Exhibit 99.1

 

Gentherm Reports 2020 First Quarter Results

 

Significantly Improved Net Cash from Operating Activities

Strong Total Liquidity of $450 Million at Quarter End

Maintained Gross Margin Rate at Similar Levels Despite Market Challenges

 

NORTHVILLE, Michigan, May 7, 2020 /Global Newswire/ -- Gentherm (NASDAQ:THRM), the global market leader and developer of innovative thermal management technologies, today announced its financial results for the first quarter ending March 31, 2020.

First Quarter Highlights

 

Product revenues of $228.6 million decreased 11.4% from $257.9 million in the 2019 first quarter.

 

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Excluding the impact of foreign currency translation, product revenues decreased 10.1% year over year; excluding the impact of foreign currency translation and divested assets, product revenues decreased 7.5% year over year

 

GAAP diluted earnings per share was $0.36 as compared with $0.25 for the prior-year period

 

Adjusted diluted earnings per share (see table herein) was $0.51. Adjusted diluted earnings per share in the prior-year period was $0.55

 

Net cash provided by operating activities was $29.4 million as compared with $6.9 million in the prior-year period

 

Secured automotive new business awards totaling $120 million in the quarter

 

Achieved record quarterly revenue of $12.1 million in Gentherm Medical; increased 48.3% year over year

Phil Eyler, the Company's President and CEO, said “Despite the unprecedented challenges in our markets presented by the worldwide pandemic, we delivered solid financial results in the first quarter. We continued to outperform in Automotive versus the key markets we serve and achieved record quarterly revenue in our Medical business. In addition, we generated a significant increase in cash flow versus the prior-year period.

 

“I am proud that our Blanketrol® solutions are supporting temperature management of COVID-19 patients, improving outcomes. In addition, we are partnering with Ford to design and manufacture components for powered air-purifying respirators (PAPRs) as part of the response to the pandemic.”

 

He continued, “While the COVID-19 pandemic has created significant challenges and uncertainties in the near term, the actions we have taken since launching our Focused Growth strategy, including our ongoing disciplined approach to managing expenses and the divestiture of non-core assets, has strengthened our balance sheet and positions us well to overcome the current challenges and to deliver over the long term.”

 

2020 First Quarter Financial Review

Product revenues for the first quarter of 2020 decreased $29.3 million, or 11.4%, as compared with the prior-year period. Excluding the impact of foreign currency translation and divested assets, product revenues decreased 7.5% year over year. The estimated net negative impact of the COVID-19 pandemic on product revenues was $27 million.

 


The following information was filed by Gentherm Inc (THRM) on Thursday, May 7, 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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