ST - Earnings call transcript Q2 2024 | Sensata Technologies Holding plc

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Operator

Good day, and welcome to the Sensata Technologies Q2 2020 Earnings Call. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Mr. Andrew Lynch, VP of Finance. Please go ahead.

Andrew Lynch

good and operator, you, afternoon, everyone. Thank Lynch, I would Andrew Quarter Earnings Vice to President and Sensata, XXXX Call. for Finance Conference like Second of Sensata's I'm to you welcome

Sullivan, me Sensata's Brian Joining Sensata's Officer. Financial Chief call today's are Roberts, Interim and CEO on President and Martha

This In addition can The call. website. release shortly will recorded, Investor PDF this today's presentation results of financial downloaded being we we from today, Relations call. conference earlier the to after on during call referencing be today's the be and Sensata's a will conclusion post website a our press is issued conference slide presentation of Relations Investor we replay

As like harbor reference we on safe I Sensata's to would Slide begin, statement X.

Factors statements performance and differ the events During this regarding but Forms results to, company's conference future cause of the in might such certain described that risks SEC. company and XX-K call, financial include, XX-Q discussed that such uncertainties. those involve The other as well differences from filings projections the as limited with may actual forward-looking or statements. materially we the in make not will are our

information to during non-GAAP presentation. financial to GAAP review Most you will measures. today's financial we statements addition of in encourage We call our will to the that discuss today's relate

of non-GAAP GAAP appendices earnings presentation our our the and financials and materials. Our including reconciliations in are release included

some detailed cover of our then begin our for closing for today financial will quarter the business. our second financials for Martha XXXX. third will quarter Martha with remarks. will on XXXX guidance comments the return Brian of and overall

your take then questions. will We

turn Martha Interim to like call the would Sensata's CEO, over Sullivan. President and I to Now

Martha Sullivan

opportunity days to with everyone. a I privilege to XX have today. Interim focused CEO rejoining President Good It Since ago, Andrew. X have afternoon, you, as Sensata speak been in Thank and you longer is overall projects expand drive improve our portfolio performance first, margins products no and our that for key third, next Sensata. finding within identifying the second, to underperforming our CEO and value; areas: and enhancing the execution;

couple greater discuss of a Let in minutes me of these each to take detail.

has Our changed. long-term not strategy

provider best-in-class our are electrical solutions to We protection sensor-rich customers. of and

are products mandates and increasing meet applications. more cleaner sensing essential customers efficient for Our for to safer,

the the heavy including serve, support trucks, such ongoing and infrastructure solutions we to more conversion power as grid across electrification electrified end industrial markets Our automobiles, support a world. needed the

our we including greater efficiency, provide venture shares the current. our our joint this contactors within grow broad switch set configurability. electrification center with family safety are devices buyout year, product the portfolio, remaining multi-pool and protection of China, high-voltage contactor next-generation to of in and the the to our which While higher strategy of technologies are are levels of Earlier critical we our that sensing offerings, share at contactors, are and well electrical gain positioned significant with used augmented of

near me It to is I clear advancements has electrified deeper seat will our given and come. are opportunities growth many we including for for on long-term vectors drive There opportunities will sensor Sensata, that CEO return be my the and several years progress and world as while key key and closely made significant board in the member, continue the to that fronts. a a success for have strategic more appreciation electrification to broader track

and to today electric nature, electric vehicles in plug-in transformations that hybrids. include Market we experiencing battery linear which are in both rarely are define vehicles, and we

consumer earlier of projected XXXX, positioned drop in this react forecasted well this their million preference. S&P level units to Despite report EV X Global production to in production by January. volume, June grow by short-term from shifts is to XX% as XXXX just Sensata dropped to in has in XX% nearly compared EV While to forecast XX.X and months remains

critical importance EVs. of Our outgrow products core between sensing engines market customers, mix changes to suite allowing volume combustion us the and in to our remains despite of vital

our outgrew an second XXX S&P approximately market, XXXX, which automotive Global the business defined by we to quarter the X% contracted market grew of more as by compared For than X%. year-over-year, points basis

