- Gentherm (NASDAQ:THRM) is up 7% after topping estimates on both lines in its Q4 earnings report, where next year's revenue guidance is set above market expectations.
- Revenue of $288.88M (+25.4% Y/Y) beats consensus by $37.44M, taking full year revenue to $913.1M (-6% Y/Y).
- By segment, automotive quarterly revenue increased 27% Y/Y to $279.38M, that includes: Climate Control Seat sales, $113.09M; Seat Heaters, $78.32M; Steering Wheel Heaters, $26.55M; Automotive Cables, $23.11M; Battery Performance Solutions, $17.08M; Electronics, $14.91; and others, $6.31M. Medical segment revenue was $9.51M (-9.1% Y/Y).
- Gross margin rate increased 360bps to 32.1%.
- Adjusted EBITDA of $57M (+65.6% Y/Y).
- Net research and development expenses increased 8.9% Y/Y to $16.9M.
- Non-GAAP EPS of $1.16 beats consensus by $0.43; GAAP EPS of $1.02 beats by $0.23.
- "While we expect continued market uncertainties in 2021, the momentum on the topline, expanding demand for our new technologies, especially in the EV market, coupled with our strong win rate of new awards position us well to continue to deliver significant shareholder value over the long term," says President and CEO Phil Eyler.
- FY 2021 Guidance: Product revenue between $1.05B to $1.13B on current forex rates, compared to the consensus of $1.04B; Adj. EBITDA expected to be 17%-19% of product revenues, capex to be between $50M to $60M.
- Earlier, Auto supplier stocks rally on 2021 recovery expectations