Sensata Technologies Holding Plc's stock (ST, -0.61%) fell by 1.6% early Tuesday following the company's announcement of lowering its full-year guidance. As a leading manufacturer of sensors and sensor-based technology for the automotive and aerospace industries, Sensata Technologies Holding Plc stated that this adjustment is in response to the impact of the UAW strike.

For the third quarter, the company reported a net income of $62.8 million, or 41 cents a share, representing a decline from $140.3 million, or 91 cents a share, in the same period last year. Adjusted per-share earnings came in at 91 cents, slightly surpassing the FactSet consensus estimate of 90 cents. The revenue also experienced a decline, reaching $1.001 billion compared to $1.018 billion in the previous year. The FactSet consensus for revenue was $1.004 billion.

Jeff Cote, CEO of Sensata Technologies Holding Plc, confidently stated, "Sensata remains on track to achieve its long-term growth goals, including scaling its Electrification business to $2 billion in revenue by 2026." Cote further mentioned that the third quarter figures were consistent with the company's own guidance. However, due to the UAW strike, the fourth-quarter guidance was adjusted to accommodate updated third-party estimates for automotive production during the quarter.

While the impact of the strike is anticipated to be temporary, Cote acknowledged that it may still deviate from current expectations. As a result, the company now expects a revenue range of $950 million to $1.000 billion, reflecting a decline of 6% to 1% from the previous year. Adjusted earnings per share are projected to be within the range of 79 cents to 89 cents, down 18% to 8% from the prior year. According to FactSet, analysts' consensus estimates stand at 94 cents per share in earnings and $1.008 billion in revenue.

Year to date, Sensata Technologies Holding Plc's stock has declined by 15.6%, while the S&P 500 (SPX, +1.20%) has gained 8.5%.

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