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NEWS RELEASE for March 5, 2014 at 6:00 AM ET
|Contact:||Allen & Caron Inc|
|Jill Bertotti (investors)|
|Len Hall (media)|
GENTHERM REPORTS RECORD FOURTH QUARTER, YEAR-END RESULTS
2013 Revenues Up Year-Over-Year 19 Percent, Gross Margin Improved, Record Profits
NORTHVILLE, MI (March 5, 2014) Gentherm (NASDAQ-GS:THRM), the global market leader and developer of innovative thermal management technologies, today announced financial results for the fourth quarter and year ended December 31, 2013.
We had solid growth in 2013 with a year-over-year increase in revenues of 19 percent to a record $662 million and executed in all sectors of our business, said President and CEO Daniel R. Coker. During the fourth quarter, revenues came in higher than we expected due to strong automotive volumes, especially in Asia. In addition, we improved our gross margin for the year which returned to the levels we expect, delivered record profits, expanded our customer base and increased our global product offerings.
2013 Year-End Financial Highlights
For 2013, revenues increased 19 percent to $662.1 million from $555.0 million in the prior year. Revenue increases resulted from continued adoption of the Companys Climate Control Seats (CCS) which increased by 21 percent year over year to approximately $277.3 million. This increase was driven by new program launches since 2012, including the Cadillac CTX and the newly redesigned Land Rover Range Rover, and additional volume on programs launched during 2012, including the Nissan Pathfinder and Infiniti JX. The Company experienced significant growth in every geographical region in which it does business and had significant market penetration in the automotive cable business, particularly in Europe. Gentherms European-based sales were 17 percent higher than the prior year despite local economic weakness.
Foreign currency translation of the Companys Euro denominated revenue for 2013, which was approximately 141.9 million compared with 126.6 million during 2012, increased the US Dollar reported revenue by approximately $6.0 million. The average US Dollar/Euro exchange rate for 2013 was 1.3282 compared with 1.2861 for 2012.
Net income attributable to common shareholders for 2013 was $32.2 million, or $0.96 per basic share and $0.94 per diluted share, which included charges of $2.4 million in fees, legal and other expenses associated with the acquisition of additional W.E.T. shares during the year and a $1.8 million charge related to the global reporting structure reorganization during the 2013 second quarter.
The following information was filed by Gentherm Inc (THRM) on Wednesday, March 5, 2014 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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