THERMON REPORTS THIRD QUARTER FISCAL 2020 RESULTS

AUSTIN, Texas, February 6, 2020 -- Thermon Group Holdings, Inc. (NYSE:THR) (the "Company," "Thermon," "we" or "our") today announced consolidated financial results for the third quarter ("Q3 2020") of the fiscal year ending March 31, 2020 ("Fiscal 2020").

Q3 2020 highlights, as compared to the three months ended December 31, 2018 ("Q3 2019"), include:

Revenue of $100.5 million, a decrease of 16% compared to $119.4 million
Fully diluted GAAP earnings per share ("EPS") of $0.20 per fully diluted common share, a decrease of $0.09 compared to $0.29
Non-GAAP Adjusted EPS of $0.28 per fully diluted common share, a decrease of $0.12 compared to $0.40
Generated $22.3 million of cash provided by operating activities, an increase of $14.6 million as compared to $7.7 million

"We were pleased with the continued strong free cash flow generation in the quarter of $19.9 million, and we continue to see strength in our pipeline of opportunities. While we projected weaker capital projects in the second half of the fiscal year in comparison to a record second half of fiscal 2019, results fell below expectations on weaker year-end discretionary spending during the third quarter. Due to the lower incoming order rates in the last two quarters, we now expect Fiscal 2020 revenues in the range of $383-390 million," said Bruce Thames, Thermon's President and Chief Executive Officer.

During Q3 2020, the Company generated revenue of $100.5 million versus $119.4 million in Q3 2019, a decrease of $18.9 million or 16%. During Q3 2020, new facility construction (or "Greenfield") and facility maintenance, repair and operations and upgrade or expansion ("MRO/UE") activity from our legacy heat tracing business accounted for 38% and 62% of revenue, respectively, which compares to 45% and 55% in Q3 2019. Gross margin during Q3 2020 was 43.3%, as compared to 42.6% in Q3 2019.

Q3 2020 total orders were $99.0 million versus $105.7 million in Q3 2019, a decrease of $6.7 million or 6%. Q3 2020 backlog of $102.5 million represents a $33.4 million decrease, or 25%, as compared to Q3 2019 backlog of $135.9 million.

Q3 2020 net income attributable to Thermon and GAAP EPS were $6.5 million and $0.20 per fully diluted common share, respectively, compared to $9.7 million and $0.29 per fully diluted common share, respectively, in Q3 2019. After taking into account the impact of an income tax rate reduction in the Netherlands and intangible amortization related to prior acquisition activities (see table, Reconciliation of Net Income attributable to Thermon to Adjusted Net Income and Adjusted EPS), the Company generated Adjusted Net Income in Q3 2020 of $9.5 million and Adjusted EPS of $0.28 per fully diluted common share compared to $13.3 million and $0.40 per fully diluted common share, respectively, in Q3 2019.

Adjusted EBITDA was $20.9 million in Q3 2020 as compared to $26.0 million in Q3 2019, a decrease of $5.1 million or 20% (see table, Reconciliation of Net Income attributable to Thermon to Adjusted EBITDA).

During the first nine months of the fiscal year ending March 31, 2020 ("YTD 2020") the Company generated revenue of $295.1 million compared to $298.4 million in the first nine months of the fiscal year ended March 31, 2019 ("YTD 2019"), a decrease of $3.3 million or 1%.

YTD 2020 orders were $274.9 million compared to $275.3 million in YTD 2019, a decrease of $0.4 million or 0%.

YTD 2020 net income attributable to Thermon and GAAP EPS were $14.9 million and $0.45 per fully diluted common share, respectively, compared to $16.0 million and $0.48 per fully diluted common share in YTD 2019. After taking into account the impact of income tax rate reduction in Alberta, Canada and in the Netherlands and intangible amortization related to prior acquisition activities (see table, Reconciliation of Net Income attributable to Thermon to Adjusted Net Income and Adjusted EPS), the Company generated Adjusted Net Income in YTD 2020 of $23.8 million and Adjusted EPS of $0.72 per fully diluted common share compared to Adjusted Net Income of $28.5 million and Adjusted EPS of $0.86 per fully diluted common share during YTD 2019.




The following information was filed by Thermon Group Holdings, Inc. (THR) on Thursday, February 6, 2020 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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