Gentherm Incorporated Reports Un-Audited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Sales and Tax Rate Guidance for the Year 2016
February 19, 2016 at 06:00 am EST
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Gentherm Incorporated reported un-audited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, product revenues were $212,277,000 against $205,168,000 for the comparable prior year period. Operating income was $30,123,000 against $24,756,000 a year ago. Earnings before income tax were $39,068,000 against $24,275,000 a year ago. Net income was $28,414,000 or $0.78 per basic and diluted share against $19,829,000 or $0.55 per basic and diluted share a year ago. Adjusted EBITDA was $36,323,000 against $35,667,000 a year ago. Earnings per share included a benefit of $0.20 associated with the company's previously announced legal settlement benefit related to a cash-related swap instrument. The increase was partly offset by a higher tax rate during the fourth quarter as compared with the prior year.
For the year, product revenues were $856,445,000 against $811,300,000 for the comparable prior year period. Operating income was $121,319,000 against $98,434,000 a year ago. Earnings before income tax were $128,938,000 against $94,221,000 a year ago. Net income was $95,393,000 or $2.62 per basic and diluted share against $70,119,000 or $1.95 per basic and diluted share a year ago. Adjusted EBITDA was $152,209,000 against $133,926,000 a year ago. Net cash provided by operating activities was $104,712,000 against $80,335,000 a year ago. Purchases of property and equipment were $55,490,000 against $38,887,000 a year ago.
The company provided sales guidance for the year 2016. The company believes that 2016 revenue will increase by about 10% over 2015 revenue, which was $856.4 million. The company estimates normalized tax rate will be 25% to 26% in the coming quarters, except for the first quarter, which will be affected by the previously announced North American reorganization, which will increase the company's tax expense by about $5 million due to a onetime withholding tax payment.
Gentherm Incorporated is a provider of thermal management and pneumatic comfort technologies for the automotive industry and medical industries. The Company operates through two segments: Automotive and Medical. The Automotive segment represents the design, development, manufacturing and sales of automotive climate comfort systems, automotive cable systems, battery performance solutions, and automotive electronic and software systems. Its automotive electronic and software systems include electronic control units for climate comfort systems, electronic control units. Its climate comfort systems include seat heaters, blowers, and thermoelectric devices. The Medical segment is comprised of the results from the patient temperature management business in the medical industry. The Patient temperature management includes temperature management systems across multiple product categories addressing the needs of hyper-hypothermia therapy in intensive care, normothermia in surgical procedures.
Gentherm Incorporated Reports Un-Audited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Sales and Tax Rate Guidance for the Year 2016