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Jun 30, 2020
Thermon Q1 2021 Earnings Report
Thermon's financial performance declined due to lower demand in end markets and the impact of COVID-19 and volatility in energy related markets.
Key Takeaways
Thermon reported a decrease in revenue and earnings per share for the first quarter of fiscal year 2021, with revenue at $56.8 million and a GAAP loss per share of $(0.18). The company focused on cost reduction and cash management amidst challenging market conditions.
Revenue decreased by 38% to $56.8 million compared to the previous year.
GAAP loss per share was $(0.18), a decrease of $0.22 compared to $0.04.
The company generated $3.4 million of cash from operating activities, consistent with the previous year.
Actions were taken to reduce run-rate costs by $17 million.
Forward Guidance
The company expects continued impact from COVID-19 and volatility in energy related markets but is positioning the business for success as the global economy recovers.
Positive Outlook
- Prioritizing cash management
- Maintaining a strong balance sheet
- Focusing on customer relationships
- Focusing on the health and safety of global employees
- Developing world-class technology
Challenges Ahead
- Expect the impact from both COVID-19
- Expect volatility in energy related markets to continue
- Experienced lower demand in end markets
- Challenging quarter
- Net debt to trailing twelve month Adjusted EBITDA ratio was 2.5x
Historical Earnings Impact
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Avg. Return Before/After Earnings
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