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Dec 31, 2022
Thermon Q3 2023 Earnings Report
Reported a strong third quarter with revenue up 21% and raised full year guidance.
Key Takeaways
Thermon reported a strong Q3 2023 with revenue up 21% driven by sales growth in the US, Canada and Latin America. Record non-GAAP adjusted EPS increased by 41% due to margin improvement and cost control. The company raised its full year guidance due to continued strong market demand.
Revenue increased by 21% driven by sales growth in the US, Canada and Latin America.
Record non-GAAP adjusted EPS increased by 41% due to margin improvement and cost control.
Adjusted EBITDA increased by 45% driven by volume growth and prudent cost management.
Bookings increased by 40%, the highest quarterly bookings since IPO.
Forward Guidance
For the fiscal year ending March 31, 2023, Thermon expects revenue will be approximately $429-$437 million and GAAP EPS to be approximately $1.11-$1.15 per share, with Adjusted EPS to be approximately $1.55-$1.59 per share.
Positive Outlook
- Continued strength in the Western Hemisphere
- Operational excellence program
- Disciplined capital allocation priorities
- Solid cash flow
- Profitable growth throughout the remainder of Fiscal 2023
Challenges Ahead
- Contraction in Europe
- Potential impact to the Russia Exit at closing
- Geopolitical events
- Higher energy costs
- Uncertainty related to the Russia Exit
Historical Earnings Impact
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Avg. Return Before/After Earnings
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