the full year ended











December 31,
2014

December 31,
2013

December 31,
2014

December 31,
2013

Net income

$

69,520


$

67,067


$

283,749


$

188,125


Other comprehensive income/(loss), net of tax:









Net unrealized gain/(loss) on derivative
instruments designated and qualifying
as cash flow hedges

3,093


(1,773)


25,190


(2,817)


Defined benefit and retiree healthcare
plans

(3,461)


7,810


(3,831)


9,116


Other comprehensive income/(loss)

(368)


6,037


21,359


6,299


Comprehensive income

$

69,152


$

73,104


$

305,108


$

194,424


 

SENSATA TECHNOLOGIES HOLDING N.V.
Condensed Consolidated Balance Sheets
(Unaudited)


($ in 000s)

December 31,
2014

December 31,
2013

Assets





Current assets:





Cash and cash equivalents

$

211,329


$

317,896


Accounts receivable, net of allowances

444,852


291,723


Inventories

356,364


183,395


Deferred income tax assets

15,301


20,975


Prepaid expenses and other current assets

90,918


41,642


Total current assets

1,118,764


855,631


Property, plant and equipment, net

589,484


344,657


Goodwill

2,424,795


1,756,049


Other intangible assets, net

910,774


502,388


Deferred income tax assets

16,750


10,623


Deferred financing costs

29,102


19,132


Other assets

26,940


10,344


Total assets

$

5,116,609


$

3,498,824







Liabilities and shareholders' equity





Current liabilities:





Current portion of long-term debt, capital lease and other financing
obligations

$

145,979


$

8,100


Accounts payable

287,800


177,539


Income taxes payable

7,516


5,785


Accrued expenses and other current liabilities

222,781


123,239


Deferred income tax liabilities

13,430


3,829


Total current liabilities

677,506


318,492


Deferred income tax liabilities

362,738


281,364


Pension and post-retirement benefit obligations

35,799


19,508


Capital lease and other financing obligations, less current portion

45,113


48,845


Long-term debt, net of discount, less current portion

2,650,744


1,667,021


Other long-term liabilities

41,817


22,006


Total liabilities

3,813,717


2,357,236


Total shareholders' equity

1,302,892


1,141,588


Total liabilities and shareholders' equity

$

5,116,609


$

3,498,824


 

SENSATA TECHNOLOGIES HOLDING N.V.
Condensed Consolidated Statements of Cash Flows
(Unaudited)


($ in 000s)






For the full year ended


December 31,
2014

December 31,
2013

Cash flows from operating activities:





Net income

$

283,749


$

188,125


Adjustments to reconcile net income to net cash provided by operating activities:





Depreciation

65,804


50,889


Amortization of deferred financing costs and original issue discounts

5,118


4,307


Currency remeasurement gain on debt

(771)


(457)


Share-based compensation

12,985


8,967


Loss on debt financing

3,750


9,010


Amortization of inventory step-up to fair value

5,576



Amortization of intangible assets

146,704


134,387


Gain on disposition of assets, net

(578)


(303)


Deferred income taxes

(59,156)


25,711


Gain from insurance proceeds

(2,417)


(7,500)


Unrealized loss on hedges and other non-cash items

5,581


8,627


Decrease from changes in operating assets and liabilities, net of effects of acquisitions

(83,777)


(25,925)


Net cash provided by operating activities

382,568


395,838







Cash flows from investing activities:





Acquisition of Schrader, net of cash received

(995,315)



Other acquisitions, net of cash received

(298,423)


(15,470)


Additions to property, plant and equipment and capitalized software

(144,211)


(82,784)


Insurance proceeds

2,417


8,900


Proceeds from sale of assets

5,467


1,704


Net cash used in investing activities

(1,430,065)


(87,650)







Cash flows from financing activities:





Proceeds from exercise of stock options and issuance of ordinary shares

24,909


20,999


Proceeds from issuance of debt

1,190,500


600,000


Payments on debt

(76,375)


(711,665)


Repurchase of ordinary shares from SCA

(169,680)


(172,125)


Payments to repurchase ordinary shares

(12,094)


(132,971)


Payments of debt issuance costs

(16,330)


(8,069)


Net cash provided by/(used in) financing activities

940,930


(403,831)


Net change in cash and cash equivalents

(106,567)


(95,643)


Cash and cash equivalents, beginning of period

317,896


413,539


Cash and cash equivalents, end of period

$

211,329


$

317,896


 

Net Revenue by Business, Geography and End Market



(% of total net revenue)

Three months ended
December 31,

Full year ended
December 31,


2014

2013

2014

2013

Sensors

77.9

%

70.2

%

72.9

%

68.6

%

Controls

22.1

%

29.8

%

27.1

%

31.4

%

Total

100.0

%

100.0

%

100.0

%

100.0

%

 

(% of total net revenue)

