Core Insights - Gentherm achieved a 61% year-over-year net income growth and reported a record annual adjusted EBITDA of 183million[1][19]−Thecompanysecuredannualautomotivenewbusinessawardstotaling2.4 billion, marking the second consecutive year of awards exceeding 2billion[1][9]−Genthermestablishedguidancefor2025,anticipatingalowsingle−digitdecreaseinlightvehicleproductioninkeymarkets[22]FinancialPerformance−InQ42024,productrevenuesdecreasedby14 million, or 3.8%, compared to Q4 2023, with automotive revenues down 4.3% year-over-year [5][6] - For the full year 2024, product revenues totaled 1.456billion,adecreaseof0.91.406 billion, a 1.2% decrease compared to the prior year, with specific product categories showing mixed results [14][15] - Medical segment revenue increased by 8.1% year-over-year, reaching 49.8millionforthefullyear2024[15][19]CostManagement−NetresearchanddevelopmentexpensesforQ42024were21.1 million, slightly down from the prior year, while selling, general, and administrative expenses decreased by 3.3million[10][18]−Restructuringexpensesfor2024totaled13.1 million, up from 4.7millioninthepreviousyear,primarilyduetomanufacturingfootprintoptimization[19]EarningsMetrics−GAAPdilutedearningspershareforQ42024was0.49, down from 0.56inQ42023,whileadjusteddilutedearningspersharewas0.29 compared to 0.90intheprioryear[12][44]−Forthefullyear2024,GAAPdilutedearningspersharewas2.06, an increase from 1.22in2023,whileadjusteddilutedearningspersharewas2.33, down from 2.59[20][44]GuidanceandOutlook−Thecompanyexpectsproductrevenuesfor2025tobebetween1.4 billion and $1.5 billion, with adjusted EBITDA projected to be between 12% and 13% of product revenues [25] - The effective tax rate for 2025 is anticipated to be between 26% and 29% [25]
Gentherm(THRM) GlobeNewswire·2025-02-19 11:00