Exhibit 99.1

Gentherm Reports 2020 Second Quarter Results

 

Reduced Operating Expenses by 30% from the Prior-year Period

Strong Cash Flow Generation in the First Half of 2020 Despite Unprecedented Market Challenges

Total Liquidity of $369 Million at Quarter End

 

NORTHVILLE, Michigan, August 4, 2020 /Global Newswire/ - Gentherm (NASDAQ:THRM), the global market leader of innovative thermal management technologies, today announced its financial results for the second quarter ended June 30, 2020.

Second Quarter Highlights

 

Product revenues of $136.1 million decreased 44.1% from $243.3 million in the 2019 second quarter

 

Excluding the impact of foreign currency translation and divested assets, product revenues decreased 42.3% year over year

 

GAAP diluted loss per share was $0.32 compared to diluted earnings per share of $0.08 for the prior-year period

 

Adjusted loss per share (see table herein) was $0.30. Adjusted earnings per share in the prior-year period was $0.47

 

Secured automotive new business awards totaling $300 million

 

Phil Eyler, Gentherm's President and CEO, said “I am proud of the team for their strong execution in the second quarter despite the unprecedented uncertainties created by the worldwide COVID-19 pandemic. While the Company’s revenue performance reflects the challenges in the underlying markets, our ongoing disciplined approach to managing expenses allowed us to reduce operating expense by 30% from a year ago.  In Medical, we delivered double-digit revenue growth both year over year and sequentially. Importantly, we generated a 24% increase in cash flow from operations in the first half of 2020 versus the prior-year period.

 

“While the COVID-19 pandemic will continue to create challenges and uncertainties in the near term, the momentum we are seeing in new awards, winning the coveted General Motors Supplier of the Year award, coupled with aggressive cost management and our strong balance sheet position us well to continue to deliver over the long term,” continued Eyler.

 

2020 Second Quarter Financial Review

Product revenues for the second quarter of 2020 of $136.1 million declined $107.3 million, or 44.1%, as compared to the prior-year period. Excluding the impact of foreign currency translation and divested assets, product revenues declined 42.3% year over year.

 

Automotive revenues declined 45.8% year over year. All product categories saw revenue declines except Electronics. Adjusting for foreign currency translation, organic Automotive revenues decreased 44.9% year over year.  According to IHS Markit, actual light vehicle production declined by approximately 38.9% when compared to the second quarter of 2019 in the Company’s key markets of North America, Europe, China, Japan and Korea.

 


The following information was filed by Gentherm Inc (THRM) on Tuesday, August 4, 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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