Sensata keeps leverage in target range; no debt due until late 2023

By Devika Patel

Knoxville, Tenn., July 26 – Sensata Technologies Holding plc’s management is pleased with the company’s financial position, with $1.5 billion of cash and $750 million available under its expanded line of credit, and a leverage ratio that is within its targeted range.

“Sensata is in a very strong financial position today,” president and chief executive officer Jeffrey J. Cote said on the company’s second quarter ended June 30 earnings conference call on Tuesday.

“We have more than $1.5 billion in cash on our balance sheet.

“We generate significant free cash flow each year and our net debt to EBITDA ratio is within our target range at 3x,” Cote said.

The balance sheet is strong, according to executive vice president and chief financial officer Paul S. Vasington.

“Our balance sheet is strong, with over $1.5 billion of cash, no debt maturing before October 2023 and a recently expanded line of credit with $750 million of capacity,” Vasington said on the call.

Cash and cash equivalents were $1,558,578,000 as of June 30, 2022, compared to $1,708,955,000 as of Dec. 31, 2021.

Net long-term debt was $4,213,512,000 as of June 30, 2022, compared to $4,214,946,000 as of Dec. 31, 2021.

Sensata is a producer of sensors and controls for manufacturers in the automotive, appliance, aircraft, industrial and HVAC markets.

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