Gentherm has reported third-quarter product revenue up 8.1% US$259.5m.
Secured automotive new business awards totalled US$80m.
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“I am pleased the continued strong execution of our Focused Growth strategy has generated the highest quarterly revenue in two years and record quarterly operating income,” said Gentherm president and CEO, Phil Eyler.
“In Automotive, we had a record revenue quarter and outperformed actual light vehicle production in our key markets by approximately 800 basis points. In Medical, we continued to deliver double-digit revenue growth.
“The momentum on the top-line along with our on-going disciplined approach to managing expenses also enabled us to achieve the highest gross margin and gross margin rate in three years and record Adjusted EBITDA in the quarter.
“While there is still near-term uncertainty in the macroeconomic environment, I am proud of our global team for the fast response to OEM demand increases, our improving operating performance and expanding technology leadership. This, along with our strong balance sheet, gives us confidence in delivering long-term shareholder value.”
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