Thermon Q1 2024 Earnings Report
Key Takeaways
Thermon reported a strong start to fiscal year 2024 with record revenue of $106.9 million, a 12% increase year-over-year, driven by growth in North America and Asia Pacific. The company's GAAP EPS increased by 65% to $0.32, and non-GAAP adjusted EPS grew by 60% to $0.40. Net income rose by 67% to $10.9 million, and Adjusted EBITDA increased by 33% to $22.1 million, supported by volume growth and cost management. The company also noted a book-to-bill ratio of 1.12x, indicating resilient end markets.
Record revenue of $106.9 million, a 12% increase year-over-year, driven by sales growth in North America and Asia Pacific.
GAAP EPS of $0.32 and non-GAAP adjusted EPS of $0.40, an increase of 65% and 60% respectively due to margin improvement and effective cost control.
Net income of $10.9 million, an increase of 67%, and Adjusted EBITDA of $22.1 million, an increase of 33%, driven by volume growth and prudent cost management.
Bookings of $120.1 million, with a book-to-bill ratio of 1.12x, indicating resilient end markets and effective strategy.
Thermon
Thermon
Forward Guidance
Thermon narrows its revenue guidance to approximately $462 - $488 million, which includes a full twelve months of revenue contribution from the Powerblanket acquisition. The company is raising GAAP EPS in Fiscal 2024 to be approximately $1.48 - $1.62 per share, with Adjusted EPS to be approximately $1.69 - $1.83 per share.