Gentherm (THRM) Misses Q1 EPS by 11c, Miss on Revenues; 'Full Year Guidance Reaffirmed'

April 26, 2018 6:10 AM EDT
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Price: $67.97 -1.44%

Revenue Growth %: +26.2%

Financial Fact:
Net loss: 644K

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Gentherm (NASDAQ: THRM) reported Q1 EPS of $0.50, $0.11 worse than the analyst estimate of $0.61. Revenue for the quarter came in at $261.9 million versus the consensus estimate of $267.5 million.

First Quarter Key Takeaways

  • Product revenues of $261.9 million increased 5.1% from $249.3 million in the first quarter of 2017
  • Added $15.2 million in revenue associated with acquisition of Etratech; on a pro-forma basis, Etratech grew 20% from the comparable prior-year period
  • Earnings per share was $0.35 as compared to $0.69 for the prior period
  • Adjusted earnings per share, excluding unrealized currency losses, expenses and other impacts related to acquisitions (see table herein), was $0.50. Adjusted earnings per share in the prior-year period was $0.77
  • Secured record automotive new business awards totaling $375 million in the quarter, of which 50% represents CCS™
  • Market introduction of the industry’s first thermoelectric-based battery thermal management solution on 48-volt Mercedes S-500 EQ-Boost
  • Full-year financial guidance reaffirmed

Guidance

The Company reaffirms the guidance initially provided on its year-end 2017 earnings call on February 20, 2018:

  • Product revenues is expected to grow between 8% and 10% to a range of $1.06 billion to $1.08 billion, reflecting 3% to 5% organic growth and the full-year contribution from Etratech, which was acquired in November 2017
  • Gross margin rate is expected to be between 30% and 32%
  • Adjusted EBITDA is expected to be approximately 15% of product revenues
  • Capital expenditures are expected to be approximately $50 million

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



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