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Dec 31, 2023
Gentherm Q4 2023 Earnings Report
Gentherm's Q4 2023 financial performance reflected increased product revenues and automotive revenues, leading to positive GAAP and adjusted diluted earnings per share.
Key Takeaways
Gentherm reported a 6.9% increase in product revenues and a 6.6% increase in automotive revenues for Q4 2023. GAAP diluted earnings per share was $0.56, and adjusted diluted earnings per share was $0.90. The company also secured approximately $900 million in new automotive business awards.
Product revenues increased by 6.9% compared to Q4 2022.
Automotive revenues increased by 6.6% year over year.
GAAP diluted earnings per share was $0.56, compared to a loss per share of $(0.13) in the prior year period.
Adjusted diluted earnings per share was $0.90, compared to $0.47 in the prior year period.
Revenue by Segment
Forward Guidance
Gentherm provided guidance for full year 2024, with product revenues expected to be between $1.5 billion and $1.6 billion. Adjusted EBITDA is expected to be between 12.5% and 13.5% of product revenues. The full year effective tax rate is projected to be between 26% and 29%. Capital expenditures are estimated to be between $65 million and $75 million.
Positive Outlook
- Product revenues between $1.5 billion and $1.6 billion
- Based on current forecast of customer orders
- Based on 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
Challenges Ahead
- Full year effective tax rate between 26% and 29%
- Capital expenditures between $65 million and $75 million
- Product Revenues between $1.9 billion and $2.0 billion in 2026
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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