ALMELO, Netherlands (AP) — Sensata Technologies Holding N.V. on Monday cut its fourth-quarter outlook because of weakness in its sensor business.
The company said Monday that flooding in Thailand and lower production at some manufacturers will weaken its performance during the current quarter. Uncertainty over the financial crisis in Europe has also hurt results, the company said.
Sensata makes sensors that are used in a number of auto parts, like engines and air conditioning systems.
The company said it now expects revenue between $445 million and $450 million, compared to the midpoint of its previous guidance of $470 million.
Sensata said it now expects its adjusted net income for the quarter to be between 43 and 45 cents per share, compared to the midpoint of its earlier forecast for 48 cents per share.
Analysts had been expecting net income of 48 cents per share on revenue of $471.9 million during the quarter, according to a survey by FactSet.
The company also said it now expects a restructuring charge in the quarter to cost between $10 million and $15 million, up from the previous forecast of between $3 million and $5 million.
Shares of Sensata Technologies were down 64 cents, or 2.1 percent, to $29.60 in extended trading following the release of the updated outlook. They fell 68 cents, or 2 percent, to close at $30.24 in the regular session.