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Jun 30, 2022
Gentherm Q2 2022 Earnings Report
Gentherm's Q2 2022 financial performance was impacted by a challenging operating environment, but the company secured new business and made strategic acquisitions.
Key Takeaways
Gentherm's Q2 2022 product revenues decreased by 2.0% year-over-year to $260.7 million. Despite the challenging environment, the company secured $600 million in new automotive business and acquired Jiangmen Dacheng Medical Equipment Co. Ltd. The company updates its full-year 2022 guidance to include the completed acquisitions.
Product revenues decreased by 2.0% year-over-year to $260.7 million.
GAAP diluted earnings per share was $0.21, compared to $0.74 for the prior-year period.
Adjusted diluted earnings per share was $0.25, compared to $0.85 in the prior-year period.
Secured new automotive business awards totaling $600 million in the quarter.
Forward Guidance
The company updates its full-year 2022 guidance that was initially provided on its year-end 2021 earnings release on February 17, 2022, based on year-to-date performance and to include the completed acquisition of Alfmeier as of August 1, 2022 and the completed acquisition of Dacheng Medical as of July 13, 2022
Positive Outlook
- Product revenues between $1.15 billion and $1.25 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 10% and 12% of product revenues
- Assumes approximately $100 million of product revenues and high single-digit EBITDA margin rate from the acquisitions
- Full-year effective tax rate between 29% and 31%
- Capital expenditures between $50 million and $60 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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