Gentherm has unveiled net income for this year's third quarter and first nine months increasing to US$27.7m and US$67m respectively, from US$17.3m and US$50.3m.
For both periods, third quarter and first nine months revenues increased to US$223.8m and US$644.2m, respectively, from US$206m and US$606m for the comparable prior year periods.
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"We had another solid and productive quarter, particularly in terms of our bottom-line performance," said Gentherm president and CEO, Daniel R. Coker. "Our top-line revenue growth during the quarter was not quite what we expected, but that was largely due to currency headwinds. #
“Adjusting for currency impacts, we believe our revenue growth would have been close to 15% over the 2014 third quarter. We continue to be pleased with our overall execution in terms of operations, cost controls, and margin improvement, all of which drove our profitability in the quarter at a rate that we believe is sustainable.
"Our Global Power Technologies (GPT) business also continues to be a highlight for us," Coker added. "Our ability to expand our GPT business to new geographic markets has been very successful.
“We also continue to make progress in expanding our manufacturing facilities in key markets around the world. In Europe, our new Macedonia operation has started to ship products from an initial production line, and, in Asia, our new Vietnam facility is in the final stages of opening."
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