know, outgrowth can from market mix of launch second to our the pleased we due and are but we consecutive As vary quarter-to-quarter quarter outgrowth in strong with business. schedules, auto

are adjust an units in and -- prior are powertrain S&P down X.X%. is just inventory the million lower While be Europe, North third now July's changes nearly back We America are impacts report in there taking X% year-over-year, half the and by to expected X% estimate. we In of of automotive production the that a the April XXX,XXX compared to their China against almost from for reductions to units as to a from is as we of necessary hedged that report over reductions production, automotive down we OEMs mix, slowdown drop of X by show weeks not overall production levels. and a in further steps XXXX. X.X may possibility quarter, believe indicated total drop immune prepare

discuss Let nearly revenue. our business rest me to our of moment the of half take a represents portfolio, which

on-road primarily was and offset second by relatively percentage points. was and tire heavy down outgrowth for North the strong by China vehicle business results off-road regulation flat pressure of reported year-over-year of in the quarter weakness America. levels new against Our in market truck drop, This monitoring approximately production continued production a line top result which X Europe,

weak the were in construction and agriculture expectations. quarter, with consistent Both

continued the encouraged segment. exciting construction market, AXL new well we and has we housing business, in received our become with slow and sensor. continued leader been which the industrial quickly the impact and has have to detection This housing our product this to leak destocking significant of exposure appliance, While HVAC growth in markets are through growth

on in continues growth Finally, to pace aerospace as deliver mid-single-digit to results deliver XXXX. solid revenue

our products our improve our mature effectively execution our operating the $XXX business of to annual eliminated in began by of across may margin headwinds low we ability margins work my to is return end year. June by environment, take products of the we half slow and to am be and This majority the to despite underperforming more macro in in ability than and the Performance in as the review margins in improve of to to in have tenure, Actions eliminate the cycle, started million in the encouraged confident that remain with approximately exist. to goal confidence second which component to in tree I remainder date with these my of our families falling these various a begun the half I at more we our segment. products. identify this action and XXXX on Increasing Sensing normalized products, into QX of of category, identified growing the prune growth, low substandard margins. exercise revenue Early

to Finally, are next Sensata. regarding our CEO the leader and Committee our of committed finding search, right I Board Search

and coming source identified with to in to these candidates, who continuing I'm but are differentiated are Sensata for do by our the such We take our we meet date. the qualified time, as progress attracted quarters. new to and Searches I highly have will CEO that encouraged business, expect

me let With Brian. over to turn that, call the

Brian Roberts

afternoon, everyone. Good Martha. you, Thank

provided our quarter second on quarter me across second in revenue reported We with second of would in revenue guidance ahead approximately with million XXXX. the underperforming earlier. $X.XXX quarter midpoint to We our key this $X.XXX compared billion discussed we to start billion delivered metrics. line solid Let the of of line all of results eliminated in eliminated another as revenue Adjusting slightly approximately related We delivered Slide as a Martha X. $X the of expectations in top quarter in for products revenue, have result April.

compared On Adjusted XXXX XX.X% XX.X% and the as margin goal and million year. or basis is operating of operating of quarter represents income increase of XX the constant the $X.XX quarter the of a quarter basis, each this per $X.XX Adjusted currency XX margin quarter points $XXX.X quarter earnings sequentially represents to of XX in compared XXXX first of XX%. quarter XX.X% consistent second an a second with was a of improvement point second XXXX. decrease delivering $X.XX of of in first to a last improvement from adjusted basis the for This from share of our to was year.

X Slide performance. segment to on Turning

reminder, segment a to QX to and managing in operating are recast we better starting the how align As we our business.

