THERMON REPORTS SECOND QUARTER FISCAL 2018 RESULTS

Thermon Announces Fiscal 2018 Second Quarter Revenue of $61.6 million and EPS of $0.15

SAN MARCOS, Texas, October 23, 2017 -- Thermon Group Holdings, Inc. (NYSE:THR) (the "Company," "Thermon," "we" or "our") today announced consolidated financial results for the second quarter of the fiscal year ending March 31, 2018 ("Q2 2018").

Financial summary for Q2 2018 compared to the three months ended September 30, 2016 ("Q2 2017"):

Revenue of $61.6 million, a decrease of 10%
Backlog of $121.1 million vs. $85.7 million, growth of 41%
Orders of $72.6 million, a 23% increase
Gross margin of 50% vs. 42%
Fully diluted GAAP EPS and adjusted EPS are both $0.15 compared to $0.11 and $0.10, respectively

"We are pleased with our Q2 2018 operating results. While revenue was down from the prior year, orders during the quarter represented a 23% increase over Q2 2017 and backlog ended at a record level. Strong gross margins drove our bottom line results with net income of $4.8 million and fully diluted EPS of $0.15. We remain optimistic in our second half fiscal 2018 organic forecast and look forward to closing the previously announced acquisition of CCI Thermal Technologies, Inc. ('CCI') in the next few weeks,” said Bruce Thames, President and Chief Executive Officer.

During Q2 2018, the Company generated revenue of $61.6 million versus $68.8 million in Q2 2017, a decrease of $7.2 million or 10%. On a comparative basis, foreign currency translation effects positively impacted Q2 2018 revenue by $1.5 million or 2%. During Q2 2018, Greenfield and MRO/UE (facility maintenance, repair and operations and upgrade or expansion) revenue totaled 34% and 66% of revenue, respectively, compared to 36% and 64% in Q2 2017, respectively.

Gross margin during Q2 2018 was 50.2% compared to 42.0% in Q2 2017. Gross margin performance during the quarter was positively impacted by a higher concentration of MRO sales comprised primarily of Thermon's core manufactured products. Additionally, Greenfield sales generated modestly stronger margins due to a combination of favorable pricing, cost control and project execution.

Q2 2018 orders were $72.6 million versus $59.1 million in Q2 2017, an increase of $13.5 million or 23%. Q2 2018 backlog of $121.1 million represents a 41% increase over Q2 2017 backlog of $85.7 million.

Q2 2018 net income attributable to Thermon and GAAP EPS was $4.8 million or $0.15 per fully diluted common share compared to $3.5 million or $0.11 per fully diluted common share in Q2 2017. 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 Q2 2018 of $5.0 million and Adjusted EPS of $0.15 per fully diluted common share compared to $3.1 million and $0.10 per fully diluted common share in Q2 2017.

During the first six months of the fiscal year ending March 31, 2018 ("YTD 2018"), the Company generated revenue of $113.4 million compared to $132.2 million in the first six months of the fiscal year ended March 31, 2017 ("YTD 2017"), a decrease of $18.8 million or 14%.

YTD 2018 orders were $127.7 million versus $136.7 million in YTD 2017, a decrease of $9.0 million or 7%.

YTD 2018 net income attributable to Thermon and GAAP earnings per share were $5.3 million and $0.16 per fully diluted common share, respectively compared to $6.0 million and $0.19 per fully diluted common share, respectively in YTD 2017. 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 2018 of $5.5 million and Adjusted EPS of $0.17 per fully diluted common share compared to Adjusted Net Income of $5.7 million and Adjusted EPS of $0.17 per fully diluted common share during YTD 2017.




The following information was filed by Thermon Group Holdings, Inc. (THR) on Monday, October 23, 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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