Business
Gentherm Reports 2020 First Quarter Results
Significantly Improved Net Cash from Operating ActivitiesStrong Total Liquidity of $450 Million at Quarter EndMaintained Gross Margin Rate at Similar Levels
About this update from Gentherm Inc
[{"type":"text","content":"Significantly Improved Net Cash from Operating ActivitiesStrong Total Liquidity of $450 Million at Quarter EndMaintained Gross Margin Rate at Similar Levels Despite Market Challenges\n NORTHVILLE, Mich., May 07, 2020 (GLOBE 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.• 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 yearGAAP diluted earnings per share was $0.36 as compared with $0.25 for the prior-year periodAdjusted diluted earnings per share (see table herein) was $0.51. Adjusted diluted earnings per share in the prior-year period was $0.55Net cash provided by operating activities was $29.4 million as compared with $6.9 million in the prior-year periodSecured automotive new business awards totaling $120 million in the quarterAchieved 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 t...