We also Insights the our to results that houses related created another business. segment currently

adjusted As we the review, on previously currently Insights comparability. for under of progress the been and coming strategic is in update to periods announced, of purposes also we have you review months. Prior that expect

by approximately in Performance where combustion Sensing off-road HVOR of vehicle Automotive increase by approximately outgrowth approximately quarter internal businesses in was in in heavy was XXX year-over-year quarter outgrowth gain automotive revenue of continue we on points estimated traction. a $XXX was be both down to gains and and Korea share markets. significant vehicles million, to approximately of XXXX part X%. and X% outgrowth compared in the an driven basis This Japan, Europe. with flat to their the amplified outgrowing second engine market was

weakness Performance production noted, $XXX continued Europe, primarily outgrowth America. result of of North million Martha Sensing this in of As and production monitoring approximately tire Sensing XX.X% Performance in on-road new by was revenue. operating was the offset levels income adjusted China strong trucks pressure or regulations

of approximately revenue for destocking year-over-year been or the $XX in have of in decrease revenue. Dynapower of XXXX was slow a and to Solutions approximately onetime the of XXXX revenue, The down XXXX industrial housing a market, Solutions year-over-year. to $XX operating revenue in the decrease adjusted Sensing quarter continued revenue would onetime a approximately of income year. related to Solutions second Adjusting compared business. continuing the was as Sensing million our of million quarter pressure million, due of Dynapower Solutions and XX.X% second quarter prior business significant second result Sensing pass-through Sensing to our was the construction $XXX XX% XX%

new of The in million in were matured year. prudently X.XXX% a the interest October Slide have goal Moving million bonds of bond coupled with offering remain that $XXX in balance of by a We on million the our X. proceeds. focused the of XXXX. in cash proceeds on leverage on leverage retire We end $XXX to reducing rate completed which approximately mature June, of successfully with Xx notes, XXXX under an calendar of earlier at $XXX would month the net this from sheet corporate raising to

we of addition, week share, dividend of improving a on of quarter achieved to second August announced remain adjusted shareholders XX% level payable of XXXX. flow We cash net In focused record the XXXX per free XX. in to income, to of XX% QX we in our $X.XX that last conversion quarterly approximately as

focus spending revenue. and maintaining X% of levels we half inventory reducing expenditure back the of Over capital XXXX, approximately on continue will to at

through you guidance walk shown expectations third X As to of the our let XX, a on significant XXXX. me take quarters ranges These fourth for revenue Slide line. reflect to the minute and adjustments

$XX underperforming First, has are actively of about million as $XXX Martha or exiting products described, quarter revenue per million annually. we totaling

As I QX. in we about noted million earlier, $X of this removed revenue

We expect the to eliminate and QX. most approximately QX remainder million of in $XX in

including from decrease last production within second Sensing reduced quarter. the forecast X lower S&P given Second, Performance the Global, we've auto expectations weeks, by an per approximately our XXX,XXX-unit half over million $XX

adjustments, on consistent third operating of revenue and basis. impact adjusted not of our of with expect billion. operating currency $XXX the to per would share XX points basis expect XX to XX.X%, we We With range, $X do a of of a At these quarter revenue expect third the expectations an midpoint year-over-year quarter million on quarter have adjusted we $X.XX. margins our foreign earnings of to each margin significant leverage

approximately XX fourth by for caused downward to is further quarter range currently offset the would as basis same the by points. in exiting end-of-year Revenue adjusted third anticipated to the operating QX growth. improvement as of in underperforming We expect is incremental products adjustment margin quarter be the seasonal XX

me guidance this year XXXX. for the revenue summarize Let full

of revenue full the flat Before percentage be our of points. the we approximately have million year impact X guidance underperforming that of up decided to in updated revenue for $XX would exit, products to

April. to auto and stated X to by now for Sensata equate end Given be points for down XXXX, expect revisions in year. this XXX HVOR, we by would percentage XXX to what markets points back in to had we basis the This unchanged KGP downward approximately Global X S&P with outgrowth our of

