From GlobeNewswire: 2024-04-30 06:00:00

Gentherm achieved a remarkable 86% year over year growth in net income and secured $530M of automotive new business awards, reaffirming its 2024 guidance. Despite a 2.1% decrease in product revenues, automotive revenues decreased by 2.3% year over year, with a notable win from General Motors for their next generation truck platform.

The Company’s first quarter financial review revealed a 2.1% decrease in product revenues, with automotive revenues decreasing by 2.3% year over year. However, Automotive Climate and Comfort Solutions saw a 2.2% increase in revenues, outperforming light vehicle production by 300 basis points in key markets. Gross margin rate also increased to 24.9% driven by various initiatives.

Net research and development expenses decreased by 9.5% in the 2024 first quarter, while selling, general and administrative expenses increased by 9.9%. Restructuring expenses also increased by $6.0 million. The Company’s adjusted EBITDA increased by 4.9%, reaching $43.5 million. GAAP diluted earnings per share for the first quarter was $0.47.

Looking ahead, Gentherm reaffirms its full-year 2024 guidance, expecting product revenues between $1.5 billion and $1.6 billion. The Company also anticipates adjusted EBITDA between 12.5% and 13.5% of product revenues, with a full year effective tax rate between 26% and 29%. Capital expenditures are projected to fall between $65 million and $75 million.

Gentherm will be conducting a conference call to review the results today at 8:00 am Eastern Time. Investors can access the webcast and archived replay on the Events page of the Investor section of Gentherm’s website. A telephonic replay will also be available for those who are unable to join the live call. Investors and media contacts are available for further information.



Read more at GlobeNewswire:: Gentherm Reports 2024 First Quarter Results