Gentherm (NASDAQ: THRM) reported Q2 EPS of ($0.30), $0.18 better than the analyst estimate of ($0.48). Revenue for the quarter came in at $136.1 million versus the consensus estimate of $118.61 million.

Second Quarter Highlights

• Product revenues of $136.1 million decreased 44.1% from $243.3 million in the 2019 second quarter
• Excluding the impact of foreign currency translation and divested assets, product revenues decreased 42.3% year over year
• GAAP diluted loss per share was $0.32 compared to diluted earnings per share of $0.08 for the prior-year period
• Adjusted loss per share (see table herein) was $0.30. Adjusted earnings per share in the prior-year period was $0.47
• Secured automotive new business awards totaling $300 million

Phil Eyler, Gentherm's President and CEO, said “I am proud of the team for their strong execution in the second quarter despite the unprecedented uncertainties created by the worldwide COVID-19 pandemic. While the Company’s revenue performance reflects the challenges in the underlying markets, our ongoing disciplined approach to managing expenses allowed us to reduce operating expense by 30% from a year ago. In Medical, we delivered double-digit revenue growth both year over year and sequentially. Importantly, we generated a 24% increase in cash flow from operations in the first half of 2020 versus the prior-year period.

“While the COVID-19 pandemic will continue to create challenges and uncertainties in the near term, the momentum we are seeing in new awards, winning the coveted General Motors Supplier of the Year award, coupled with aggressive cost management and our strong balance sheet position us well to continue to deliver over the long term,” continued Eyler.

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