More Cuts to Automaker Production Forecasts Are Coming, Sensata Says -- Market Talk

Dow Jones11-06

1340 ET - Sensata Technologies is bracing for impact from further cuts to auto production in the coming months. The company's 4Q guidance disappoints investors, with an expected drop in revenue partially due to reduced production expectations in automotive and heavy vehicle industries. Interim CEO Martha Sullivan says on a call with analysts that, based on customer conversations and current inventory levels, it is "highly likely" that third-party forecasters will reduce their production forecasts again in 4Q, following cuts earlier this year. Automotive markets were down about 5% year-on-year in 3Q, Sensata says. Sensata skids 6% in afternoon trading. (ben.glickman@wsj.com; @benglickman)

(END) Dow Jones Newswires

November 05, 2024 13:40 ET (18:40 GMT)

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Interim CEO Martha Sullivan says on a call with analysts that, based on customer conversations and current inventory levels, it is \"highly likely\" that third-party forecasters will reduce their production forecasts again in 4Q, following cuts earlier this year. Automotive markets were down about 5% year-on-year in 3Q, Sensata says. Sensata skids 6% in afternoon trading. 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