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Financial report summary
?Competition
CTS • Eaton • Semtech • Vishay Intertechnology • Bel Fuse Inc. - Ordinary Shares • Amphenol Corp. - Ordinary Shares • Kemet • ST Microelectronics - New York Shares • ON Semiconductor • TE Connectivity Ltd - Registered SharesRisks
- The Company engages in strategic acquisitions and may not realize the anticipated benefits of the acquisitions and / or may encounter difficulties in integrating these businesses.
- Climate change, and the regulatory and legislative developments related to climate change, may have a material adverse impact on our business and results of operations.
- Reorganization activities may lead to additional costs and material adverse effects.
- A decline in expected profitability of the Company or individual reporting units of the Company could result in the impairment of assets, including goodwill and other long-lived assets.
- Fixed costs may reduce operating results if sales fall below expectations.
Management Discussion
- Net sales were $2,362.7 million, which decreased by $151.2 million or 6.0% in 2023 compared to 2022 including $0.7 million favorable changes in foreign exchange rates. The decrease was primarily driven by lower volume in the Electronics segment and the commercial vehicle business within the Transportation segment that more than offset $91.9 million or 3.7% of incremental net sales from the C&K acquisition within the Electronics segment and $13.2 million or 0.5% of net sales from the Western Automation acquisition within the Industrial segment. The Company recognized net income of $259.5 million, or $10.34 per diluted share, in 2023 compared to net income of $373.3 million, or $14.94 per diluted share in 2022. The decrease in net income was primarily due to lower operating income of $131.0 million in the Electronics segment and $29.9 million in the Transportation segment mainly driven by the commercial vehicle business.