UPDATE: Thermon Group Holdings (THR) Misses by 4c (Correct)

November 2, 2016 8:04 AM EDT
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(Updated - November 2, 2016 8:05 AM EDT)

(EPS correction)

Thermon Group Holdings (NYSE: THR) reported Q2 EPS of $0.10, 4 cents worse estimate of $0.14. Revenue for the quarter came in at $68.8 million versus the consensus estimate of $68.07 million.

"We are encouraged that our revenue levels this quarter remained comparable to last year in view of the current economic environment. Our gross margin performance for the second quarter was an improvement over Q1 2017; however, it remained below our historical average due to unfavorable product mix and pricing pressures. We anticipate gross margins to modestly improve in Q3 as we enter the heating season, but may fall short of our historical 45% due to a warm start to the winter and weaker capital and maintenance spending," said Bruce Thames, President and Chief Executive Officer.

The Company is updating its revenue guidance to reflect a mid single-digit percentage decline for fiscal 2017 as compared to fiscal 2016. While backlog remains strong, the Company is encountering project execution delays by our customers as well as the continued deferral of capital and maintenance spending.

For earnings history and earnings-related data on Thermon Group Holdings (THR) click here.

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