Now the I'd call to like back Martha. turn to

Martha Sullivan

forward leave let second key few XXXX. you, summary, we and with In look messages reflect me Thank remainder as a of on Brian. the you quarter to

markets. We high-value in protection. focused have key and electrical consecutive sensing a of is strong and on HVOR winning winning our This auto strategy demonstrated outgrowth second in quarter strategy

through to performance low-margin of taking are ongoing margins, improving XXXX reduction debt work a advance our done steps solid expanding annual such much exiting review we in strategic we to million long-term is that $XXX to foundation. of as ensure revenue. The While million execution, $XXX overall reducing be with the net leverage and insight enter and active

to thank Sensata for me want I my Finally, at welcoming back. colleagues

driving with We have to delivering purpose, and them is again. committed an is shareholder our a exceptional cohesive value, and customers executing to be working team that it pleasure on for our

I to will Andrew. now turn the back call

Andrew Lynch

Martha. you, Thank

We Q&A. to Instructions] first please will [Operator move Operator, the introduce now question.

Operator

First question comes with Wamsi Mohan of America. Bank from

Joseph Leeman

is on in Japan Leeman the can for on and is, This Joseph My expand question Korea? new wins Wamsi. business you

Martha Sullivan

safety Toyota, now of systems. couple excited really mentioning in particularly worth A things to content and that getting are about show We're our growth, Yes. we're active traction that's up with there. the an who starting

a been area So growth that's for us. nice

Operator

with Daryanani Evercore. from Next Amit question comes

Amit Daryanani

noncore this $XXX extent when beyond delever divest or year, going I just called can out, cost low potentially Martha, of of lot And growth, well set that of help your as or low benefit guess, $XXX you business low-margin that at half sort margin of the what a will to eyes, as portfolio million this of a operating fresh exits this are Brian, that talk look that is just assets you margin your with low-growth, do? broadly, to does you there of that probably exiting entire kind divests the look structure? having in back about talked you about this as other you you then or of quicker, you're to could million are

Martha Sullivan

that. I all the Sensata, catch the really catching like within recent have would product Yes. it to challenges I on way years, up but opportunity that's other hygiene describe on this the a mean is is we normal in up management practice given been

here can no of a for underpinnings products It's Sensata strong improvement to that the So and margin as commitment it's ensure at and described, recognizing of to focus have that or Sensata, margins our the It's and is hallmark at basis back it's looking those low differentiated growth really XX at tools we substandard quarter. at the deliver you've that as operational really on points our business, past. are very And to Sensata. we to XX focused excellence. on seen margins many one we're each in of that demonstrate

Amit Daryanani

could are what auto And any points production clarify XX, if what defended an the you further the cost I are expansion for expecting just talked Got that to it. half beyond from initiatives XX And ask the this back basis you about to this, of in you've ensure embedding year? are zone? basis reduction margins you

Martha Sullivan

Yes.

to comments, the important and in performance. becomes X% are looking looking increase commit similarly Second more And the we our of margin and that to being X%, cost heard we're as that much to continuing auto in year, And doing those X.X%. you HVOR efforts, at half reason, it overall down Brian's to that. for reduction be at accelerating delivering

Operator

Delaney from with comes Goldman Sachs. Mark question Next

Mark Delaney

you Yes. just how XX% maybe product on had Day the need? think there or have the itself a toward a the cost Sensata million margin actions business. you that good on price I bit and more you targeted $XXX may understand that. call other XX% good Martha, again. broader little in to activities last talk And achieving of pricing the certainly step the at getting EBIT restructuring on are exits But trends is articulated to to sees Investor the question a

Brian Roberts

kind being So in for then she's business the Martha specific that back I'll quarter. of the here trends piece, and a the about seeing let to margin talk

right steps noted, are here, that moment I in at XX since sure make that take of at look of Martha started performance is lot these certain to consistently in and we nature. the I direction. really pretty do instilling directional think, I kind the excellence a as making and is we're to back operational we continue said, focus I've targets As What this trying around can and here, sure

cases, we I goals, in We XXs. think the goals path margins every quarter. continuing with achieve of those into and way part to get back to hit is a and for hopefully, setting some of the you absolutely that each all shorter-term by shorter-term back see credibility then

that been we But provide quickly as trend we've guidance there. consistent future hopefully continue think we'll go to about I exactly well. how of what that as and kind on will we is get

