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Mar 31, 2023
Gentherm Q1 2023 Earnings Report
Gentherm achieved record quarterly revenue and significantly outperformed light vehicle production.
Key Takeaways
Gentherm reported record product revenues of $363.6 million, a 35.9% increase compared to the first quarter of 2022. The company secured $480 million in new automotive business awards and reaffirms its 2023 guidance.
Product revenues increased by 35.9% to $363.6 million compared to Q1 2022.
Automotive revenues increased by 36.8% year over year.
GAAP diluted earnings per share was $0.24, while adjusted diluted earnings per share was $0.49.
Secured $480 million in new automotive business awards.
Revenue by Segment
Forward Guidance
The Company reaffirms its full-year 2023 guidance that was initially provided in its year-end 2022 earnings release on February 22, 2023.
Positive Outlook
- Product revenues between $1.45 billion and $1.55 billion, based on the current forecast of customer orders, inflation and pricing recovery.
- Light vehicle production in the Company’s key markets growing at a low single-digit rate in 2023 versus 2022.
- EUR to USD exchange rate of $1.05/Euro.
- Adjusted EBITDA between 11.5% and 13.5% of product revenues
- Full-year effective tax rate between 28% and 32%
Challenges Ahead
- macroeconomic, geopolitical and similar global factors on the cyclical Automotive industry
- the production levels of our major customers and OEMs in our key markets and sudden fluctuations in such production levels, in particular with respect to models for which we supply significant amounts of product
- our ability to integrate our recent acquisitions and realize synergies, as well as to consummate additional strategic acquisitions and investments
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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