ATTLEBORO - Revenues and net income for the first quarter rose significantly for sensor-maker Sensata Technologies compared with a year ago, according to a news release.
Revenues increased 10.8 percent over the first quarter in 2011, to $492 million. Net income amounted to $38.9 million compared to a loss of $9.5 million a year ago.
Adjusted net income for the first quarter 2012 was $89.0 million, or 18.1 percent of net revenue. That compares to $91.1 million for the same period a year ago.
"We are pleased with our results for the first quarter as we delivered net revenue and adjusted net income per diluted share at or above the high end of our guidance of $490 million and $0.49 per diluted share, respectively," said Tom Wroe, Chairman and Chief Executive Officer.
"The global end markets continue to be dynamic, and we continue to monitor them closely, but our financial expectations for the full year remain unchanged."
The company spent $27.4 million, or 5.6 percent of net revenue, on research, development and engineering related costs in the first quarter of 2012. The company's ending cash balance as of March 31 was $193.1 million.