Business
Gentherm Reports 2022 Fourth Quarter and Full Year Results; Provides Strategic Update with 2026 Outlook
Record Annual Revenue of $1.2 BillionSecures Record Annual New Automotive Business Awards of $1.8 BillionEstablishes 2023 Guidance NORTHVILLE, Mich., Feb. 22,
About this update from Gentherm Inc
[{"type":"text","content":"Record Annual Revenue of $1.2 BillionSecures Record Annual New Automotive Business Awards of $1.8 BillionEstablishes 2023 Guidance NORTHVILLE, Mich., Feb. 22, 2023 (GLOBE NEWSWIRE) -- Gentherm (NASDAQ:THRM), a global market leader of innovative thermal management and pneumatic comfort technologies, today announced its financial results for the fourth quarter and full year ended December 31, 2022. Fourth Quarter 2022 Highlights Product revenues of $343.3 million increased 38.3% from $248.2 million in the 2021 fourth quarter. Excluding the impact of foreign currency translation and contributions from acquisitions, product revenues increased 20.9% year over yearAutomotive revenues increased 40.0% year over year; excluding the impact of foreign currency translation and contributions from the Alfmeier acquisition, increased 22.5% year over yearGAAP diluted loss per share was $(0.13) as compared with earnings per share of $0.60 for the prior-year periodAdjusted diluted earnings per share (see table herein) was $0.47. Adjusted diluted earnings per share in the prior-year period was $0.61Secured new automotive business awards totaling approximately $560 million Full Year 2022 Highlights Product revenues of $1,204.7 million increased 15.2% from $1,046.2 million in 2021. Excluding the impact of foreign currency translation and contributions from acquisitions, product revenues increased 10.6% year over yearAutomotive revenues increased 15.6% year over year; excluding the impact of foreign currency translation and contributions from acquisitions, automotive revenues increased 11.1% year over yearGAAP diluted earnings per share was $0.73 as compared with $2.79 for the prior-year periodAdjusted diluted earnings per share (see table herein) was $1.82. Adjusted diluted earnings per share in the prior year was $3.01Secured new automotive business awards totaling $1.8 billion including three full quarters of Alfmeier, a company record “While 2022 was a year of macro-related challenges and uncertainty, our global team maintained a relentless focus and discipline in executing against our strategic priorities,” said Phil Eyler, Gentherm’s President and Chief Executive Officer. “As we continue to further fortify our role in the future of thermal and pneumatic comfort, I commend all our team members for the success that we had in the past year, despit...