Loading...
•
Sep 30, 2023
Gentherm Q3 2023 Earnings Report
Gentherm reported strong Q3 2023 results, achieving record quarterly Climate Control Seat and Steering Wheel Heaters revenues and the highest quarterly Adjusted EBITDA in ten quarters.
Key Takeaways
Gentherm reported a 10.0% increase in product revenues to $366.2 million compared to the third quarter of 2022. GAAP diluted earnings per share was $0.48, while adjusted diluted earnings per share was $0.64. The company secured $520 million in new automotive business awards.
Product revenues increased by 10.0% year-over-year to $366.2 million.
Automotive revenues increased by 10.0% year-over-year.
GAAP diluted earnings per share was $0.48, compared to $0.29 in the prior year period.
Secured new automotive business awards totaling $520 million in the quarter.
Revenue by Segment
Forward Guidance
The Company updates its full year 2023 guidance that was initially provided in its year-end 2022 earnings release on February 22, 2023:
Positive Outlook
- Product revenues (1)(2) $1.45B - $1.47B
- Adjusted EBITDA Margin Rate (3) 11.5% - 12.5%
- Full-year Adjusted Effective Tax Rate (4) 28% - 32%
- Capital Expenditures $40M - $50M
- Based on the current forecast of customer orders, inflation and pricing recovery, and a EUR to USD exchange rate of $1.05/Euro
Challenges Ahead
- Assumes OEM plants impacted by the UAW strike as of October 25th will remain idled through the end of November
- Starting with 2023 reporting, the Company excludes the impact of non-cash stock-based compensation from the Adjusted EBITDA results
- Excluding the impact of non-cash goodwill impairment on earnings before income tax of $19.5 million reported in the second quarter of 2023, which includes the associated deferred tax effect, and income tax benefit of $2.4 million.
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
Loading earnings performance data...
Loading earnings reaction data...