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Mar 31, 2022
Gentherm Q1 2022 Earnings Report
Gentherm's financial performance declined in Q1 2022 due to supply chain disruptions and semiconductor shortages, while maintaining full-year 2022 guidance.
Key Takeaways
Gentherm reported a decrease in product revenues by 7.2% to $267.7 million, impacted by supply chain headwinds and lower light vehicle production. GAAP diluted EPS decreased to $0.35, and adjusted diluted EPS was $0.41. The company secured new automotive business awards totaling $170 million and maintains its full-year 2022 guidance.
Product revenues decreased by 7.2% year-over-year to $267.7 million, or 4.9% excluding foreign currency impact.
GAAP diluted earnings per share decreased to $0.35 from $0.99 in the prior-year period.
Adjusted diluted earnings per share was $0.41, compared to $1.04 in the prior-year period.
Secured $170 million in new automotive business awards during the quarter.
Revenue by Segment
Forward Guidance
The Company maintains its full-year 2022 guidance that was initially provided on its year-end 2021 earnings release on February 17, 2022, excluding any impact from the announced acquisition of Alfmeier. While the Company is maintaining its 2022 guidance, the current forecast is at the lower end of the revenue and Adjusted EBITDA guidance range.
Positive Outlook
- Product revenues between $1.12 billion and $1.22 billion, based on the current forecast of customer orders, supply chain constraints, estimated recovery of industry-wide semiconductor supply, light vehicle production in the Company’s key markets growing at a low single-digit rate in 2022 versus 2021 and current foreign exchange rates
- Adjusted EBITDA between 14% and 16% of product revenues
- Full-year effective tax rate between 26% and 28%
- Capital expenditures between $50 million and $60 million
- Semiconductor supply chain pressures start to ease in the second half and that it recovers a portion of the additional costs related to semiconductor shortages and inflation from customers.
Challenges Ahead
- Impact from the announced acquisition of Alfmeier is excluded.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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