Sensata rises on cost reduction plans

Sensata Technologies Holding

27/09/2023 16:28

** Shares of industrial technology provider Sensata
Technologies Holdings PLC  ST.N  up 3% at $37.26
    ** Co announces implementation of cost reduction plan,
expected to incur about $16 mln-$20 mln in charges in Q3
    ** Says reductions in force are expected to impact about 460
positions
    ** Announces new share repurchase program of $500 mln
    ** Sees Q4 adjusted earnings between $0.89 and $0.99 per
share, on revenue between $980 mln to $1.02 bln, in line with
estimates of $0.95 per share on revenue of $1.02 bln
    ** Including session gains, ST shares down 9.09% YTD 

 (Reporting by Unnamalai L in Bengaluru)
 ((Unnamalai.L@thomsonreuters.com))