(Reuters) - Netherlands-based Sensata Technologies Holding NV cut its fourth-quarter outlook hurt by weakness at its sensors business.
Sensata’s sensors business suffered as some customers were hurt by the Thailand floods, equipment makers cut production amid economic uncertainty in Europe, and auto parts suppliers reduced inventories.
The company expects current quarter adjusted profit to be hurt by 3-5 cents a share, compared with the mid-point of its prior forecast of 48 cents a share.
Sensata, which supplies sensing, electrical protection, control and power management products, also expects net revenue to be hurt by about $20-$25 million, versus the mid-point of its prior outlook of $470 million.
Analysts were expecting adjusted profit of 48 cents a share on sales of $470.7 million in the current quarter, according to Thomson Reuters I/B/E/S.
Sensata also expects to take a restructuring charge of $10-$15 million, compared with its earlier forecast of $3-$5 million, due to workforce reduction-related payouts.
Shares of the company, which closed at $30.24 on the New York Stock Exchange, were down 2 percent in extended trade.
Reporting by Soham Chatterjee in Bangalore; Editing by Viraj Nair