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Mar 31, 2024
Gentherm Q1 2024 Earnings Report
Gentherm's Q1 2024 earnings were reported, featuring an 86% year-over-year increase in net income and the securing of $530M in automotive new business awards.
Key Takeaways
Gentherm reported a decrease in product revenues by 2.1% compared to the prior year, but saw an increase in GAAP diluted earnings per share from $0.24 to $0.47. The company secured $530 million in automotive new business awards and experienced improvements in gross margin rate due to Fit-for-Growth 2.0 initiatives.
Product revenues decreased by 2.1% year over year.
GAAP diluted earnings per share increased to $0.47, compared to $0.24 in the prior-year period.
Adjusted diluted earnings per share was $0.62, compared to $0.49 in the prior-year period.
Secured automotive new business awards totaling $530 million in the quarter.
Revenue by Segment
Forward Guidance
The Company reaffirms its full-year 2024 guidance that was initially provided in its year-end 2023 earnings release on February 21, 2024
Positive Outlook
- Product revenues between $1.5 billion and $1.6 billion, based on the current forecast of customer orders
- Light vehicle production in the Company’s key markets declining at a low single digit rate
- EUR to USD exchange rate of $1.10/Euro
- Adjusted EBITDA between 12.5% and 13.5% of product revenues
- Full year effective tax rate between 26% and 29%
Challenges Ahead
- Not Reported
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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