UPDATE: Gentherm (THRM) Tops Q4 EPS by 45c, Revenues Beat; Offers FY21 Revenues Guidance Above Consensus

(Updated - March 1, 2021 6:11 AM EST)

Gentherm (NASDAQ: THRM) reported Q4 EPS of $1.16, $0.45 better than the analyst estimate of $0.71. Revenue for the quarter came in at $288.88 million versus the consensus estimate of $257.29 million.

Fourth Quarter Highlights

• Product revenues of $288.9 million increased 25.4% from $230.4 million in the 2019 fourth quarter. Excluding the impact of foreign currency translation, product revenues increased 21.6% year over year
• Automotive revenues, excluding the impact of foreign currency translation, increased 23.1% year over year
• GAAP diluted earnings per share was $1.02 as compared with earnings per share of $0.66 for the prior-year period
• Adjusted diluted earnings per share (see table herein) was $1.16. Adjusted diluted earnings per share in the prior-year period was $0.99
• Secured new automotive business awards totaling approximately $440 million

“I am extremely proud of the global Gentherm team for consistently outperforming light vehicle production and delivering record results despite the pandemic. We finished 2020 with a record breaking fourth quarter and generated the highest quarterly revenue and profitability in the 30-year history of the company,” said Phil Eyler, Gentherm’s President and Chief Executive Officer.

“While we expect continued market uncertainties in 2021, the momentum on the topline, expanding demand for our new technologies, especially in the EV market, coupled with our strong win rate of new awards position us well to continue to deliver significant shareholder value over the long term.”

GUIDANCE:

Gentherm sees FY2021 revenue of $1.05-1.113 billion, versus the consensus of $1.02 billion.

The Company is providing the following guidance for full-year 2021:

• Product revenues between $1.05 billion and $1.13 billion, assuming current foreign exchange rates and light vehicle production in the Company’s key markets growing at a low-teens rate in 2021 versus 2020
• Adjusted EBITDA between 17% and 19% of product revenues
• Full-year effective tax rate between 22% and 24%
• Capital expenditures between $50 million and $60 million

For earnings history and earnings-related data on Gentherm (THRM) click here.

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