Heated seat and steering wheel supplier Gentherm announced record financial results for the first quarter ended 31 March, 2014.
Revenues were up 31% year on year to $193.9m from $148.1m due to continued strong shipments of the climate control seats which grew 46% to US$81.9m. Seat heater revenue grew 25% to $80.9m.
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The company also noted significant growth in sales of heated steering wheels during the quarter which increased 58% to about $8.8m. European sales were significantly higher as local economies and car sales in the region continued to improve.
Net income was $16.6m, or $0.47 per share compared with $7.7m ($0.24) a year ago.
Gross margin as a percentage of revenue Q1 2014 increased to 29.4% from 26.4%in Q1 2013.
Adjusted EBITDA was $32.4m, up $14.3m or 79%.
Gentherm said it expects revenue for 2014 to increase by at least 15% over 2013’s $662m.
