THERMON REPORTS THIRD QUARTER FISCAL 2017 RESULTS

Thermon Announces Fiscal 2017 Third Quarter Revenue of $64.3 million

SAN MARCOS, Texas, February 8, 2017 -- Thermon Group Holdings, Inc. (NYSE:THR) (the "Company," "Thermon," "we" or "our") today announced consolidated financial results for the third quarter of the fiscal year ending March 31, 2017 ("Q3 2017").

Financial summary for Q3 2017 compared to the three months ended December 31, 2015 ("Q3 2016"):

Revenue of $64.3 million, a decrease of 14%
Backlog of $105.0 million, an increase of 30%
Orders of $83.7 million, an increase of 15%, were near record levels
Fully diluted GAAP EPS of $0.16 and Adjusted EPS of $0.16 compared to $0.26 and $0.25, respectively, in Q3 2016

"Our business continues to experience the effects of reduced activity related to commodity prices, especially in North America. However, we are encouraged by this quarter's order and backlog growth. We also saw revenue growth in EMEA (Europe, Middle East and Africa) and are optimistic about trends in key geographies within that region. Gross margins remained below our historical average due to competitive pressures within our Greenfield sales. However, our gross margins during Q3 2017 improved relative to the first half of the fiscal year," said Bruce Thames, Thermon's President and Chief Executive Officer.

During Q3 2017, the Company generated revenue of $64.3 million versus $74.4 million in Q3 2016, a decrease of $10.1 million or 14%. During Q3 2017, Greenfield and MRO/UE (facility maintenance, repair and operations and upgrade or expansion) activity totaled 33% and 67% of revenue, respectively, compared to 38% and 62% in Q3 2016, respectively.

Gross margin during Q3 2017 was 44.5% compared to 47.2% in Q3 2016. Gross margin performance during the quarter was negatively impacted by lower margins in our Greenfield business due to the competitive business environment in the current market. Gross margins from our MRO/UE business were consistent with the prior period.

Q3 2017 orders were $83.7 million versus $73.1 million in Q3 2016, an increase of $10.6 million or 15%. Q3 2017 backlog of $105.0 million represents a 30% increase over Q3 2016 backlog of $81.0 million.

Q3 2017 net income attributable to Thermon and GAAP EPS were $5.4 million and $0.16 per fully diluted common share, respectively, compared to $8.5 million and $0.26 per fully diluted common share, respectively, in Q3 2016. After taking into account certain one-time charges (see table, Reconciliation of Net Income attributable to Thermon to Adjusted Net Income and Adjusted EPS), the Company generated Adjusted net income in Q3 2017 of $5.2 million and Adjusted EPS of $0.16 per fully diluted common share compared to $8.1 million and $0.25 per fully diluted common share, respectively, in Q3 2016.

During the first nine months of the fiscal year ending March 31, 2017 ("YTD 2017"), the Company generated revenue of $196.5 million compared to $209.6 million in the first nine months of the fiscal year ended March 31, 2016 ("YTD 2016"), a decrease of $13.1 million or 6%.

YTD 2017 orders were $220.3 million versus $214.8 million in YTD 2016, an increase of $5.5 million or 3%.

YTD 2017 net income attributable to Thermon and GAAP earnings per share were $11.4 million and $0.35 per fully diluted common share, respectively, compared to $19.8 million and $0.61 per fully diluted common share, respectively, in YTD 2016. After taking into account certain one-time charges (see table, Reconciliation of Net Income attributable to Thermon to Adjusted Net Income and Adjusted EPS), the Company generated Adjusted Net Income in YTD 2017 of $10.8 million and Adjusted EPS of $0.33 per fully diluted common share compared to Adjusted Net Income of $22.4 million and Adjusted EPS of $0.69 per fully diluted common share, respectively, during YTD 2016.




The following information was filed by Thermon Group Holdings, Inc. (THR) on Wednesday, February 8, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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