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NEWS RELEASE for February 19, 2016 at 6:00 AM ET
GENTHERM REPORTS 2015 FULL YEAR AND FOURTH QUARTER RESULTS
NORTHVILLE, MI (February 19, 2016) . . . Gentherm (NASDAQ-GS:THRM), the global market leader and developer of innovative thermal management technologies, today announced its financial results for the year and fourth quarter ended December 31, 2015.
Gentherm revenues for the 2015 full year and fourth quarter increased year over year to $856.4 million and $212.3 million, respectively, from $811.3 million and $205.2 million for the 2014 full year and fourth quarter. Net income for the 2015 full year and fourth quarter increased to $95.4 million and $28.4 million, respectively, from net income for the respective prior year periods of $70.1 million and $19.8 million.
President and CEO Daniel R. Coker summarized 2015 by noting that the Company continues to perform very well in all aspects of its business, while continuing to generate solid growth in net income. Excluding the impacts of the strong U.S. Dollar, year-over-year growth in revenue in 2015 would have been 12 percent, Coker added.
“We had an excellent year in 2015, and we believe this solid performance will continue in 2016,” Coker said. “Revenues generated by our flagship Climate Control Seat® (CCS®) systems continued to grow, due in part to new vehicle launches like the newly designed Ford Mustang, which now offers CCS for the first time. Our Global Power Technologies (GPT) business, while still relatively small compared with our automotive business, also grew solidly in a difficult energy market by expanding internationally.
“Overall, we continue to see strong increases in unit volumes in all our products and markets, and we are maintaining our gross margins at, or above, the upper end of our target range,” Coker added. “We established a new product category in 2015 with the introduction of our battery thermal management (BTM) systems and strengthened our position in this high-growth market with two important contract wins. At the same time we are also making important investments in our future through new product development, including engineering advances in the next generation of seat comfort products, cooling storage devices, and medical thermal management devices, to name just a few.”
2015 Full Year Financial Highlights
Higher volumes in 2015 were primarily driven by continued strong shipments of CCS, significant growth in heated steering wheel revenue and higher revenue from GPT. Revenues in 2015 increased to $856.4 million, up 6 percent from $811.3 million in 2014. CCS revenue in 2015 increased year over year by $33.7 million, or 9 percent, to $400.4 million. The increase in CCS revenue resulted from new program launches and strong vehicle production volumes of vehicles equipped with CCS systems, particularly vehicles in the luxury segment. The CCS revenue increase was partially offset by a decrease in seat heater revenue of $25.5 million, or 9 percent, to $273.4 million. This decrease in seat heater revenue reflected the unfavorable impact of the strong U.S. Dollar. Seat heater product sales in Europe are denominated in Euros, whereas CCS sales in Europe are primarily denominated in U.S. Dollars. Consequently, the unfavorable impact of the lower Euro translation rate primarily impacted seat heater revenues. Adjusted for the decline in the value of the Euro, seat heater sales actually increased, reflecting market penetration on certain vehicle programs and stronger vehicle
The following information was filed by Gentherm Inc (THRM) on Friday, February 19, 2016 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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