Martha Sullivan

X chops the margins deliver we've that I with and and think done a handle, that there's the has consistently the this to no in business past. question potential

saw during business run-up XXXX. challenges we at the hefty did If faced pretty the have past you and look of as years, a the some into over few that XXXX many

done actions now that I attacking And margins ensure taking business. consistently been input our across we've really side the industrial we there's lots maintain are pricing a able business. we our good aggressively opportunity do job think cost of the to the margins of to across We've of And on that. business. more our restore to

Operator

Matt from Next Stifel. with question Sheerin comes

Matthew Sheerin

a just I've clarification couple of questions.

of well? discontinued that Sensing uptick in Regarding auto that about the both and products, HVOR And is segments? the you coming seasonal that a Is the talked the Performing the of both for expected guidance QX, out Performance discontinued Sensing, some your uptick within the of products. solutions offsetting then in business and as is terms

Martha Sullivan

Yes.

business. our where me that end the by truck across in cut or But products Performance markets. cut the we and pruning auto both to the technologies we're do multiple Sensing side speak leverage reason, across Let tend business. to we nature, products how for And discontinued the -- our into of products that products commercial the prudent develop

Performance that, -- in the seasonal what terms the is of the, the business. offset of piece part that of would primarily is fourth we we our call In Sensing quarter expect that piece,

Brian Roberts

Right.

some we'll business QX. in in see in growth uptick think I units both So spent

with a that's little board, we've So historically. kind more bit the across of what typical seen

Operator

from Christopher Next Oppenheimer. question with comes Glynn

Christopher Glynn

into adjusted little go in to sequentially little allocations looks down like a of on the a Performance light, margins Sensing the the some bit little side. of a wanted lean was Just line were It corporate margin. the of

on So about we half and answer going our just margin second backward should sequentially, wondering, however in plug a particular, how Performance that thoughts progression? into with the you what's going little Sensing

Brian Roberts

No. Sure.

little QX. So impacting did this really in was normalize in little bit down in come probably say What a first I yes, a it a the margin would though, Performance of little Sensing quarter. had QX, pricing bit. It they'll benefit mix. bit is

we of kind is as the So with tend pushback mentioned, margins vehicles really Europe towards business. to some said, the combustion moment our lower EV. versus Europe outgrowth be one of leading the auto within still regions That at engine

the So for side the effect however, we parts in on good maybe margins of would as see engines what lower than other that Nevada margins to has world. a EV combustion compared Better us.

so attributed down from came why a And margin to slightly. that -- the why mix the perspective,

before and On see we corporate we've we continuing the uptick. other as the as possibly and can that before to to Solutions so. to add corporate lot continue the forward. by reasons pretty efficient side performance and management being strong hard that just we Sensing manage we the the on margin making that costs about, making we add line, able do good it be SG&A revenue of team And we're sure talked as to see side, going that we're that sure A saw and is the trend hoping to

would call well. kind the that of in I as prudent management So category

Christopher Glynn

of half? Okay, for to clarify, kind you I Brian. track Sensing the guidance the Performance in expect think And second company just the said you margin directionally to

Brian Roberts

Yes, that's correct.

Operator

Luke Baird. from with comes question Next Junk

Luke Junk

you if specific in backdrop into be half. Brian, wondering that's Sensing in looking walk some of the drive to mechanical as the much and sequentially also become choppier if could Maybe just of Continuing the leaning help discuss products thoughts, how just worth kind absorbers, what's the Performance a that could these with will, you'll on shock you square in we obviously Maybe that maybe margin that well? progress of into that back auto China impact

Brian Roberts

make hit question. this part I that assets Martha is idea the So products I Yes, Luke, of yes, think on our different really of our mean where whole mean, this, all dollars started at we're most I to want and we appreciate right? sure figuring looking sure appropriately. the or to investing out of thanks making really we're

out. of They're different growth these or right And say They're us. not so active margins those assets aren't these the more maybe areas that put prune by dollars the have we of finding being growth products and we're thinking, be That's we portions to up trying business some we're to substandard think how really for growing. very expectations. that into to able investment other in freeing

it balancing bottom against so of and ultimately to turning volume the is line. And drop some that the

