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August 1, 2014

US: Bun warming profits at Gentherm

Helping keeping car occupants' buns warm or cool paid off for climate control seat specialist Gentherm in the second quarter and first half of 2014.

Helping keeping car occupants’ buns warm or cool paid off for climate control seat specialist Gentherm in the second quarter and first half of 2014.

Q2 revenues were up 28% to $206.2m.

Gentherm noted European-based sales were significantly higher year on year in Q2 “as local economies and car sales continue to improve”.

Net income was $16.4m, or $0.46 per versus $5m ($0.15) a year earlier.

Gross margin increased to 29.5% from 25%.

Adjusted EBITDA was $32.3m, up $15.8m or 95%.

H1 revenues increased 29.7% to $400.1m, net income attributable to common shareholders for the first six months of 2014 was $33m vs $12.7m in H1 2013, gross margin was 29.4% (25.7%) and adjusted EBITDA was $64.8m versus $34.7m a year ago.

Gentherm expects 2014 revenue to increase by at least 20% over 2013’s $662m.

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