Gentherm (THRM) Tops Q2 EPS by 6c, Miss on Revenues
Gentherm (NASDAQ: THRM) reported Q2 EPS of $0.58, $0.06 better than the analyst estimate of $0.52. Revenue for the quarter came in at $263.8 million versus the consensus estimate of $266.25 million.
Second Quarter Highlights
- Product revenues of $263.8 million increased 8.4 percent from $243.4 million in the second quarter of 2017
- Earnings per share was $0.45 as compared to $0.23 for the prior-year period
- Adjusted earnings per share, excluding restructuring charges, unrealized currency gain, expenses and other impacts related to acquisitions (see table herein), was $0.58. Adjusted earnings per share in the prior-year period was $0.53
- Secured record automotive new business awards totaling over $440 million in the quarter, of which approximately 45 percent represents Climate Controlled Seat (CCSTM)
Phil Eyler, the company's President and CEO, said “The results of the second quarter are indicative of the solid initial progress that we are making on our key strategic initiatives to focus growth, extend technology leadership, expand margins and ROIC and to optimize our capital allocation. We achieved organic revenue growth in automotive, despite the headwind in automotive production in North America. In addition, we made significant progress in our Fit-for-Growth programs which resulted in lower operating expenses. As a result, we remain on pace to achieve our 2018 full-year financial objectives.
Continued Eyler, "With our focused growth strategy, we secured approximately $800 million of new awards from top auto makers around the world year to date. I am pleased with our momentum on market launches during the quarter, including multiple CCSTM systems with General Motors, Hyundai, Jaguar, Lexus and several other OEMs, contributing to sequential CCSTM revenue growth. In addition, we launched a 48-volt lithium-ion thermoelectric battery thermal management system on the hybrid version of the iconic Jeep Wrangler, coupled with FCA’s new eTorque technology.”
For earnings history and earnings-related data on Gentherm (THRM) click here.