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THERMON REPORTS FISCAL 2017 RESULTS
SAN MARCOS, Texas, May 24, 2017 -- Thermon Group Holdings, Inc. (NYSE:THR) (the "Company," "Thermon," "we" or "our") today announced consolidated financial results for the fourth quarter ("Q4 2017") and the fiscal year ended March 31, 2017 ("fiscal 2017").
Financial summary for Q4 2017 compared to the three months ended March 31, 2016 ("Q4 2016"):
• | Revenue of $67.6 million, a decrease of 7% |
• | Backlog of $107.0 million, an increase of 32% |
• | Orders of $69.4 million, a decrease of 4% |
• | Fully diluted GAAP EPS of $0.10 and Adjusted EPS of $0.10 compared to $0.10 and $0.20, respectively, in Q4 2016 |
"We are encouraged by the efforts of our entire organization to execute our customer deliveries in Q4 2017 and meet our revenue objectives. Due to a lower mix of our core electrical heat tracing product sales and higher labor content in the cost of our Greenfield sales, gross margins remained below our historical average which negatively affected our bottom line results. While our backlog remains strong, we continue to be subject to potential schedule delays by our customers. Given the mixed signals from the industry, we anticipate that organic revenue will be flat to low signal digit decrease for fiscal 2018." said Bruce Thames, Thermon's President and Chief Executive Officer.
During Q4 2017, the Company generated revenue of $67.6 million versus $72.3 million in Q4 2016, a decrease of $4.7 million or 7%. During Q4 2017 and Q4 2016, Greenfield and MRO/UE (facility maintenance, repair and operations and upgrade or expansion) activity accounted for 40% and 60% of revenue, respectively, in both periods.
Gross margin during Q4 2017 was 41.8% compared to 44.4% in Q4 2016. Gross margin performance during the quarter was negatively impacted by an unfavorable product mix for sales of our core electrical heat tracing products and a higher labor content in our Greenfield cost of sales. We also continue to experience competitive pricing pressure for Greenfield sales during the current industry downturn.
Q4 2017 orders were $69.4 million versus $72.6 million in Q4 2016, a decrease of $3.2 million or 4%. Q4 2017 backlog of $107.0 million represents a 32% increase over Q4 2016 backlog of $81.2 million.
Q4 2017 net income attributable to Thermon and GAAP EPS were $3.3 million and $0.10 per fully diluted common share, respectively, compared to $3.2 million and $0.10 per fully diluted common share, respectively, in Q4 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 Q4 2017 of $3.3 million and Adjusted EPS of $0.10 per fully diluted common share compared to $6.5 million and $0.20 per fully diluted common share, respectively, in Q4 2016.
In fiscal 2017, the Company generated revenue of $264.1 million compared to $281.9 million in the fiscal year ended March 31, 2016 ("fiscal 2016"), a decrease of $17.8 million or 6%. Gross margin during fiscal 2017 was 42.4% compared to 46.6% in fiscal 2016. Our mix of Greenfield and MRO/UE sales was 39% and 61% in fiscal 2017 compared to 34% and 66% in fiscal 2016, respectively. Fiscal 2017 orders were $290 million versus $287 million in fiscal 2016, an increase of $3 million or 1%.
Fiscal 2017 net income attributable to Thermon and GAAP earnings per share were $14.6 million and $0.45 per fully diluted common share, respectively, compared to $23.0 million and $0.71 per fully diluted common share, respectively, in fiscal 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 fiscal 2017 of $14.1 million and Adjusted EPS of $0.43 per fully diluted common share compared to Adjusted Net Income of $28.9 million and Adjusted EPS of $0.89 per fully diluted common share, respectively, during fiscal 2016.
The following information was filed by Thermon Group Holdings, Inc. (THR) on Wednesday, May 24, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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