Some going we of forward. what that is opportunities are investing in think higher

Martha Sullivan

and is an element to of assets highest value and also for we our There's ROIC shareholders. deliver can that both using the our this, just our customers that

pretty it's process. catch-up normal So moment. We're bit playing at of a this

Operator

with Next Research. from Patil comes Wolf question Shreyas

Shreyas Patil

looking you these context wondering the kind first that could some margins to could divest, assets thinking to about? off, just dimension of be that of kind improvement you're on us Just we if give help the just that

seen just XXXX flat talked you've year. megatrend about other increased could example, down be R&D corporate that to XXXX. $XX And For have over $XX to about then secondly, that to possible corporate costs on It improve same has we looks thinking million you're low-hanging that costs period. an And by this from curious increase spending about by in like fruit also million previously of maybe areas how margin? effort theme, the

So those do areas well? in you see opportunities to as rationalize

Martha Sullivan

answer, Short yes. Yes.

that be have and investment, I review but a what's getting mix on So about of to made we I this. granular can R&D the improvement is we've we in through the changes. and particular, deliberately on And expect, that some think we're of you that. way, XX looked very in want in went to strategic clear you a points, really margin basis talked relative to what mentioned XX return the And about all kind

There's involves for much on the electrification. our do. mix that the new regions look of if we're involves It of customization and at the base launches. portfolio on less room customers have tracking across world strategy customer very optimization We and within the you to and degree become reliable willing lots that delivering still are around

ways, opportunity that back a lot getting there's basics improve So of as just the to in many it's margin. Sensata, said, of to and I

Operator

question comes Giordano next from The Joe Cowen. with

Joseph Giordano

Maybe what just customers. I'll the follow-up on, Martha, you with the of optimization mentioned there

So like it, electrification it's has through now? obviously backlog go comfortable when you when wins right you over couple that stress and into changed your with years, last you are U.S. your test have, with and call EVs And of next you how backlogs the changing in that the a X big number. that production Like how months that, mix? tastes

Martha Sullivan

in and But effort engines. to that. that I recovery contracted say getting we're not with out, we've that. us customers to very that there that not comfortable been are there's push to to IC launch is been electrification, on we're talking by do we're that going And out month is a Yes. we against for to launch pivot the going do a if wins There goes on when and that delays recognizing have paid being a what is have and that backlog. we're would uniquely positioned it about able

time, the relevant At comes And it we great so spectrum. credit I give the portfolio. the when product have electrification offering highly same building to a vehicles across for team the

where agile entire make relevant investments we we have slow product have a we're engineering what's there that know production portfolio an that we sure been that we landscape. out pushouts, know pushed what's our it's and and being across making we coming, sure So

Joseph Giordano

to if don't Like like liability you're get should really a think amount significantly. Just pushed of Like is significantly. -- the for going vary think for the sure to I'm on contract a products that clarify to or way out like there to that materialize customers? you these you in coverage from point customer and we the Is that? But scenario specific like way compensation. about how ultimately a have creating new about applications there their

Martha Sullivan

very a market mind, customers. bringing that's we we're question. in we cut the keep across the fair market, develop that to and few Yes, way our to technologies But the go with products exceptions, way

And our how depending volume reuse on so that bring. It's unusual find time. they're to much be we'll able wouldn't be customer capital going for we over to allocating

trying not that people, and to regularly somebody reserve we're sure is to underperforming discussions is their so very been have And that punish work, to if capital those our we we we going be make but volume that's find on to do put commitments.