Three months ended
December 31,

Full year ended
December 31,


2014

2013

2014

2013

Americas

41.0

%

35.8

%

39.9

%

37.4

%

Europe

31.3

%

29.4

%

29.3

%

29.5

%

Asia

27.7

%

34.8

%

30.8

%

33.1

%

Total

100.0

%

100.0

%

100.0

%

100.0

%

 

(% of total net revenue)

Three months ended
December 31,

Full year ended
December 31,


2014

2013

2014

2013

European automotive

25.5

%

23.4

%

24.3

%

23.7

%

North American automotive

20.4

%

16.3

%

17.6

%

16.2

%

Asian automotive

18.9

%

22.4

%

19.7

%

20.6

%

Rest of world automotive

1.4

%

0.9

%

0.8

%

0.8

%

Heavy vehicle off-road

12.9

%

10.6

%

12.6

%

9.8

%

Appliance and heating, ventilation and air-conditioning

6.3

%

8.0

%

7.9

%

9.6

%

Industrial

6.6

%

8.3

%

7.4

%

9.0

%

All other

8.0

%

10.1

%

9.7

%

10.3

%

Total

100.0

%

100.0

%

100.0

%

100.0

%

Non-GAAP Measures

Adjusted net income is a non-GAAP financial measure.  The Company defines Adjusted net income as follows: net income before certain restructuring and special charges, costs associated with financing and other transactions, deferred loss/(gain) on other hedges and loss/(gain) on currency remeasurement on debt, net, depreciation and amortization expense related to the step-up in fair value of fixed and intangible assets and inventory, deferred income tax and other tax expense/(benefit), amortization of deferred financing costs, and other costs.  The Company believes Adjusted net income provides investors with helpful information with respect to the performance of the Company's operations and management uses Adjusted net income to evaluate its ongoing operations and for internal planning and forecasting purposes. Adjusted net income is not a measure of liquidity.  See the tables below which reconcile Net income to Adjusted net income and Projected GAAP earnings per share to Projected Adjusted net income per share.

The following unaudited table reconciles the Company's Net income to Adjusted net income for the three months and full year ended December 31, 2014 and 2013.

(In 000s, except per share amounts)

Three months ended

December 31,

Full year ended

December 31,


2014

2013

2014

2013










Net income

$

69,520


$

67,067


$

283,749


$

188,125


Restructuring and special charges

5,895


2,704


9,552


8,309


Financing and other transaction costs

13,094


3,004


18,594


12,183


Deferred loss/(gain) on other hedges

2,509


4,305


(915)


17,900


Depreciation and amortization expense related to the step-up in fair value of fixed and intangible assets and inventory

50,784


34,248


155,785


136,245


Deferred income tax and other tax (benefit)/expense

(45,623)


(7,804)


(61,588)


17,756


Amortization of deferred financing costs

1,513


1,016


5,118


4,307


Total adjustments

$

28,172


$

37,473


$

126,546


$

196,700


Adjusted net income

$

97,692


$

104,540


$

410,295


$

384,825


Weighted average diluted shares outstanding used in Adjusted net income per diluted share calculation

171,032


177,538


172,217


179,024


Adjusted net income per diluted share

$

0.57


$

0.59


$

2.38


$

2.15


The Company's definition of Adjusted net income includes the current tax expense (benefit) that will be payable (realized) on the Company's income tax return and excludes deferred income tax and other tax expense.  As the Company treats deferred income tax and other tax expense as an adjustment to compute Adjusted net income, the deferred income tax effect associated with the reconciling items would not change Adjusted net income for each period presented.  The theoretical current income tax associated with the reconciling items above would be as follows:  Amortization and depreciation expense related to the step-up in fair value of fixed and intangible assets and inventory:  $(0.2) million and $(1.3) million for the three months and full year ended December 31, 2014, respectively; Restructuring and special charges:  $(1.1) million and $(1.4) million for the three months and full year ended December 31, 2014, respectively.  Amortization and depreciation expense related to the step-up in fair value of fixed and intangible assets and inventory:  $(0.2) million and $(1.0) million for the three months and full year ended December 31, 2013, respectively; Restructuring and special charges:  $(0.6) million and $(1.5) million for the three months and full year ended December 31, 2013.

The following unaudited table identifies where in the Condensed Consolidated Statement of Operations the adjustments to reconcile Net income to Adjusted net income were recorded for the three months and full year ended December 31, 2014 and 2013.

($ in 000s)

Three months ended

December 31,

Full year ended

December 31,


2014

2013

2014

2013










Cost of revenue

$

8,409


$

2,303


$

12,689


$

5,459


Selling, general and administrative

11,390


1,105


17,921


2,076


Amortization of intangible assets

44,661


33,327


143,604


132,984


Restructuring and special charges

1,563


1,322


5,967


6,111


Interest expense

3,388


1,016


6,993


4,307


Other, net

4,384


6,204


960


28,007


(Benefit from)/provision for income taxes

(45,623)


(7,804)


(61,588)


17,756


Total adjustments

$

28,172


$

37,473


$

126,546


$

196,700


The following unaudited table reconciles the Company's Projected GAAP earnings per diluted share to Projected Adjusted net income per diluted share for the first quarter ended March 31, 2015 and full year ended December 31, 2015.  The amounts in the table below have been calculated based on unrounded numbers.  Accordingly, certain amounts may not add due to the effect of rounding.


