Gentherm THRM stock confirmed a wedgeThe wedge chart pattern is a technical analysis tool used by traders to identify potential buying or selling opportunities. It consists of three converging trend lines, which meet ... breakout chart pattern after the company reported earnings and revenueThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... beats for Q2.
Gentherm Reports 2023 Second Quarter Results
On August 1, 2023, Gentherm announced its financial results for the second quarter ending June 30, 2023. Gentherm reported Q2 adjusted EPS of 58c versus the consensus estimate of 52c. The company reported Q2 revenue of $372.3M versus the consensus estimate of $368.63M.
Product revenues of $372.3 million increased 42.8% from $260.7 million in the second quarter of 2022. Excluding the impact of foreign currency translation, product revenues increased 43.4% year over year. Automotive revenues increased 45.1% year over year; excluding the impact of foreign currency translation and contributions from the Alfmeier acquisition, automotive revenues increased 19.6% year over year.
Phil Eyler, the Company’s President and CEO, said “I am proud of the global Gentherm team for continued strong momentum in winning awards, delivering record revenue and expanding profitability. In the second quarter we secured a record $670 million dollars in new automotive business awards, bringing us to nearly $1.2 billion in the first half. Leveraging Alfmeier’s industry leading technologies and Gentherm’s strong customer relationships, we have also won six conquest pneumatic lumbar and massage awards since the close of the acquisition, including a breakthrough award from Stellantis in July.
Eyler continued, “In addition, we are investing in two new manufacturing plants and implementing our Fit for Growth 2.0 initiatives to deliver high teens Adjusted EBITDA Margin by 2026 as part of our previously announced profitability improvement roadmap. The momentum on revenue and awards combined with the steps we are taking to optimize our footprint and cost structure, will drive Gentherm’s flywheel of profitable growth.”
Gentherm Incorporated is a global technology company that specializes in developing and manufacturing innovative thermal management technologies. The company’s main focus is on providing thermal comfort solutions for the automotive industry, including heated and cooled seat systems, heated steering wheels, and other thermal management products for various vehicle applications. Gentherm also offers thermal management solutions for the medical, industrial, and consumer markets.
Gentherm Manifesto