Operator

next comes Stein [Operator Securities. Truist Instructions] The William with question from

William Stein

I the same to understand I of I'm different trying were I it's just -- to but maybe moving thought part what make X parts, sure thing.

least endeavor that Can that per are quarter, achieve for that for year. is if separate XX I clarify that unclear it's the think last to savings? of through that's you adds at me? about whether the a talked and improvement quarter? requirement op products, to you've exiting Today, of XX announcing to improvement bps margin in order points to a basis the XX me you're to certain that Or maybe XX you

Martha Sullivan

Yes.

again, continue deliver one the It's basis long-term us to points to allow near-term, basis question. that a a to XX of margin. of -- it's one the think levers I regular on of XX the

way, a in X% same we down and in quite my talk pruning portfolio last the second in to our the we the so auto market didn't And under began being talking an position weren't discuss earnings at year, watch, frankly, half about about call. we're it of that now product

again, product overall pruning finding is many that I'll So commitment. on that it are things to only the of environment say that deliver And we regardless the we're of ensure market one ways implying.

William Stein

profitability. said So one of earlier, it low-to-no looks to me, because assuming I you think --

from the think were So about about to half about like way XX% of it right looks I assume the if that this? about profit, pruning. is product Is operating savings coming to

Brian Roberts

still mind, that of flip just Well, I So mean, kind the out $XXX not rationalize you there's expense ultimately revenue, of this the prune incremental happen switch. million expenses, it you happen -- right? have keep still doesn't overnight, in with of as it's So some doesn't to right? through

of help if of little from of will we kind to a targets. -- that markets. us end of in from And make see short so XXXX bit a we sure it's We we little hit a get volume will do as where help our other balance out, coming bit -- from is Martha long off auto that term, term, or deterioration benefit this a combination pointed

But make continue all come pricing a there's up from margin things on for that set it margins XXXX. to happen XXXX. sure foundation northward we also drive in hopefully increase statutory in to us that pressures that cost other starts When and to different able and to we're know

of lot doesn't happen next how continue the beyond the this for quarters that. performance a it not just our for come foundation but overnight, but quarters, for operational So improve to X to we sets

Operator

with comes Joe question UBS. from Next Spak

Joseph Spak

in Martha, more EV. to the side about positioned back you maybe well on contract? you the go programs, a new are comment to over being have is sort midterm targets an a expected and programs off the actually to that just and that headwind by now, contract your expected being extended? that seeing of I are of new ICE do And just roll event And slower hence latter in now to wanted were it's of of go that be your this back to and awards, to or reprice I'm curious, be opportunity some if was case

Martha Sullivan

And intentionality. It's question yes, is, are a -- new it winning doing lot first to we're the we awards. with your of answer

making nothing interest closely be seeing ICE and hybrids this long that more there that situation the early the segmented to going with hybrid an the side think be on engine in and also around time. the customers on, well or very is plug-in more a recognize I that there were who a we've And on we and positioned for really wasn't it would to market so looked recognized, move We're efficient. plug-in all

answer yes. the is So

We are winning new business.

The your And answer is, we yes, yes, that contracts to there those. rolled question second are are repricing off.

instincts. good So

what's at You have good insight as Sensata. to happening

Operator

we unable difficulty from Samik, are having hear Samik JPMorgan. Samik, Next appears your Chatterjee line question is Samik's to comes line. we live. with are with you. It

Brian Roberts

Any other the operator? questions problem. No queue, in

Operator

like you end Would it? sir. to No, me

Brian Roberts

Yes.

Thank I all think we're set. you.

Operator

This our will questions... conclude

Brian Roberts

Go ahead, please.

Operator

over back to session. to question-and-answer for Brian Roberts like This turn I remarks. conference would any will conclude closing the our

Brian Roberts

expecting of Conference in later seeing opportunity you may IT presentation. Networking the Thank investor September you. with we everybody call. of months. chat Take and various And Appreciate Technology a the on speaking We Semiconductor Francisco look and you in joining with care. course you today the the August for have Communacopia you. in I'll following: few the today's this again to forward and Evercore in on weeks. Thank XXth, you Operator, over quarter. is many Chicago to the ISI Goldman participate taking events forward XXth. end the San coming now Sachs Sure, Conference at to Hardware Sensata to look time

Operator

The conference you for attending Thank presentation. concluded. today's has now

You disconnect. may now

Sensata Technologies Holding (ST) 29 Jul 242024 Q2 Earnings call transcript