Exhibit 99.1

Gentherm Reports 2020 Fourth Quarter and Full Year Results

 

Record Quarterly Revenue, Gross Margin, Operating Income and Adjusted EBITDA

Increased Operating Income nearly 6% in 2020 Despite Challenging Environment

Additional 2021 Guidance Established

 

NORTHVILLE, Michigan, March 1, 2021 /Global Newswire/ -- Gentherm (NASDAQ:THRM), a global market leader and developer of innovative thermal management technologies, today announced its financial results for the fourth quarter and full year ended December 31, 2020.

Fourth Quarter Highlights

 

Product revenues of $288.9 million increased 25.4% from $230.4 million in the 2019 fourth quarter. Excluding the impact of foreign currency translation, product revenues increased 21.6% year over year

 

Automotive revenues, excluding the impact of foreign currency translation, increased 23.1% year over year

 

GAAP diluted earnings per share was $1.02 as compared with earnings per share of $0.66 for the prior-year period

 

Adjusted diluted earnings per share (see table herein) was $1.16.  Adjusted diluted earnings per share in the prior-year period was $0.99

 

Secured new automotive business awards totaling approximately $440 million

Full Year Highlights

 

Product revenues of $913.1 million decreased 6.0% from $971.7 million in 2019.  Excluding the impact of foreign currency translation and 2019 divestitures, product revenues decreased 5.3% year over year

 

Automotive revenues, excluding the impact of foreign currency translation, decreased 6.2% year over year

 

GAAP diluted earnings per share was $1.81 as compared with $1.47 for the prior-year period

 

Adjusted diluted earnings per share (see table herein) was $2.29. Adjusted diluted earnings per share in the prior-year period was $2.68

 

Secured new automotive business awards totaling $940 million

“I am extremely proud of the global Gentherm team for consistently outperforming light vehicle production and delivering record results despite the pandemic. We finished 2020 with a record breaking fourth quarter and generated the highest quarterly revenue and profitability in the 30-year history of the company,” said Phil Eyler, Gentherm’s President and Chief Executive Officer.

“While we expect continued market uncertainties in 2021, the momentum on the topline, expanding demand for our new technologies, especially in the EV market, coupled with our strong win rate of new awards position us well to continue to deliver significant shareholder value over the long term.”


The following information was filed by Gentherm Inc (THRM) on Monday, March 1, 2021 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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