Business
Gentherm Reports 2021 Third Quarter Results
Automotive Revenue Continued to Significantly Outperform Light Vehicle Production Secured $260 Million in New Automotive Awards Updates 2021 Guidance
About this update from Gentherm Inc
[{"type":"text","content":"Automotive Revenue Continued to Significantly Outperform Light Vehicle Production Secured $260 Million in New Automotive Awards Updates 2021 Guidance NORTHVILLE, Mich., Oct. 28, 2021 (GLOBE NEWSWIRE) -- Gentherm (NASDAQ:THRM), a global market leader of innovative thermal management technologies, today announced its financial results for the third quarter ended September 30, 2021. Third Quarter Highlights Product revenues of $243.4 million decreased 6.2% from $259.5 million in the 2020 third quarterExcluding the impact of foreign currency translation, product revenues decreased 7.3% year over yearGAAP diluted earnings per share was $0.47 as compared to $0.73 in the prior-year periodAdjusted earnings per share (see table herein) was $0.51 as compared to $0.91 in the prior-year periodSecured automotive new business awards totaling $260 million Phil Eyler, the Company's President and CEO, said “I am proud of the team for their strong execution in the third quarter, despite the unprecedented global supply chain disruption and production volatility. In Automotive, we continued to significantly outperform light vehicle production in the key markets we serve and secured $260 million of new awards from auto makers around the world. Importantly, 40% of these awards are for electric vehicles. In Medical, we are gaining market share with strong demand for Blanketrol®. I am especially pleased that we increased cash flow from operations by over 40% in the third quarter compared to the same period last year.” “While supply disruptions and production volatilities will remain challenging in the foreseeable future, our relentless focus on operational execution, innovation and cash flow generation position us well to continue to drive shareholder value over the long term,” continued Eyler. 2021 Third Quarter Financial Review Product revenues of $243.4 million decreased $16.2 million, or 6.2%, in the third quarter of 2021 as compared to the prior-year period. Excluding the impact of foreign currency translation, product revenues decreased 7.3% year over year. Automotive revenues decreased 6.7% year over year, as decreases in Climate Control Seat (CCS®), Seat Heaters and Electronics offset revenue increases in all other product categories. Adjusting for foreign currency translation, organic Automotive revenues decreased 7.8% year over year. Accordin...