Three months ended

March 31, 2015

Full year ended

December 31, 2015


Low End

High End

Low End

High End










Projected GAAP earnings per diluted share

$

0.27


$

0.33


$

1.43


$

1.67


Amortization and depreciation expense related to the step-up in fair value of fixed and intangible assets

0.27


0.27


1.10


1.10


Deferred income tax and other tax expense

0.06


0.06


0.23


0.23


Amortization of deferred financing costs

0.01


0.01


0.04


0.04


Projected Adjusted net income per diluted share

$

0.61


$

0.67


$

2.80


$

3.04


Weighted average diluted shares outstanding used in Adjusted net income per share calculation (in 000s)

171,200


171,200


171,700


171,700











Historical Segment Performance Realignment

The following unaudited tables show the segment performance of the Sensors and Controls business segments before the move of the industrial sensing product line from the Sensors segment to the Controls segment.

2013

For the three months ended

For the

$ in 000s

March 31

June 30

September 30

December 31

Full Year

Sensors net revenue

$

332,633


$

361,332


$

358,159


$

368,091


$

1,420,215


Sensors profit from operations

$

93,192


$

108,838


$

109,918


$

113,681


$

425,629


% of Sensors net revenue

28.0

%

30.1

%

30.7

%

30.9

%

30.0

%












Controls net revenue

$

137,780


$

145,086


$

140,727


$

136,924


$

560,517


Controls profit from operations

$

43,354


$

45,716


$

41,638


$

41,080


$

171,788


% of Controls net revenue

31.5

%

31.5

%

29.6

%

30.0

%

30.6

%

 

2014

For the three months ended

For the

$ in 000s

March 31

June 30

September 30

December 31

Full Year

Sensors net revenue

$

412,740


$

419,976


$

429,020


$

565,931


$

1,827,667


Sensors profit from operations

$

116,616


$

119,714


$

118,056


$

149,060


$

503,446


% of Sensors net revenue

28.3

%

28.5

%

27.5

%

26.3

%

27.5

%












Controls net revenue

$

138,854


$

155,877


$

148,075


$

139,330


$

582,136


Controls profit from operations

$

40,751


$

46,938


$

44,765


$

42,158


$

174,612


% of Controls net revenue

29.3

%

30.1

%

30.2

%

30.3

%

30.0

%

The following unaudited tables show the segment performance of the Sensors and Controls business segments after the move of the industrial sensing product line from the Sensors segment to the Controls segment.

2013

For the three months ended

For the

$ in 000s

March 31

June 30

September 30

December 31

Full Year

Sensors net revenue

$

317,455


$

343,419


$

342,747


$

354,617


$

1,358,238


Sensors profit from operations

$

87,204


$

101,984


$

104,125


$

108,282


$

401,595


% of Sensors net revenue

27.5

%

29.7

%

30.4

%

30.5

%

29.6

%












Controls net revenue

$

152,958


$

162,999


$

156,139


$

150,398


$

622,494


Controls profit from operations

$

49,342


$

52,570


$

47,431


$

46,479


$

195,822


% of Controls net revenue

32.3

%

32.3

%

30.4

%

30.9

%

31.5

%

 

2014

For the three months ended

For the

$ in 000s

March 31

June 30

September 30

December 31

Full Year

Sensors net revenue

$

394,626


$

400,847


$

411,076


$

549,308


$

1,755,857


Sensors profit from operations

$

109,344


$

112,707


$

111,220


$

142,672


$

475,943


% of Sensors net revenue

27.7

%

28.1

%

27.1

%

26.0

%

27.1

%












Controls net revenue

$

156,968


$

175,006


$

166,019


$

155,953


$

653,946


Controls profit from operations

$

48,023


$

53,945


$

51,601


$

48,546


$

202,115


% of Controls net revenue

30.6

%

30.8

%

31.1

%

31.1

%

30.9

%

SENSATA TECHNOLOGIES HOLDING N.V.

Notes to unaudited Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Comprehensive Income, Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows

Basis of Presentation
The accompanying unaudited Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Comprehensive Income, Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows do not include all of the information and note disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. This information should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 and the interim condensed consolidated financial statements included in the Company's Form 10-Q for the period ended September 30, 2014.  U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements.  Estimates used may change as new events occur or additional information is obtained.  Actual results could differ from those estimates.  Certain reclassifications have been made to prior periods to conform to current period presentation. 

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SOURCE Sensata Technologies Holding N.V.

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