Gentherm (THRM) Tops Q1 EPS by 41c, Revenues Beat; Offers FY21 Revenues Outlook

Gentherm (NASDAQ: THRM) reported Q1 EPS of $1.04, $0.41 better than the analyst estimate of $0.63. Revenue for the quarter came in at $288.54 million versus the consensus estimate of $251 million.

• Product revenues of $288.5 million increased 26.2% from $228.6 million in the 2020 first quarter.
  • Excluding the impact of foreign currency translation, product revenues increased 21.5% year over year
• GAAP diluted earnings per share was $0.99 as compared with $0.36 for the prior-year period
• Adjusted diluted earnings per share (see table herein) was $1.04. Adjusted diluted earnings per share in the prior-year period was $0.51
• Secured automotive new business awards totaling $400 million in the quarter

Phil Eyler, the Company's President and CEO, said “I am pleased with the strong execution by the Gentherm team, especially in light of the headwinds in the global supply chain, allowing us to continue to outperform in Automotive versus the key markets we serve. In addition, we secured $400 million of new awards from auto makers around the world and continued to make progress on ClimateSenseTM development. While there is still uncertainty in the supply chain, I am proud of our global team for maintaining the momentum on the topline and delivering strong operating performance, while continuing to expand technology leadership.”

GUIDANCE:

Gentherm sees FY2021 revenue of $1.05-1.13 billion, versus the consensus of $1.09 billion.

The Company maintains its full-year 2021 guidance that was initially provided on its year-end 2020 earnings release on March 1, 2020:

• 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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