Sensata affiliates to sell Insights Business, sees Q4 revenue $920M-$950M

Consensus $991M. In a regulatory filing, the company states: “In August 2024, affiliates of Sensata Technologies entered into a purchase agreement to sell its Insights Business to an affiliate of Balmoral Funds, a private equity firm in Los Angeles, California, in exchange for total cash consideration of approximately $165 million, subject to working capital and other customary adjustments. The Company expects to close the sale of Insights in 2024, subject to regulatory and other closing conditions. In connection with entering into the Purchase Agreement, the Company expects to record a non-cash pre-tax charge of approximately $95 million in the third quarter of 2024. The Company does not anticipate that this charge will result in future cash expenditures. As described above, the Company expects its third quarter 2024 net income to be impacted by the expected non-cash, pre-tax charge of approximately $95 million, relating to the sale of Insights. Notwithstanding this charge, the Company reaffirms its third quarter 2024 financial guidance relating to Revenue, Adjusted Operating Income, Adjusted Net Income and Adjusted EPS, as discussed in its press release dated July 29, 2024. To reflect the sale of Insights, revenue for the fourth quarter is expected to be in the range of $920 million to $950 million.”