Exhibit 99.1

 

Gentherm Reports 2018 Second Quarter Results

 

Achieved Quarterly Revenue and Net Income Growth Despite Industry Headwinds

Reaffirms Full Year 2018 Guidance

 

NORTHVILLE, Michigan, July 26, 2018 /Global Newswire/ -- Gentherm (NASDAQ:THRM), the global market leader and developer of innovative thermal management technologies, today announced its financial results for the second quarter ended June 30, 2018.

Second Quarter Highlights

 

Product revenues of $263.8 million increased 8.4 percent from $243.4 million in the second quarter of 2017

 

Earnings per share was $0.45 as compared to $0.23 for the prior-year period

 

Adjusted earnings per share, excluding restructuring charges, unrealized currency gain, expenses and other impacts related to acquisitions (see table herein), was $0.58. Adjusted earnings per share in the prior-year period was $0.53

 

Secured record automotive new business awards totaling over $440 million in the quarter, of which approximately 45 percent represents Climate Controlled Seat (CCSTM)

Phil Eyler, the company's President and CEO, said “The results of the second quarter are indicative of the solid initial progress that we are making on our key strategic initiatives to focus growth, extend technology leadership, expand margins and ROIC and to optimize our capital allocation. We achieved organic revenue growth in automotive, despite the headwind in automotive production in North America.  In addition, we made significant progress in our Fit-for-Growth programs which resulted in lower operating expenses. As a result, we remain on pace to achieve our 2018 full-year financial objectives.

Continued Eyler, "With our focused growth strategy, we secured approximately $800 million of new awards from top auto makers around the world year to date. I am pleased with our momentum on market launches during the quarter, including multiple CCSTM systems with General Motors, Hyundai, Jaguar, Lexus and several other OEMs, contributing to sequential CCSTM revenue growth. In addition, we launched a 48-volt lithium-ion thermoelectric battery thermal management system on the hybrid version of the iconic Jeep Wrangler, coupled with FCA’s new eTorque technology.”

2018 Second Quarter Financial Review

Product revenues for the second quarter of 2018 of $263.8 million grew $20.4 million, or 8.4 percent, as compared to the prior-year period.  The year-over-year growth was comprised of a $25.0 million, or 11.6 percent, increase in the Automotive segment and a $4.6 million, or 16.7 percent, decrease in the Industrial segment. Adjusting for the Etratech acquisition and foreign currency, organic product revenues declined 0.1 percent as compared to the prior year. This year-over-year decline was comprised of a 1.9 percent increase in automotive revenue and a 16.7 percent decline in industrial revenue.  



The following information was filed by Gentherm Inc (THRM) on Thursday, July 26, 2018 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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