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New words:
accelerated, accrual, adverse, adversely, affirmative, air, arise, assure, attention, attract, audit, auto, beginning, beneficial, breach, bridge, carbon, chemical, chose, civil, claim, cleanup, climate, complex, comply, contaminated, contractual, criminal, damage, David, defense, delivery, deployed, discover, disposal, divert, earlier, enforce, enhanced, exercise, exercised, Expiration, expire, expired, explanation, feasible, filer, governing, Heinzmann, immaterial, imposed, incorporated, initial, initially, injury, insurance, investigate, involved, involving, judgment, judicial, jurisdiction, lapse, matter, notified, order, ordinary, outcome, pending, personnel, predict, pretax, properly, public, recall, refined, registrant, registration, removing, repair, reputation, review, settlement, slower, statute, stay, successful, threatened, transition, transparency, true, ultimate, unable, unhedged, unrecognized, usage, vested, warranty, water, weather
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Carling, chain, challenging, combination, datacom, declined, deduction, dissolution, Embed, embedded, eMobility, finalized, financed, firmware, leading, macro, mentioned, modest, noted, operate, preliminary, presence, proven, regional, resulted, Russia, software, strong, telecom, Ukraine, varying, war
Financial report summary
?Competition
CTS • Eaton • Semtech • Vishay Intertechnology • Bel Fuse Inc. - Ordinary Shares • Amphenol Corp. - Ordinary Shares • Kemet • ST Microelectronics - New York Shares • ON Semiconductor • TE Connectivity Ltd - Registered SharesRisks
- The Company engages in strategic acquisitions and may not realize the anticipated benefits of the acquisitions and / or may encounter difficulties in integrating these businesses.
- Climate change, and the regulatory and legislative developments related to climate change, may have a material adverse impact on our business and results of operations.
- Reorganization activities may lead to additional costs and material adverse effects.
- A decline in expected profitability of the Company or individual reporting units of the Company could result in the impairment of assets, including goodwill and other long-lived assets.
- Fixed costs may reduce operating results if sales fall below expectations.
Management Discussion
- The first quarter of 2023 includes $3.3 million of legal and professional fees and other integration expenses related to completed acquisitions, and $1.9 million of restructuring, impairment, and other charges, primarily related to employee termination costs. See Note 7, Restructuring, Impairment, and Other Charges, for further discussion.
- Net sales decreased $74.4 million, or 12.2%, for the first quarter of 2024 compared to the first quarter of 2023 including $1.8 million or 0.3% of unfavorable changes in foreign exchange rates. The decrease in net sales was due to lower volume of $67.5 million and $10.6 million in the Electronics and Industrial segments, respectively, that more than offset higher volume in the passenger car products business within the Transportation segment.
- Cost of sales was $347.6 million, or 64.9% of net sales, in the first quarter of 2024, compared to $364.8 million, or 59.8% of net sales, in the first quarter of 2023. As a percent of net sales, cost of sales increased 5.1% driven by lower volume in the Electronics and Industrial segments, partially offset by improved margin from the commercial vehicle and auto sensor businesses within the Transportation segment driven by favorable price, product mix and cost reduction initiatives.