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.