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Sep 30, 2024
Gentherm Q3 2024 Earnings Report
Gentherm's financial performance for Q3 2024 reflected continued strategic momentum and innovation, with revenue growth and significant new business awards.
Key Takeaways
Gentherm reported a 1.5% increase in product revenues to $371.5 million, with automotive revenues growing by 1.1%. GAAP diluted earnings per share was $0.51, and adjusted diluted earnings per share was $0.75. The company secured a record $600 million in automotive new business awards for the quarter.
Product revenues increased by 1.5% to $371.5 million compared to the prior-year period.
Automotive revenues grew by 1.1% year over year.
GAAP diluted earnings per share was $0.51, up from $0.48 in the prior-year period.
Secured automotive new business awards totaling $600 million, a record for the third quarter.
Revenue by Segment
Forward Guidance
Gentherm updated its full-year 2024 guidance, projecting product revenues between $1.45 billion and $1.47 billion and an Adjusted EBITDA margin rate near the midpoint of 12.5% – 13.5%.
Positive Outlook
- Product Revenues: $1.45B - $1.47B
- Adjusted EBITDA Margin Rate: Near mid-point of 12.5% – 13.5%
- Full-year Adjusted Effective Tax Rate: 26% – 29%
- Based on current forecast of customer orders
- Capital Expenditures: $65M – $75M
Challenges Ahead
- Light vehicle production in relevant markets decreasing at low to mid-single digit rate for full year 2024 versus 2023
- EUR to USD exchange rate of $1.08/Euro.
- Based on expectations of near-term conditions
- Variability and low visibility with respect to taxes
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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