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Dec 31, 2021
Thermon Q3 2022 Earnings Report
Reported strong performance driven by improving North American customer activity and strategic initiatives.
Key Takeaways
Thermon reported a strong Q3 2022 with revenue growth of 26% and net income up 82%. The company raised its full-year Fiscal 2022 revenue guidance to $342-$350 million. Orders were up 31% and the book-to-bill ratio was 1.02x, excluding a large, one-time contract.
Revenue increased by 26% to $100.6 million, driven by increased North American customer activity.
Net income increased by 82% to $11.3 million due to increased volume and refinancing savings.
Adjusted EBITDA increased by 11% to $20.6 million.
Backlog increased by 32% to $145.7 million.
Thermon
Thermon
Forward Guidance
Thermon raised its Fiscal 2022 revenue guidance to $342-$350 million and targets a net debt to Adjusted EBITDA leverage ratio of approximately 1.5x by March 31, 2022.