Gentherm (NASDAQ: THRM) reported Q1 EPS of $0.51, $0.05 better than the analyst estimate of $0.46. Revenue for the quarter came in at $228.61 million versus the consensus estimate of $240.15 million.

First Quarter Highlights

• Product revenues of $228.6 million decreased 11.4% from $257.9 million in the 2019 first quarter.• Excluding the impact of foreign currency translation, product revenues decreased 10.1% year over year; excluding the impact of foreign currency translation and divested assets, product revenues decreased 7.5% year over year
• GAAP diluted earnings per share was $0.36 as compared with $0.25 for the prior-year period
• Adjusted diluted earnings per share (see table herein) was $0.51. Adjusted diluted earnings per share in the prior-year period was $0.55
• Net cash provided by operating activities was $29.4 million as compared with $6.9 million in the prior-year period
• Secured automotive new business awards totaling $120 million in the quarter
• Achieved record quarterly revenue of $12.1 million in Gentherm Medical; increased 48.3% year over year

Phil Eyler, the Company's President and CEO, said “Despite the unprecedented challenges in our markets presented by the worldwide pandemic, we delivered solid financial results in the first quarter. We continued to outperform in Automotive versus the key markets we serve and achieved record quarterly revenue in our Medical business. In addition, we generated a significant increase in cash flow versus the prior-year period.

“I am proud that our Blanketrol® solutions are supporting temperature management of COVID-19 patients, improving outcomes. In addition, we are partnering with Ford to design and manufacture components for powered air-purifying respirators (PAPRs) as part of the response to the pandemic.”

He continued, “While the COVID-19 pandemic has created significant challenges and uncertainties in the near term, the actions we have taken since launching our Focused Growth strategy, including our ongoing disciplined approach to managing expenses and the divestiture of non-core assets, has strengthened our balance sheet and positions us well to overcome the current challenges and to deliver over the long term.”

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