Business
Gentherm Reports 2019 Fourth Quarter and Full Year Results
Increased Operating Income by 16% in 2019Secured $1.5 Billion in Automotive Awards in 2019, including a Record Level in Q42020 Guidance Established
About this update from Gentherm Inc
[{"type":"text","content":"Increased Operating Income by 16% in 2019Secured $1.5 Billion in Automotive Awards in 2019, including a Record Level in Q42020 Guidance Established\n NORTHVILLE, Mich., Feb. 19, 2020 (GLOBE NEWSWIRE) -- Gentherm (NASDAQ:THRM), a global market leader and developer of innovative thermal management technologies, today announced its financial results for the fourth quarter and full year ended December 31, 2019. Fourth Quarter Highlights Product revenues of $230.4 million decreased 10.0% from $256.0 million in the 2018 fourth quarter. Excluding the impact of foreign currency translation and divested assets, product revenues declined 2.9% year over yearAutomotive revenues, excluding the impact of foreign currency translation, decreased 4.6% year over yearGAAP diluted earnings per share was $0.32 as compared with earnings per share of $0.36 for the prior-year periodAdjusted diluted earnings per share, excluding impairments and net loss on divestures, restructuring expenses, and unrealized currency loss (see table herein), was $0.65. Adjusted diluted earnings per share in the prior-year period was $0.50Secured record quarterly automotive new business awards totaling approximately $560 million Full Year Highlights Product revenues of $971.7 million decreased 7.3% from $1,048.5 million in 2018. Excluding the impact of foreign currency translation and divested assets, product revenues declined 1.1% year over yearAutomotive revenues, excluding the impact of foreign currency translation, decreased 1.9% year over yearGAAP diluted earnings per share was $1.13 as compared with $1.16 for the prior-year periodAdjusted diluted earnings per share, excluding impairments and net loss on divestures, restructuring expenses, and unrealized currency gain (see table herein), was $2.34. Adjusted diluted earnings per share in the prior-year period was $2.12Secured automotive new business awards totaling $1.5 billionRepurchased $63 million of the Company’s stock “We delivered strong financial results despite macroeconomic and automotive industry challenges and consistently outperformed light vehicle production in our key markets. In Automotive, we secured $1.5 billion of new awards from automakers around the world in 2019. In Medical, we delivered double-digit revenue growth as a result of strong demand for Blanketrol®, UV Treo and the addition of Stihler pr...